Hooker Furnishings (NASDAQ:HOFT) Upgraded at Zacks Research

Key Points

• Hooker Furnishings has been upgraded from a "strong sell" to a "hold" rating by Zacks Research, marking a shift in analyst sentiment regarding the stock.
• The company reported a quarterly loss of ($0.31) earnings per share, missing the consensus estimate of ($0.12) and highlighting ongoing financial struggles.
• Despite the challenges, institutional ownership remains high at 73.60%, with several firms recently increasing their stakes in the company.

Hooker Furnishings (NASDAQ:HOFT - Get Free Report) was upgraded by equities research analysts at Zacks Research from a "strong sell" rating to a "hold" rating in a report released on Monday,Zacks.com reports.

Separately, Weiss Ratings reissued a "sell (d)" rating on shares of Hooker Furnishings in a research report on Wednesday, October 8th. One equities research analyst has rated the stock with a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Reduce".

Hooker Furnishings Stock Performance

HOFT stock opened at $8.63 on Monday. The company has a current ratio of 2.99, a quick ratio of 1.37 and a debt-to-equity ratio of 0.03. The firm has a market cap of $92.77 million, a P/E ratio of -7.13 and a beta of 1.37. Hooker Furnishings has a 12-month low of $7.34 and a 12-month high of $19.79. The stock's 50 day simple moving average is $10.10 and its 200 day simple moving average is $9.99.

Hooker Furnishings (NASDAQ:HOFT - Get Free Report) last posted its quarterly earnings results on Thursday, September 11th. The company reported ($0.31) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.12) by ($0.19). The firm had revenue of $82.15 million for the quarter, compared to analyst estimates of $91.21 million. Hooker Furnishings had a negative net margin of 3.40% and a negative return on equity of 4.17%. During the same period in the prior year, the company posted ($0.19) earnings per share. As a group, equities research analysts predict that Hooker Furnishings will post -0.44 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of HOFT. Ameriprise Financial Inc. bought a new position in shares of Hooker Furnishings in the second quarter worth $3,619,000. RBF Capital LLC bought a new position in shares of Hooker Furnishings in the second quarter worth $2,807,000. CSM Advisors LLC bought a new position in shares of Hooker Furnishings in the second quarter worth $1,169,000. First Eagle Investment Management LLC grew its stake in shares of Hooker Furnishings by 35.8% in the second quarter. First Eagle Investment Management LLC now owns 317,414 shares of the company's stock worth $3,358,000 after purchasing an additional 83,761 shares in the last quarter. Finally, Paradigm Capital Management Inc. NY bought a new position in shares of Hooker Furnishings in the first quarter worth $803,000. Institutional investors own 73.60% of the company's stock.

About Hooker Furnishings

Hooker Furnishings Corporation designs, manufactures, imports, and markets residential household, hospitality, and contract furniture. It operates in three segments: Hooker Branded, Home Meridian, and Domestic Upholstery. The Hooker Branded segment offers design categories, including home entertainment, home office, accent, dining, and bedroom furniture under the Hooker Furniture brand; and imported upholstered furniture under the Hooker Upholstery brand.

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