JB Hi-Fi (OTCMKTS:JBHIF) Stock Price Down 12.4% – Here’s What Happened

JB Hi-Fi Limited (OTCMKTS:JBHIF) shares fell 12.4% during trading on Friday . The stock traded as low as C$51.68 and last traded at C$51.68. 550 shares changed hands during trading, an increase of 3% from the average session volume of 533 shares. The stock had previously closed at C$58.97.

Analyst Ratings Changes

Separately, The Goldman Sachs Group began coverage on JB Hi-Fi in a research note on Monday. They set a “sell” rating and a $61.00 target price for the company. One investment analyst has rated the stock with a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Reduce”.

JB Hi-Fi Stock Performance

The company has a 50 day simple moving average of C$60.17 and a 200 day simple moving average of C$62.35.

JB Hi-Fi Company Profile

JB Hi-Fi is a prominent consumer electronics and home entertainment retailer based in Australia, with an expanding footprint of over 300 stores across Australia and New Zealand. The company offers an extensive selection of products, including televisions, audio equipment, computers and tablets, mobile phones, gaming consoles, DVDs and Blu-ray, music, cameras, and a range of small domestic appliances. JB Hi-Fi also operates a comprehensive e-commerce platform, allowing customers to shop online and access click-and-collect and home delivery services.

Founded in 1974 by John Barbuto as a single hi-fi specialist store in Melbourne, JB Hi-Fi has grown through organic expansion and disciplined store rollout.