Kate Spade & Co Sees Unusually-High Trading Volume After Strong Earnings (KATE)
Kate Spade & Co (NASDAQ:KATE) shares saw strong trading volume on Tuesday following a stronger than expected earnings report, Analyst Ratings Network.com reports. 30,875,987 shares changed hands during trading, an increase of 942% from the previous session’s volume of 2,964,227 shares.The stock last traded at $30.23 and had previously closed at $38.87.
The company reported $0.05 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.01) by $0.06. The company had revenue of $266.00 million for the quarter, compared to the consensus estimate of $237.83 million.
KATE has been the subject of a number of recent research reports. Analysts at BMO Capital Markets initiated coverage on shares of Kate Spade & Co in a research note on Tuesday, July 8th. They set an “outperform” rating and a $48.00 price target on the stock. Separately, analysts at Nomura reiterated a “buy” rating on shares of Kate Spade & Co in a research note on Thursday, May 15th. They now have a $43.00 price target on the stock, up previously from $41.00. Finally, analysts at Citigroup Inc. reiterated a “buy” rating on shares of Kate Spade & Co in a research note on Thursday, May 15th. They now have a $44.00 price target on the stock, up previously from $42.00. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus price target of $45.60.
The stock has a 50-day moving average of $38.38 and a 200-day moving average of $35.60. The company has a market cap of $3.625 billion and a P/E ratio of 28.58.
Kate Spade & Co, formerly Fifth & Pacific Companies Inc, designs and markets a portfolio of retail-based, premium brands, including JUICY COUTURE, KATE SPADE and LUCKY BRAND.
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