Qihoo 360 Technology Co Sees Large Volume Increase on Better-Than-Expected Earnings (QIHU)
Qihoo 360 Technology Co (NASDAQ:QIHU) shares saw unusually-high trading volume on Tuesday following a stronger than expected earnings report, Analyst Ratings Network reports. Approximately 6,511,727 shares traded hands during trading, an increase of 75% from the previous session’s volume of 3,715,466 shares.The stock last traded at $91.38 and had previously closed at $93.87.
The company reported $0.50 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.47 by $0.03. The company had revenue of $317.90 million for the quarter, compared to the consensus estimate of $309.38 million. During the same quarter last year, the company posted $0.40 earnings per share. Qihoo 360 Technology Co’s revenue was up 109.6% compared to the same quarter last year.
QIHU has been the subject of a number of recent research reports. Analysts at T.H. Capital cut their price target on shares of Qihoo 360 Technology Co to $113.00 in a research note on Tuesday. They now have a “buy” rating on the stock. Separately, analysts at Credit Suisse downgraded shares of Qihoo 360 Technology Co from an “outperform” rating to a “neutral” rating in a research note on Tuesday. They now have a $115.00 price target on the stock, down previously from $156.00. Finally, analysts at Credit Agricole initiated coverage on shares of Qihoo 360 Technology Co in a research note on Wednesday, August 13th. They set a “buy” rating on the stock. Four investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. Qihoo 360 Technology Co currently has an average rating of “Buy” and a consensus target price of $114.25.
The stock has a 50-day moving average of $94.72 and a 200-day moving average of $94.94. The company has a market cap of $11.307 billion and a P/E ratio of 81.41.
Qihoo 360 Technology Co Ltd (NASDAQ:QIHU), formerly Qihoo Technology Company Limited, is engaged in the operations of Internet services and sales of third party anti-virus software in the People’s Republic of China.
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