Liquidity Services Downgraded by Bank of America Corp. to “Underperform” (LQDT)
Liquidity Services (NASDAQ:LQDT) was downgraded by equities researchers at Bank of America Corp. from a “buy” rating to an “underperform” rating in a research report issued on Monday, American Banking & Market News reports. They currently have a $31.00 price target on the stock, down from their previous price target of $45.00. Bank of America Corp.’s price objective suggests a potential downside of 5.40% from the stock’s previous close.
The analysts wrote, “Liquidity reported September GSS numbers of $77mn, down 11% y/y, bringing total quarterly GMV value to $250mn in line with our $250mn GMV estimate. While Liquidity hit our estimate, we were disappointed with Sept. GSS because the July and August numbers suggested a return to growth – Sept just reverted to the mean y/y declines we saw in the first six months of the year, an uninspiring trend.”
Shares of Liquidity Services (NASDAQ:LQDT) traded down 8.64% on Monday, hitting $29.94. The stock had a trading volume of 337,593 shares. Liquidity Services has a 52-week low of $27.26 and a 52-week high of $44.40. The stock’s 50-day moving average is $32.72 and its 200-day moving average is $32.88. The company has a market cap of $950.4 million and a P/E ratio of 29.52.
Liquidity Services (NASDAQ:LQDT) last issued its quarterly 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.
A number of other firms have also recently commented on LQDT. Analysts at Zacks upgraded shares of Liquidity Services from an “underperform” rating to a “neutral” rating in a research note to investors on Tuesday, September 17th. They now have a $36.80 price target on the stock. Separately, analysts at Merrill Lynch raised their price target on shares of Liquidity Services from $28.50 to $45.00 in a research note to investors on Wednesday, September 11th. They now have a “buy” rating on the stock. Finally, analysts at Roth Capital raised their price target on shares of Liquidity Services from $36.00 to $37.00 in a research note to investors on Tuesday, September 10th. They now have a “buy” rating on the stock. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and five have assigned a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus target price of $36.76.
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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