Liquidity Services Shares Gap Up Following Insider Buying Activity (LQDT)
Liquidity Services (NASDAQ:LQDT) shares gapped up before the market opened on Wednesday after an insider bought additional shares in the company, American Banking News.com reports. The stock had previously closed at $13.07, but opened at $13.20. Liquidity Services shares last traded at $13.78, with a volume of 650,731 shares.
Specifically, Director Jaime Mateus-Tique bought 180,000 shares of the company’s stock in a transaction dated Monday, May 12th. The stock was purchased at an average cost of $12.64 per share, for a total transaction of $2,275,200.00. Following the completion of the transaction, the director now directly owns 54,885 shares of the company’s stock, valued at approximately $693,746. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.
Several analysts have recently commented on the stock. Analysts at Oppenheimer reiterated a “market perform” rating on shares of Liquidity Services in a research note on Friday, May 9th. Separately, analysts at Roth Capital reiterated a “buy” rating on shares of Liquidity Services in a research note on Friday, May 9th. They now have a $23.00 price target on the stock, down previously from $27.00. Finally, analysts at RBC Capital downgraded shares of Liquidity Services from an “outperform” rating to a “sector perform” rating in a research note on Friday, May 9th. They now have a $15.00 price target on the stock, down previously from $30.00. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and one has given a buy rating to the company. Liquidity Services has a consensus rating of “Hold” and an average price target of $20.52.
The stock has a 50-day moving average of $18.61 and a 200-day moving average of $22.70. The company has a market cap of $436.9 million and a P/E ratio of 12.44. Liquidity Services also saw a large decline in short interest in the month of April. As of April 30th, there was short interest totalling 6,819,953 shares, a decline of 27.3% from the April 15th total of 9,384,980 shares. Approximately 25.8% of the company’s shares are sold short. Based on an average trading volume of 729,002 shares, the days-to-cover ratio is presently 9.4 days.
Liquidity Services (NASDAQ:LQDT) last announced its earnings results on Thursday, May 8th. The company reported $0.25 EPS for the quarter, missing the Thomson Reuters consensus estimate of $0.35 by $0.10. The company had revenue of $128.33 million for the quarter, compared to the consensus estimate of $120.18 million. During the same quarter in the prior year, the company posted $0.48 earnings per share. The company’s quarterly revenue was down 1.5% on a year-over-year basis. On average, analysts predict that Liquidity Services will post $1.23 earnings per share for the current fiscal year.
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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