Makita (OTCMKTS:MKTAY) Sees Large Volume Increase - Here's What Happened

Key Points

• Makita Corp. experienced a significant spike in trading volume, with approximately 57,732 shares traded, representing a 246% increase from the previous session.
• Wall Street analysts upgraded Makita's rating from "hold" to "buy," contributing to a general consensus rating of "Buy."
• Despite these changes, Makita's stock price saw a slight decline of 0.9%, closing at $33.79.

Makita Corp. (OTCMKTS:MKTAY - Get Free Report) saw unusually-high trading volume on Monday . Approximately 57,732 shares traded hands during mid-day trading, an increase of 246% from the previous session's volume of 16,689 shares.The stock last traded at $33.79 and had previously closed at $33.59.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen upgraded Makita from a "hold" rating to a "buy" rating in a research note on Saturday, August 2nd. One research analyst has rated the stock with a Strong Buy rating and one has assigned a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Buy".

Makita Stock Up 0.4%

The firm has a 50 day moving average price of $33.60 and a 200-day moving average price of $31.82. The stock has a market capitalization of $8.97 billion, a PE ratio of 16.18 and a beta of 0.57.

Makita (OTCMKTS:MKTAY - Get Free Report) last posted its quarterly earnings data on Wednesday, July 30th. The company reported $0.50 EPS for the quarter, beating analysts' consensus estimates of $0.38 by $0.12. The business had revenue of $1.26 billion during the quarter, compared to analysts' expectations of $187.49 billion. Makita had a return on equity of 9.11% and a net margin of 11.07%. Equities analysts expect that Makita Corp. will post 1.56 earnings per share for the current fiscal year.

About Makita

Makita Corporation engages in the manufacture and sale of electric power tools, pneumatic tools, and gardening and household equipment in Japan, Europe, North America, Asia, Australia, Brazil, and the United Arab Emirates. It offers cordless, drilling/fastening, impact drilling/demolition, grinding/sanding, sawing, planning/routering, pneumatic, outdoor power, and dust extraction/other equipment, as well as accessories; and cutting equipment for new materials, masonry, and metals.