J.C. Penney Company Sees Unusually-High Trading Volume on Earnings Beat (JCP)
J.C. Penney Company (NYSE:JCP) shares saw unusually-high trading volume on Thursday following a stronger than expected earnings report, StockRatingsNetwork.com reports. Approximately 50,220,939 shares changed hands during trading, an increase of 215% from the previous session’s volume of 15,931,522 shares.The stock last traded at $9.74 and had previously closed at $9.35.
The company reported ($0.56) earnings per share for the quarter, beating the analysts’ consensus estimate of ($0.94) by $0.38. The company had revenue of $2.80 billion for the quarter, compared to the consensus estimate of $2.78 billion.
A number of research firms have recently commented on JCP. Analysts at Craig Hallum upgraded shares of J.C. Penney Company from a “sell” rating to a “hold” rating in a research note on Monday. They now have a $10.00 price target on the stock. Separately, analysts at Wells Fargo & Co. downgraded shares of J.C. Penney Company from a “market perform” rating to an “underperform” rating in a research note on Tuesday, May 20th. They now have a $5.00 price target on the stock, down previously from $6.00. They noted that the move was a valuation call. Finally, analysts at Nomura set a $8.00 price target on shares of J.C. Penney Company in a research note on Friday, May 16th. Three research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and two have given a buy rating to the stock. J.C. Penney Company has an average rating of “Hold” and an average target price of $8.03.
The stock’s 50-day moving average is $9.01 and its 200-day moving average is $8.24. The company’s market cap is $2.969 billion.
J. C. Penney Company, Inc is a holding company whose principal operating subsidiary is J. C. Penney Corporation, Inc (NYSE:JCP).
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