NewEdge Wealth LLC Sells 257,360 Shares of QuinStreet, Inc. (NASDAQ:QNST)

Key Points

• NewEdge Wealth LLC has reduced its holdings in QuinStreet, Inc. by 10.4%, selling 257,360 shares and now owns approximately 3.92% of the company.
• Various institutional investors have significantly increased their stakes in QuinStreet, with CWM LLC and Signaturefd LLC showing notable growth in their holdings.
• Analysts have mixed opinions on QuinStreet's stock, with price targets ranging from $19.00 to $31.00, but the consensus rating is "Moderate Buy."

NewEdge Wealth LLC lessened its holdings in shares of QuinStreet, Inc. (NASDAQ:QNST - Free Report) by 10.4% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 2,214,713 shares of the technology company's stock after selling 257,360 shares during the quarter. NewEdge Wealth LLC owned 3.92% of QuinStreet worth $39,510,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Natixis Advisors LLC raised its stake in shares of QuinStreet by 44.0% in the 1st quarter. Natixis Advisors LLC now owns 18,770 shares of the technology company's stock valued at $335,000 after purchasing an additional 5,735 shares during the period. XTX Topco Ltd raised its stake in shares of QuinStreet by 491.3% in the 1st quarter. XTX Topco Ltd now owns 60,761 shares of the technology company's stock valued at $1,084,000 after purchasing an additional 50,486 shares during the period. Mackenzie Financial Corp acquired a new stake in shares of QuinStreet in the 1st quarter valued at about $321,000. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of QuinStreet by 11.6% in the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 18,881 shares of the technology company's stock valued at $337,000 after purchasing an additional 1,966 shares during the period. Finally, Kapitalo Investimentos Ltda acquired a new stake in shares of QuinStreet in the 1st quarter valued at about $184,000. Institutional investors and hedge funds own 97.83% of the company's stock.

QuinStreet Stock Up 5.4%

Shares of NASDAQ:QNST traded up $0.87 during midday trading on Monday, reaching $17.12. The company had a trading volume of 472,978 shares, compared to its average volume of 595,809. The business's 50 day moving average price is $15.75 and its 200 day moving average price is $17.74. The stock has a market cap of $966.75 million, a PE ratio of -1,710.29 and a beta of 0.71. QuinStreet, Inc. has a 1-year low of $14.39 and a 1-year high of $26.27.

QuinStreet (NASDAQ:QNST - Get Free Report) last posted its quarterly earnings results on Wednesday, May 7th. The technology company reported $0.21 EPS for the quarter, topping analysts' consensus estimates of $0.06 by $0.15. QuinStreet had a positive return on equity of 1.08% and a negative net margin of 0.06%. The business had revenue of $269.84 million during the quarter, compared to analysts' expectations of $270.36 million. During the same quarter last year, the company posted $0.06 earnings per share. QuinStreet's quarterly revenue was up 60.1% on a year-over-year basis. On average, research analysts expect that QuinStreet, Inc. will post 0.12 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on QNST. Wall Street Zen raised QuinStreet from a "hold" rating to a "buy" rating in a research note on Saturday, June 21st. Barrington Research reaffirmed an "outperform" rating and issued a $29.00 target price on shares of QuinStreet in a research report on Wednesday, April 23rd. Stephens reaffirmed an "overweight" rating and issued a $31.00 target price on shares of QuinStreet in a research report on Thursday, May 8th. Finally, Lake Street Capital lowered their target price on QuinStreet from $27.00 to $19.00 and set a "hold" rating on the stock in a research report on Thursday, May 8th. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, QuinStreet currently has an average rating of "Moderate Buy" and a consensus target price of $29.00.

QuinStreet Company Profile

QuinStreet, Inc, an online performance marketing company, provides customer acquisition services for its clients in the United States and internationally. The company offers online marketing services, such as qualified clicks, leads, calls, applications, and customers through its websites or third-party publishers.