Alliance Entertainment (NASDAQ:AENT) Shares Up 6.1% - Here's What Happened

Key Points

• Alliance Entertainment's shares increased by 6.1% on Monday, with the stock trading at $7.14 after closing at $6.73.
• Maxim Group initiated coverage with a "buy" rating and a target price of $10.00, while the consensus rating remains a "Buy" with the same target.
• The company reported a revenue of $227.75 million and an earnings per share (EPS) of $0.11 for the most recent quarter.

Alliance Entertainment Holding Corporation (NASDAQ:AENT - Get Free Report) shares shot up 6.1% on Monday . The stock traded as high as $7.38 and last traded at $7.14. 83,367 shares changed hands during mid-day trading, a decline of 5% from the average session volume of 87,812 shares. The stock had previously closed at $6.73.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on AENT. Maxim Group started coverage on Alliance Entertainment in a research report on Tuesday, July 1st. They issued a "buy" rating and a $10.00 target price for the company. 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. One analyst has rated the stock with a Buy rating, According to data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and a consensus target price of $10.00.

Alliance Entertainment Stock Performance

The stock has a fifty day simple moving average of $5.80 and a 200-day simple moving average of $4.28. The company has a quick ratio of 0.67, a current ratio of 1.26 and a debt-to-equity ratio of 0.65. The company has a market capitalization of $363.85 million, a P/E ratio of 23.80 and a beta of 0.44.

Alliance Entertainment (NASDAQ:AENT - Get Free Report) last released its quarterly earnings results on Wednesday, September 10th. The company reported $0.11 earnings per share (EPS) for the quarter. Alliance Entertainment had a return on equity of 18.35% and a net margin of 1.42%.The business had revenue of $227.75 million during the quarter.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Clarity Capital Partners LLC raised its holdings in shares of Alliance Entertainment by 43,251.1% in the first quarter. Clarity Capital Partners LLC now owns 23,463,801 shares of the company's stock valued at $78,604,000 after buying an additional 23,409,676 shares during the last quarter. Bridgeway Capital Management LLC raised its holdings in shares of Alliance Entertainment by 18.4% in the second quarter. Bridgeway Capital Management LLC now owns 122,075 shares of the company's stock valued at $460,000 after buying an additional 18,995 shares during the last quarter. Empowered Funds LLC raised 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 buying an additional 7,683 shares during the last quarter. OMERS ADMINISTRATION Corp raised its holdings in shares of Alliance Entertainment by 179.0% in the first quarter. OMERS ADMINISTRATION Corp now owns 27,900 shares of the company's stock valued at $93,000 after buying an additional 17,900 shares during the last quarter. Finally, XTX Topco Ltd bought a new position in shares of Alliance Entertainment in the second quarter valued at about $59,000. 0.27% of the stock is owned by institutional investors.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.