Conn's Target of Unusually High Options Trading (CONN)
Conn's Inc (NASDAQ:CONN) was the target of some unusual options trading on Wednesday. Stock investors bought 4,829 call options on the company. This represents an increase of 696% compared to the typical volume of 607 call options.
In other news, insider Brian Daly bought 7,400 shares of the business’s stock in a transaction that occurred on Thursday, April 20th. The stock was acquired at an average cost of $13.52 per share, for a total transaction of $100,048.00. Following the completion of the purchase, the insider now owns 26,652 shares of the company’s stock, valued at approximately $360,335.04. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Douglas H. Martin bought 10,000 shares of the business’s stock in a transaction that occurred on Wednesday, June 7th. The stock was purchased at an average price of $17.83 per share, with a total value of $178,300.00. The disclosure for this purchase can be found here. Corporate insiders own 3.60% of the company’s stock.
A number of institutional investors have recently made changes to their positions in CONN. Point72 Asset Management L.P. boosted its position in shares of Conn's by 77.5% in the first quarter. Point72 Asset Management L.P. now owns 400,000 shares of the specialty retailer’s stock valued at $3,500,000 after buying an additional 174,600 shares in the last quarter. UBS Group AG boosted its position in shares of Conn's by 1.8% in the first quarter. UBS Group AG now owns 82,122 shares of the specialty retailer’s stock valued at $719,000 after buying an additional 1,431 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of Conn's by 2.5% in the first quarter. Geode Capital Management LLC now owns 191,076 shares of the specialty retailer’s stock valued at $1,671,000 after buying an additional 4,672 shares in the last quarter. Stephens Inc. AR boosted its position in shares of Conn's by 85.5% in the first quarter. Stephens Inc. AR now owns 376,350 shares of the specialty retailer’s stock valued at $3,293,000 after buying an additional 173,416 shares in the last quarter. Finally, Royce & Associates LP boosted its position in shares of Conn's by 108.3% in the first quarter. Royce & Associates LP now owns 415,336 shares of the specialty retailer’s stock valued at $3,634,000 after buying an additional 215,900 shares in the last quarter. 59.77% of the stock is owned by hedge funds and other institutional investors.
Shares of Conn's (NASDAQ:CONN) opened at 19.20 on Friday. Conn's has a 12 month low of $6.54 and a 12 month high of $19.95. The company’s market capitalization is $594.37 million. The firm has a 50-day moving average price of $16.87 and a 200-day moving average price of $12.49.
Conn's (NASDAQ:CONN) last announced its quarterly earnings data on Tuesday, June 6th. The specialty retailer reported ($0.05) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.22) by $0.17. The firm had revenue of $355.80 million during the quarter, compared to analysts’ expectations of $357.53 million. Conn's had a negative return on equity of 0.06% and a negative net margin of 0.02%. The company’s quarterly revenue was down 8.6% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.31) EPS. On average, equities research analysts predict that Conn's will post $0.49 EPS for the current year.
A number of research analysts recently commented on CONN shares. Oppenheimer Holdings Inc. restated a “hold” rating on shares of Conn's in a research note on Friday, April 21st. ValuEngine upgraded Conn's from a “sell” rating to a “hold” rating in a research report on Friday, June 2nd. KeyCorp upgraded Conn's from a “sector weight” rating to an “overweight” rating and set a $22.00 price target on the stock in a research report on Tuesday, April 25th. Zacks Investment Research upgraded Conn's from a “hold” rating to a “strong-buy” rating and set a $20.00 price target on the stock in a research report on Wednesday. Finally, Stifel Nicolaus reiterated a “buy” rating and issued a $20.00 price target (up from $19.00) on shares of Conn's in a research report on Wednesday. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, two have given a buy rating and one has issued a strong buy rating to the stock. The company currently has an average rating of “Buy” and a consensus price target of $20.67.
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Conn's Company Profile
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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