Imation Corp. Hits New 1-Year Low Following Weak Earnings (IMN)
Imation Corp. (NYSE:IMN) reached a new 52-week low during mid-day trading on Friday following a weaker than expected earnings announcement, Analyst Ratings.Net reports. The stock traded as low as $3.07 and last traded at $3.07, with a volume of 60,763 shares. The stock had previously closed at $3.22.
The company reported ($0.35) earnings per share for the quarter, missing the analysts’ consensus estimate of ($0.30) by $0.05. The company had revenue of $178.60 million for the quarter, compared to the consensus estimate of $166.90 million. During the same quarter last year, the company posted $0.11 earnings per share. Imation Corp.’s revenue was down 15.6% compared to the same quarter last year.
Separately, analysts at TheStreet downgraded shares of Imation Corp. from a “hold” rating to a “sell” rating in a research note on Wednesday, June 4th.
The stock has a 50-day moving average of $3.35 and a 200-day moving average of $4.57. The company’s market cap is $128.9 million. Imation Corp. also saw a significant decrease in short interest during the month of July. As of July 15th, there was short interest totalling 1,828,502 shares, a decrease of 48.0% from the June 30th total of 3,515,512 shares. Based on an average daily volume of 234,450 shares, the days-to-cover ratio is currently 7.8 days. Approximately 5.7% of the shares of the company are short sold.
Imation Corp. (NYSE:IMN) is a global scalable storage and data security company.
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