Conn's Inc (CONN) Sees Strong Trading Volume
Conn's Inc (NASDAQ:CONN) shares saw unusually-strong trading volume on Wednesday . Approximately 3,982,041 shares were traded during mid-day trading, an increase of 206% from the previous session’s volume of 1,299,282 shares.The stock last traded at $12.19 and had previously closed at $10.16.
A number of equities analysts recently commented on CONN shares. Stifel Nicolaus upgraded Conn's from a “hold” rating to a “buy” rating and set a $16.00 price target for the company in a research note on Wednesday. Zacks Investment Research upgraded Conn's from a “sell” rating to a “hold” rating in a research note on Tuesday, September 13th. Piper Jaffray Cos. downgraded Conn's from an “overweight” rating to a “neutral” rating in a research note on Friday, June 3rd. Finally, TheStreet downgraded Conn's from a “hold” rating to a “sell” rating in a research note on Thursday, September 8th. One analyst has rated the stock with a sell rating, two have given a hold rating and three have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average target price of $25.50.
The stock has a 50-day moving average price of $7.67 and a 200 day moving average price of $10.16. The firm’s market cap is $365.64 million.
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Conn's (NASDAQ:CONN) last released its earnings results on Thursday, September 8th. The company reported ($0.04) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.07) by $0.03. The firm earned $398.16 million during the quarter, compared to analyst estimates of $413.12 million. Conn's had a negative net margin of 1.40% and a negative return on equity of 1.16%. The business’s revenue was up .5% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.47 EPS. Equities analysts expect that Conn's Inc will post ($0.40) EPS for the current fiscal year.
In other news, major shareholder Harriet C. Stephens bought 22,619 shares of the business’s stock in a transaction on Friday, September 9th. The stock was purchased at an average price of $8.84 per share, with a total value of $199,951.96. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, major shareholder A Stephens Grantors Tru Warren bought 285,000 shares of the business’s stock in a transaction on Friday, July 15th. The shares were purchased at an average cost of $7.10 per share, with a total value of $2,023,500.00. Following the transaction, the insider now owns 385,350 shares in the company, valued at $2,735,985. The disclosure for this purchase can be found here. Company insiders own 3.60% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. State Street Corp raised its position in Conn's by 14.6% in the first quarter. State Street Corp now owns 817,435 shares of the company’s stock worth $10,187,000 after buying an additional 103,945 shares in the last quarter. Pacific Global Investment Management CO raised its position in Conn's by 11.1% in the second quarter. Pacific Global Investment Management CO now owns 520,190 shares of the company’s stock worth $3,912,000 after buying an additional 51,945 shares in the last quarter. Raymond James & Associates raised its position in Conn's by 63.1% in the second quarter. Raymond James & Associates now owns 226,405 shares of the company’s stock worth $1,703,000 after buying an additional 87,624 shares in the last quarter. Geode Capital Management LLC raised its position in Conn's by 9.9% in the first quarter. Geode Capital Management LLC now owns 184,259 shares of the company’s stock worth $2,295,000 after buying an additional 16,570 shares in the last quarter. Finally, A.R.T. Advisors LLC raised its position in Conn's by 533.6% in the first quarter. A.R.T. Advisors LLC now owns 129,429 shares of the company’s stock worth $1,612,000 after buying an additional 109,000 shares in the last quarter. 63.66% of the stock is owned by hedge funds and other institutional investors.
Conn’s, Inc is a specialty retailer that offers a selection of consumer goods and related services in addition to a credit solution for its core credit constrained consumers. The Company operates through two segments: retail and credit. The Retail segment includes product categories, such as furniture and mattress, including furniture and related accessories for the living room, dining room and bedroom; home appliance, including refrigerators, freezers, washers, dryers, dishwashers and ranges; Consumer electronics, including liquid-crystal-display (LED), organic LED (OLED), Ultra high definition (HD) and Internet-ready televisions, and home office, including computers, printers and accessories.
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