DealerTrack Technologies Trading 19.3% Higher Following Strong Earnings (TRAK)
Shares of DealerTrack Technologies (NASDAQ:TRAK) traded up 19.3% during mid-day trading on Tuesday following a stronger than expected earnings report, American Banking News.com reports. The stock traded as high as $46.73 and last traded at $46.61, with a volume of 1,616,781 shares trading hands. The stock had previously closed at $39.08.
The company reported $0.41 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.37 by $0.04. The company had revenue of $224.80 million for the quarter, compared to the consensus estimate of $213.45 million. During the same quarter in the prior year, the company posted $0.37 earnings per share. The company’s quarterly revenue was up 84.6% on a year-over-year basis.
Several analysts have recently commented on the stock. Analysts at JPMorgan Chase & Co. raised their price target on shares of DealerTrack Technologies from $53.00 to $56.00 in a research note on Tuesday. Analysts at Macquarie upgraded shares of DealerTrack Technologies from a “neutral” rating to an “outperform” rating in a research note on Tuesday, May 20th. They now have a $60.00 price target on the stock. One analyst has rated the stock with a hold rating and three have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average target price of $57.25.
The stock has a 50-day moving average of $40.67 and a 200-day moving average of $45.00. The company’s market cap is $2.512 billion.
Dealertrack Technologies, Inc (NASDAQ:TRAK), is a holding company and conducts a substantial amounts of its business through its subsidiaries.
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