Great Lakes Dredge & Dock Corp. Sees Unusually-High Trading Volume After Earnings Beat (GLDD)
Shares of Great Lakes Dredge & Dock Corp. (NASDAQ:GLDD) saw unusually-high trading volume on Tuesday following a better than expected earnings announcement, ARN reports. Approximately 826,171 shares changed hands during trading, an increase of 161% from the previous session’s volume of 316,455 shares.The stock last traded at $8.16 and had previously closed at $7.92.
The company reported $0.08 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.06 by $0.02. The company had revenue of $216.30 million for the quarter, compared to the consensus estimate of $203.00 million.
Separately, analysts at Barclays downgraded shares of Great Lakes Dredge & Dock Corp. from an “equal weight” rating to an “underweight” rating in a research note on Wednesday, January 22nd. They now have a $9.00 price target on the stock, up previously from $8.00. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and two have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $9.20.
The stock’s 50-day moving average is $8.29 and its 200-day moving average is $7.9. The company’s market cap is $486.5 million.
Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD) is a provider of dredging services in the United States.
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