Monster Beverage Corp Trading Up 5.8% After Strong Earnings (MNST)
Monster Beverage Corp (NASDAQ:MNST) shares were up 5.8% during mid-day trading on Friday after the company announced better than expected quarterly earnings, ARN reports. The company traded as high as $71.20 and last traded at $68.88, with a volume of 1,756,992 shares. The stock had previously closed at $65.10.
The company reported $0.81 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.75 by $0.06. The company had revenue of $687.20 million for the quarter, compared to the consensus estimate of $694.22 million. During the same quarter in the prior year, the company posted $0.62 earnings per share. The company’s quarterly revenue was up 8.9% on a year-over-year basis.
A number of analysts have recently weighed in on MNST shares. Analysts at RBC Capital raised their price target on shares of Monster Beverage Corp from $81.00 to $84.00 in a research note on Friday. They now have a “top pick” rating on the stock. Separately, analysts at Longbow Research upgraded shares of Monster Beverage Corp from an “underperform” rating to a “neutral” rating in a research note on Friday. Finally, analysts at Credit Agricole downgraded shares of Monster Beverage Corp from an “outperform” rating to an “underperform” rating in a research note on Wednesday. They now have a $70.00 price target on the stock, down previously from $86.00. They noted that the move was a valuation call. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company’s stock. Monster Beverage Corp currently has an average rating of “Buy” and a consensus price target of $77.50.
The stock has a 50-day moving average of $68.27 and a 200-day moving average of $68.95. The company has a market cap of $11.502 billion and a P/E ratio of 30.58.
Monster Beverage Corporation is a holding company. The Company develops, markets, sells and distributes alternative beverage, such as non-carbonated ready-to-drink iced teas, lemonades, juice cocktails, single-serve juices and fruit beverages, ready-to-drink dairy and coffee drinks, energy drinks, sports drinks, and single-serve still water (NASDAQ:MNST) with beverages, including sodas that are considered natural, sparkling juices and flavored sparkling beverages.
Receive News & Ratings for Monster Beverage Corp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Monster Beverage Corp and related companies with Analyst Ratings Network's FREE daily email newsletter.