Alliance Entertainment (NASDAQ:AENT) Shares Up 6.6% - What's Next?

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) shares shot up 6.6% during trading on Monday . The stock 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 Analyst Weigh In

Several research firms recently commented on AENT. Maxim Group started coverage on Alliance Entertainment in a research note on Tuesday, July 1st. They set a "buy" rating and a $10.00 target price for the company. Wall Street Zen upgraded Alliance Entertainment from a "buy" rating to a "strong-buy" rating in a research report on Thursday, May 22nd.

Alliance Entertainment Trading Up 4.4%

The company has a 50 day simple moving average of $4.62 and a 200 day simple moving average of $3.98. 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 capitalization of $252.76 million, a PE ratio of 20.67 and a beta of 0.44.

Alliance Entertainment (NASDAQ:AENT - Get Free Report) last announced its quarterly earnings data on Thursday, May 15th. The company reported $0.04 earnings per share for the quarter, beating analysts' consensus estimates of $0.01 by $0.03. Alliance Entertainment had a return on equity of 15.59% and a net margin of 1.10%. The company had revenue of $213.05 million for the quarter, compared to analyst estimates of $210.65 million.

Hedge Funds Weigh In On Alliance Entertainment

Several hedge funds and other institutional investors have recently bought and sold shares of AENT. LPL Financial LLC acquired a new position in Alliance Entertainment during the fourth quarter worth $130,000. Renaissance Technologies LLC acquired a new stake in Alliance Entertainment during the 4th quarter valued at $92,000. Marshall Wace LLP acquired a new stake in Alliance Entertainment during the 4th quarter valued at $440,000. Bridgeway Capital Management LLC acquired a new stake in Alliance Entertainment during the 4th quarter valued at $864,000. Finally, OMERS ADMINISTRATION Corp acquired a new stake in Alliance Entertainment during the 4th quarter valued at $91,000. 0.27% of the stock is owned by institutional investors and hedge funds.

About Alliance Entertainment

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.