Alliance Entertainment (NASDAQ:AENT) Trading 9.8% Higher – Should You Buy?

Alliance Entertainment Holding Corporation (NASDAQ:AENT) shares traded up 9.8% during mid-day trading on Monday . The company traded as high as $7.50 and last traded at $7.40. 110,455 shares changed hands during mid-day trading, an increase of 103% from the average session volume of 54,350 shares. The stock had previously closed at $6.74.

Wall Street Analyst Weigh In

Several research firms have issued reports on AENT. Zacks Research upgraded shares of Alliance Entertainment to a “hold” rating in a research report on Tuesday, October 7th. Industrial Alliance Securities set a $11.00 price objective on Alliance Entertainment in a report on Monday, October 6th. Noble Financial began coverage on Alliance Entertainment in a research note on Monday, October 6th. They issued an “outperform” rating and a $11.00 target price for the company. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Alliance Entertainment in a research report on Wednesday, October 8th. Finally, Wall Street Zen downgraded shares of Alliance Entertainment from a “strong-buy” rating to a “buy” rating in a research note on Friday, September 5th. Two equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $10.67.

Alliance Entertainment Stock Performance

The company has a current ratio of 1.28, a quick ratio of 0.64 and a debt-to-equity ratio of 0.62. The company has a market cap of $377.10 million, a price-to-earnings ratio of 18.97 and a beta of 0.49. The stock has a 50 day moving average price of $6.50 and a two-hundred day moving average price of $5.51.

Alliance Entertainment (NASDAQ:AENT) last posted its earnings results on Wednesday, November 12th. The company reported $0.10 earnings per share for the quarter, topping the consensus estimate of $0.08 by $0.02. The company had revenue of $253.97 million for the quarter, compared to analyst estimates of $237.30 million. Alliance Entertainment had a net margin of 1.80% and a return on equity of 21.87%.

Hedge Funds Weigh In On Alliance Entertainment

Institutional investors have recently added to or reduced their stakes in the company. XTX Topco Ltd acquired a new stake in shares of Alliance Entertainment in the second quarter valued at approximately $59,000. OMERS ADMINISTRATION Corp raised its stake in Alliance Entertainment by 179.0% in the 1st quarter. OMERS ADMINISTRATION Corp now owns 27,900 shares of the company’s stock valued at $93,000 after acquiring an additional 17,900 shares during the period. Jacobs Levy Equity Management Inc. acquired a new stake in Alliance Entertainment during the 3rd quarter valued at $193,000. Ritholtz Wealth Management bought a new position in Alliance Entertainment during the third quarter worth $290,000. Finally, Empowered Funds LLC increased its holdings in shares of Alliance Entertainment by 9.2% in the first quarter. Empowered Funds LLC now owns 90,880 shares of the company’s stock valued at $304,000 after purchasing an additional 7,683 shares during the last quarter. 0.27% of the stock is currently owned by institutional investors and hedge funds.

Alliance Entertainment Company Profile

Alliance Entertainment Holding Corporation operates as a wholesaler, distributor, and e-commerce provider for the entertainment industry worldwide. It offers vinyl records, video games, digital video discs, blu-rays, toys, compact discs, collectibles, and other entertainment and consumer products. The company also provides third party logistics products and services.