China Mobile Games & Entnmnt Grp Sees Large Volume Increase After Earnings Beat (CMGE)
Shares of China Mobile Games & Entnmnt Grp (NASDAQ:CMGE) saw unusually-high trading volume on Monday following a better than expected earnings announcement, AmericanBankingNews.com reports. Approximately 746,985 shares traded hands during mid-day trading, an increase of 124% from the previous session’s volume of 333,282 shares.The stock last traded at $15.16 and had previously closed at $14.86.
The company reported $0.27 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.21 by $0.06. The company had revenue of $44.30 million for the quarter, compared to the consensus estimate of $43.60 million. China Mobile Games & Entnmnt Grp’s revenue was up 281.4% compared to the same quarter last year.
CMGE has been the subject of a number of recent research reports. Analysts at Brean Capital cut their price target on shares of China Mobile Games & Entnmnt Grp from $45.00 to $27.00 in a research note on Friday, May 23rd. They now have a “buy” rating on the stock. Analysts at Barclays raised their price target on shares of China Mobile Games & Entnmnt Grp from $32.00 to $34.00 in a research note on Tuesday, May 20th.
The stock’s 50-day moving average is $14.68 and its 200-day moving average is $21.71. The company has a market cap of $472.0 million and a P/E ratio of 31.68.
China Mobile Games and Entertainment Group Limited (NASDAQ:CMGE) is a holding company.
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