ScanSource (NASDAQ:SCSC) Stock Price Crosses Above 200-Day Moving Average – Should You Sell?

Shares of ScanSource, Inc. (NASDAQ:SCSC) passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $41.40 and traded as high as $51.83. ScanSource shares last traded at $51.63, with a volume of 181,710 shares changing hands.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on SCSC. Zacks Research upgraded ScanSource from a “strong sell” rating to a “hold” rating in a research report on Tuesday, April 7th. Wall Street Zen raised shares of ScanSource from a “hold” rating to a “buy” rating in a research note on Saturday, June 6th. Finally, Weiss Ratings upgraded shares of ScanSource from a “hold (c)” rating to a “hold (c+)” rating in a report on Friday, May 29th. Three analysts have rated the stock with a Hold rating, According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $43.00.

ScanSource Stock Up 0.2%

The firm’s 50-day simple moving average is $46.81 and its 200 day simple moving average is $41.40. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.20 and a current ratio of 1.86. The stock has a market capitalization of $1.05 billion, a P/E ratio of 15.65, a PEG ratio of 0.80 and a beta of 1.28.

ScanSource (NASDAQ:SCSC) last released its earnings results on Thursday, May 7th. The industrial products company reported $0.94 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.91 by $0.03. The business had revenue of $758.59 million for the quarter, compared to the consensus estimate of $738.55 million. ScanSource had a return on equity of 9.35% and a net margin of 2.38%.ScanSource’s quarterly revenue was up 8.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.86 earnings per share. As a group, research analysts expect that ScanSource, Inc. will post 3.9 EPS for the current year.

Hedge Funds Weigh In On ScanSource

A number of institutional investors have recently bought and sold shares of SCSC. Amundi lifted its stake in shares of ScanSource by 35.1% during the 1st quarter. Amundi now owns 26,464 shares of the industrial products company’s stock worth $836,000 after buying an additional 6,880 shares during the last quarter. AQR Capital Management LLC raised its stake in ScanSource by 3.8% in the 1st quarter. AQR Capital Management LLC now owns 128,574 shares of the industrial products company’s stock worth $4,373,000 after purchasing an additional 4,693 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in ScanSource by 2.2% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 13,859 shares of the industrial products company’s stock valued at $471,000 after purchasing an additional 295 shares during the period. Millennium Management LLC boosted its holdings in ScanSource by 8.4% in the 1st quarter. Millennium Management LLC now owns 259,808 shares of the industrial products company’s stock valued at $8,836,000 after purchasing an additional 20,086 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in shares of ScanSource by 35.3% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 61,513 shares of the industrial products company’s stock worth $2,092,000 after purchasing an additional 16,044 shares in the last quarter. Institutional investors and hedge funds own 97.91% of the company’s stock.

About ScanSource

ScanSource, Inc is a global provider of technology products and solutions designed to help businesses enhance operational efficiency and customer engagement. The company specializes in the distribution of point-of-sale (POS) systems, barcode and data capture devices, networking and communications equipment, and value-added software and cloud services. By combining hardware, software and professional services, ScanSource supports channel partners in delivering end-to-end solutions across multiple industries, including retail, hospitality, healthcare and logistics.

Founded in 1992 and headquartered in Greenville, South Carolina, ScanSource has built a broad international footprint, serving customers throughout North, Central and South America as well as Europe, the Middle East and Africa.