Alliance Entertainment (NASDAQ:AENT) Trading 6.6% Higher - Here's What Happened

Key Points

• Alliance Entertainment's stock saw a significant increase of 6.6% on Monday, trading at $5.33 after closing at $5.00.
• Wall Street analysts have upgraded the stock, with Wall Street Zen raising its rating from "buy" to "strong-buy" and Maxim Group setting a target price of $10.00.
• In its latest quarterly earnings, Alliance Entertainment reported $0.04 EPS, beating expectations, and had a revenue of $213.05 million versus an estimate of $210.65 million.

Alliance Entertainment Holding Corporation (NASDAQ:AENT - Get Free Report)'s stock price traded up 6.6% on Monday . The company traded as high as $5.44 and last traded at $5.33. 38,476 shares traded hands during trading, a decline of 1% from the average session volume of 38,787 shares. The stock had previously closed at $5.00.

Wall Street Analysts Forecast Growth

Several research analysts have commented on AENT shares. Maxim Group started coverage on shares of 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 upgraded shares of Alliance Entertainment from a "buy" rating to a "strong-buy" rating in a research report on Thursday, May 22nd.

Alliance Entertainment Trading Up 0.6%

The company has a current ratio of 1.30, a quick ratio of 0.70 and a debt-to-equity ratio of 0.80. The stock has a market cap of $254.29 million, a P/E ratio of 20.79 and a beta of 0.44. The firm's 50-day simple moving average is $4.68 and its 200 day simple moving average is $3.95.

Alliance Entertainment (NASDAQ:AENT - Get Free Report) last posted its earnings results on Thursday, May 15th. The company reported $0.04 EPS for the quarter, topping the consensus estimate of $0.01 by $0.03. Alliance Entertainment had a net margin of 1.10% and a return on equity of 15.59%. The firm had revenue of $213.05 million during the quarter, compared to analysts' expectations of $210.65 million.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. LPL Financial LLC bought a new position in shares of Alliance Entertainment in the fourth quarter valued at approximately $130,000. Renaissance Technologies LLC bought a new position in shares of Alliance Entertainment in the fourth quarter valued at approximately $92,000. Marshall Wace LLP bought a new position in shares of Alliance Entertainment in the fourth quarter valued at approximately $440,000. Bridgeway Capital Management LLC bought a new position in shares of Alliance Entertainment in the fourth quarter valued at approximately $864,000. Finally, OMERS ADMINISTRATION Corp bought a new position in shares of Alliance Entertainment in the fourth quarter valued at approximately $91,000. Institutional investors own 0.27% of the company's stock.

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.