Icahn Enterprises (NASDAQ:IEP) Shares Cross Below Two Hundred Day Moving Average After Earnings Miss

Key Points

• Icahn Enterprises reported a quarterly loss of ($0.30) EPS, significantly missing analysts' expectations of $0.14, and generated $2.14 billion in revenue versus the expected $2.39 billion.
• The company's share price fell below its 200-day moving average of $9.05, reaching a low of $8.86 during trading.
• Despite the poor earnings report, Wall Street Zen upgraded the stock's rating from "sell" to "hold" in their latest analysis.

Icahn Enterprises L.P. (NASDAQ:IEP - Get Free Report)'s share price crossed below its 200-day moving average during trading on Monday after the company announced weaker than expected quarterly earnings. The stock has a 200-day moving average of $9.05 and traded as low as $8.86. Icahn Enterprises shares last traded at $8.95, with a volume of 776,338 shares trading hands.

The conglomerate reported ($0.30) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.14 by ($0.44). Icahn Enterprises had a negative return on equity of 17.64% and a negative net margin of 8.55%. The company had revenue of $2.14 billion during the quarter, compared to analyst estimates of $2.39 billion.

Analysts Set New Price Targets

Separately, Wall Street Zen raised Icahn Enterprises from a "sell" rating to a "hold" rating in a research note on Saturday, May 17th.

Institutional Investors Weigh In On Icahn Enterprises

Institutional investors have recently added to or reduced their stakes in the business. International Assets Investment Management LLC bought a new stake in Icahn Enterprises during the second quarter worth about $1,382,000. Arista Wealth Management LLC purchased a new position in shares of Icahn Enterprises in the second quarter worth about $161,000. Axxcess Wealth Management LLC grew its position in Icahn Enterprises by 29.9% during the 2nd quarter. Axxcess Wealth Management LLC now owns 66,965 shares of the conglomerate's stock worth $539,000 after acquiring an additional 15,428 shares during the last quarter. MGO One Seven LLC lifted its position in Icahn Enterprises by 4.7% in the second quarter. MGO One Seven LLC now owns 47,200 shares of the conglomerate's stock valued at $380,000 after purchasing an additional 2,125 shares during the last quarter. Finally, Paragon Capital Management Ltd grew its holdings in shares of Icahn Enterprises by 12.5% in the second quarter. Paragon Capital Management Ltd now owns 19,410 shares of the conglomerate's stock worth $156,000 after purchasing an additional 2,163 shares during the last quarter. 87.09% of the stock is owned by hedge funds and other institutional investors.

Icahn Enterprises Stock Down 0.3%

The company has a debt-to-equity ratio of 1.82, a quick ratio of 3.04 and a current ratio of 3.04. The company's 50-day simple moving average is $8.71 and its two-hundred day simple moving average is $9.05. The firm has a market cap of $4.89 billion, a PE ratio of -5.42 and a beta of 0.78.

Icahn Enterprises Company Profile

Icahn Enterprises L.P., through its subsidiaries, engages in the investment, energy, automotive, food packaging, real estate, home fashion, and pharma businesses in the United States and Internationally. The Investment segment invests its proprietary capital through various private investment funds. This segment provides investment advisory and other related services.

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