Steel Excel’s Quiet Period Will Expire on August 4th (NASDAQ:ADPT)
Steel Excel’s (NASDAQ:ADPT) quiet period will expire on Monday, August 4th. Steel Excel had issued 4,900,000 shares in its initial public offering on June 25th, StockRatingsNetwork reports. The total size of the offering was $107,800,000 based on an initial share price of $22.00. During the company’s quiet period, insiders and underwriters involved in the IPO are prevented from issuing any research reports or earnings estimates for the company because of regulations issued by the Securities and Exchange Commission. Following the expiration of the company’s quiet period, the brokerages that served as underwriters will likely initiate research coverage on the company.
Several analysts have recently commented on the stock. Analysts at Dougherty & Co initiated coverage on shares of Steel Excel in a research note on Monday, July 21st. They set a “buy” rating on the stock. Separately, analysts at Morgan Stanley initiated coverage on shares of Steel Excel in a research note on Monday, July 21st. They set an “equal weight” rating on the stock. Finally, analysts at Piper Jaffray initiated coverage on shares of Steel Excel in a research note on Monday, July 21st. They set an “overweight” rating and a $32.00 price target on the stock. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average price target of $30.83.
Shares of Steel Excel (NASDAQ:ADPT) traded up 4.43% during mid-day trading on Friday, hitting $26.88. 208,539 shares of the company’s stock traded hands. Steel Excel has a 52-week low of $23.35 and a 52-week high of $28.36. The stock’s 50-day moving average is $25.35 and its 200-day moving average is $25.35. The company’s market cap is $552.4 million.
Steel Excel (NASDAQ:ADPT) last issued its quarterly earnings data on Wednesday, July 30th. The company reported ($0.22) earnings per share for the quarter, missing the analysts’ consensus estimate of ($0.11) by $0.11. The company had revenue of $44.20 million for the quarter, compared to the consensus estimate of $43.50 million. Steel Excel’s revenue was up 80.4% compared to the same quarter last year. On average, analysts predict that Steel Excel will post $-0.26 earnings per share for the current fiscal year.
Steel Excel Inc, formerly ADPT Corp. is primarily focused on capital redeployment and identification of new business operations.
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