Kate Spade & Co Trading 7.2% Higher on Earnings Beat (KATE)
Kate Spade & Co (NASDAQ:KATE) shares traded up 7.2% during trading on Wednesday following a stronger than expected earnings report, AnalystRatings.NET reports. The stock traded as high as $31.69 and last traded at $31.08, with a volume of 12,976,772 shares. The stock had previously closed at $29.00.
The company reported $0.05 earnings per share for the quarter, beating the analysts’ 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.
Several analysts have recently commented on the stock. Analysts at Nomura reiterated a “buy” rating on shares of Kate Spade & Co in a research note on Wednesday. They now have a $38.00 price target on the stock, down previously from $43.00. Separately, analysts at Citigroup Inc. reiterated a “buy” rating on shares of Kate Spade & Co in a research note on Wednesday. They now have a $34.00 price target on the stock, down previously from $44.00. Finally, analysts at Telsey Advisory Group cut their price target on shares of Kate Spade & Co from $43.00 to $38.00 in a research note on Wednesday. They now have a “not rated” rating on the stock. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. The stock presently has an average rating of “Buy” and an average price target of $41.60.
The stock’s 50-day moving average is $38.09 and its 200-day moving average is $35.65. The company has a market cap of $3.942 billion and a P/E ratio of 21.32. Kate Spade & Co also was the target of unusually large options trading activity on Tuesday. Stock investors bought 37,354 call options on the company. This is an increase of 1,687% compared to the typical volume of 2,090 call options.
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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