Violin Memory Stock Price Down 2.2% After Earnings Miss (VMEM)
Violin Memory (NASDAQ:VMEM)’s share price fell 2.2% during trading on Thursday following a dissappointing earnings announcement, Analyst Ratings.Net reports. The stock traded as low as $3.48 and last traded at $3.53, with a volume of 317,483 shares changing hands. The stock had previously closed at $3.61.
The company reported ($0.35) earnings per share for the quarter, missing the analysts’ consensus estimate of ($0.25) by $0.10. The company had revenue of $18.10 million for the quarter, compared to the consensus estimate of $23.80 million. Violin Memory’s revenue was down 27.0% compared to the same quarter last year.
VMEM has been the subject of a number of recent research reports. Analysts at Wunderlich initiated coverage on shares of Violin Memory in a research note on Thursday, March 13th. They set a “buy” rating and a $6.00 price target on the stock. Analysts at Bank of America downgraded shares of Violin Memory from a “buy” rating to an “underperform” rating in a research note on Friday, March 7th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and one has assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $6.08.
The stock’s 50-day moving average is $3.48 and its 200-day moving average is $3.92. The company’s market cap is $299.8 million.
Violin Memory, Inc is pioneering a new class of flash-based storage systems that are designed to bring storage performance in-line with high-speed applications, servers and networks.
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