Bank of America Corp DE Buys 65,880 Shares of QuinStreet, Inc. $QNST

Key Points

• Bank of America increased its QuinStreet stake by 58%, buying 65,880 shares to hold 179,378 shares worth approximately $2.15 million. Institutional investors collectively own 97.83% of the company.
• QuinStreet exceeded quarterly expectations, reporting $0.50 in earnings per share versus a $0.44 consensus estimate and revenue of $373.88 million versus $359.95 million expected.
• Analyst sentiment is broadly positive, with a consensus “Buy” rating and a $22.00 price target. However, insiders sold $17.4 million of stock over the past 90 days, including sales by the CFO and a director.

Bank of America Corp DE grew its position in shares of QuinStreet, Inc. (NASDAQ:QNST - Free Report) by 58.0% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 179,378 shares of the technology company's stock after purchasing an additional 65,880 shares during the quarter. Bank of America Corp DE owned approximately 0.31% of QuinStreet worth $2,154,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in QNST. PNC Financial Services Group Inc. increased its position in QuinStreet by 54.4% in the 1st quarter. PNC Financial Services Group Inc. now owns 3,027 shares of the technology company's stock valued at $36,000 after acquiring an additional 1,066 shares during the period. Entropy Technologies LP raised its position in QuinStreet by 10.0% during the 3rd quarter. Entropy Technologies LP now owns 14,063 shares of the technology company's stock worth $218,000 after purchasing an additional 1,284 shares during the last quarter. Captrust Financial Advisors lifted its holdings in QuinStreet by 0.8% during the 4th quarter. Captrust Financial Advisors now owns 173,144 shares of the technology company's stock worth $2,488,000 after buying an additional 1,379 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of QuinStreet by 4.5% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 31,983 shares of the technology company's stock valued at $571,000 after buying an additional 1,381 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD increased its stake in shares of QuinStreet by 4.7% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 31,107 shares of the technology company's stock valued at $448,000 after buying an additional 1,391 shares during the period. Institutional investors own 97.83% of the company's stock.

Insiders Place Their Bets

In other QuinStreet news, Director Asmau Ahmed sold 10,000 shares of QuinStreet stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $20.30, for a total value of $203,000.00. Following the sale, the director owned 24,979 shares of the company's stock, valued at approximately $507,073.70. The trade was a 28.59% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Gregory Wong sold 11,704 shares of the company's stock in a transaction that occurred on Tuesday, August 18th. The shares were sold at an average price of $20.44, for a total value of $239,229.76. Following the completion of the transaction, the chief financial officer owned 481,786 shares in the company, valued at approximately $9,847,705.84. The trade was a 2.37% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 862,026 shares of company stock valued at $17,423,897. Company insiders own 5.00% of the company's stock.

QuinStreet Stock Performance

Shares of QuinStreet stock opened at $18.94 on Wednesday. QuinStreet, Inc. has a 52 week low of $10.28 and a 52 week high of $22.29. The company has a quick ratio of 1.22, a current ratio of 1.22 and a debt-to-equity ratio of 0.22. The business has a 50 day moving average price of $17.44 and a 200-day moving average price of $14.02. The company has a market cap of $1.08 billion, a PE ratio of 13.43 and a beta of 0.66.

QuinStreet (NASDAQ:QNST - Get Free Report) last issued its quarterly earnings data on Thursday, August 6th. The technology company reported $0.50 earnings per share for the quarter, beating the consensus estimate of $0.44 by $0.06. The business had revenue of $373.88 million for the quarter, compared to analysts' expectations of $359.95 million. QuinStreet had a return on equity of 12.73% and a net margin of 6.28%. Equities analysts anticipate that QuinStreet, Inc. will post 1.06 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on QNST shares. Zacks Research upgraded shares of QuinStreet from a "hold" rating to a "strong-buy" rating in a research report on Friday, August 28th. Wall Street Zen raised QuinStreet from a "buy" rating to a "strong-buy" rating in a research report on Saturday. Lake Street Capital upgraded QuinStreet from a "hold" rating to a "buy" rating and set a $21.00 target price on the stock in a research report on Friday, August 7th. B. Riley Financial reiterated a "buy" rating on shares of QuinStreet in a report on Friday, August 7th. Finally, Weiss Ratings upgraded QuinStreet from a "hold (c-)" rating to a "hold (c+)" rating in a report on Thursday, August 27th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has given a Hold rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Buy" and a consensus target price of $22.00.

QuinStreet Profile

QuinStreet, Inc operates a technology-based performance marketing platform that connects companies with prospective customers across multiple verticals. The company specializes in data-driven lead generation for financial services, education, insurance, healthcare, and home services firms. By leveraging proprietary targeting algorithms and real-time analytics, QuinStreet manages customized digital marketing campaigns to optimize customer acquisition and retention for its clients.

Through a portfolio of consumer-facing websites and comparison platforms, QuinStreet delivers targeted visitors who are actively researching 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 reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

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