Skullcandy Upgraded by Jefferies Group to “Hold” (SKUL)
Skullcandy (NASDAQ:SKUL) was upgraded by stock analysts at Jefferies Group from an “underperform” rating to a “hold” rating in a report issued on Tuesday, TheFlyOnTheWall.com reports. The firm currently has a $8.00 price target on the stock, up from their previous price target of $7.00. Jefferies Group’s price target would indicate a potential upside of 6.81% from the company’s current price.
The analysts wrote, “Management remains focused on continuing to refine distribution, which includes picking the right new partners, i.e. Walmart. We view SKUL’s partnership with Walmart favorably as Skullcandy was previously one of the only audio/earphone brands not on Walmart’s shelves and selling through Walmart significantly broadens the bottom of Skullcandy’s distribution pyramid”
Shares of Skullcandy (NASDAQ:SKUL) traded up 5.87% on Tuesday, hitting $7.93. 297,829 shares of the company’s stock traded hands. Skullcandy has a 1-year low of $5.20 and a 1-year high of $11.40. The stock has a 50-day moving average of $7.33 and a 200-day moving average of $7.89. The company has a market cap of $222.7 million and a P/E ratio of 75.66.
Skullcandy (NASDAQ:SKUL) last released its earnings data on Thursday, July 31st. The company reported $0.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.01 by $0.05. The company had revenue of $53.90 million for the quarter, compared to the consensus estimate of $53.91 million. The company’s revenue for the quarter was up 6.1% on a year-over-year basis. Analysts expect that Skullcandy will post $0.23 EPS for the current fiscal year.
Several other analysts have also recently commented on the stock. Analysts at Zacks upgraded shares of Skullcandy from a “neutral” rating to an “outperform” rating in a research note on Friday, August 1st. They now have a $8.20 price target on the stock. Separately, analysts at Piper Jaffray upgraded shares of Skullcandy from an “underweight” rating to a “neutral” rating in a research note on Wednesday, June 11th. They now have a $7.50 price target on the stock. Finally, analysts at CRT Capital initiated coverage on shares of Skullcandy in a research note on Wednesday, May 14th. They set a “fair value” rating and a $8.00 price target on the stock. Seven equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Skullcandy has an average rating of “Hold” and an average price target of $8.41.
In other Skullcandy news, CFO Jason Hodell acquired 5,500 shares of Skullcandy stock in a transaction that occurred on Friday, August 8th. The shares were purchased at an average cost of $7.29 per share, with a total value of $40,095.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.
Skullcandy, Inc is a designer, marketer and distributor of performance audio and gaming headphones and other accessory related products under the Skullcandy, Astro Gaming and 2XL by Skullcandy brands.
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