SeaChange International Sees Strong Trading Volume on Earnings Beat (SEAC)
SeaChange International (NASDAQ:SEAC) saw strong trading volume on Thursday following a better than expected earnings announcement, American Banking News.com reports. 311,681 shares were traded during mid-day trading, an increase of 169% from the previous session’s volume of 115,870 shares.The stock last traded at $7.89 and had previously closed at $7.50.
The company reported ($0.08) earnings per share for the quarter, beating the analysts’ consensus estimate of ($0.18) by $0.10. The company had revenue of $29.80 million for the quarter, compared to the consensus estimate of $26.80 million. During the same quarter last year, the company posted $0.10 earnings per share. SeaChange International’s revenue was down 20.3% compared to the same quarter last year.
Separately, analysts at Brean Capital cut their price target on shares of SeaChange International from $14.00 to $11.00 in a research note on Friday, June 6th. They now have a “buy” rating on the stock. Two research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the stock. The company has a consensus rating of “Buy” and an average price target of $19.00.
The stock’s 50-day moving average is $7.59 and its 200-day moving average is $9.03. The company’s market cap is $259.0 million.
SeaChange International, Inc (NASDAQ:SEAC) is engaged in the delivery of multi-screen video.
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