Liquidity Services Price Target Increased to $40.00 by Analysts at Benchmark Co. (LQDT)
Equities researchers at Benchmark Co. hoisted their price objective on shares of Liquidity Services (NASDAQ:LQDT) from $38.00 to $40.00 in a research report issued on Tuesday, ARN reports. The firm currently has a “buy” rating on the stock. Benchmark Co.’s target price suggests a potential upside of 16.14% from the stock’s previous close.
The analysts wrote, “Yesterday, Liquidity Services (LQDT-Buy, PT from $38 to $40) reported its second straight month of better-than-expected GSS results, with August GSS of $90.4 million coming in roughly $25 million ahead of our estimate and representing growth of 36% y/y and 11% m/m. For F4Q13 (September) through August, GSS now totals over $170 million, and, while GSS doesn’t translate directly to GMV, is on pace to significantly exceed the high end of GMV guidance of $225 million. We suspect there may have been some pull-forward from September due to an earlier back-to-school season, but have also noticed a recovery in larger lot sizes at Liquidation.com, while overall available merchandise volume has increased as well. We’re remaining cautious given the historical lumpiness of the business, but believe the recent results are supportive of our call that, on a long-term basis, growth is sustainable with current penetration levels still extremely low.”
Shares of Liquidity Services (NASDAQ:LQDT) traded down 1.45% during mid-day trading on Tuesday, hitting $33.94. The stock had a trading volume of 453,921 shares. Liquidity Services has a one year low of $27.26 and a one year high of $57.42. The stock’s 50-day moving average is $30.0 and its 200-day moving average is $32.62. The company has a market cap of $1.077 billion and a price-to-earnings ratio of 31.03.
Liquidity Services (NASDAQ:LQDT) last released its earnings data on Tuesday, August 6th. The company reported $0.00 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.51 by $0.51. On average, analysts predict that Liquidity Services will post $1.74 earnings per share for the current fiscal year.
A number of other firms have also recently commented on LQDT. Analysts at Deutsche Bank cut their price target on shares of Liquidity Services (NASDAQ:LQDT) from $35.00 to $32.00 in a research note to investors on Friday, August 9th. Separately, analysts at RBC Capital cut their price target on shares of Liquidity Services (NASDAQ:LQDT) from $40.00 to $31.00 in a research note to investors on Thursday, August 8th. Finally, analysts at RBC Capital downgraded shares of Liquidity Services (NASDAQ:LQDT) from an “outperform” rating to a “sector perform” rating in a research note to investors on Wednesday, August 7th.
Two analysts have rated the stock with a sell rating, one has issued a hold rating and three have issued a buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $34.41.
Liquidity Services, Inc is an auction marketplace for surplus and salvage assets. The Company enables buyers and sellers to transact in an automated online auction environment offering over 500 product categories.
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