Makita (OTCMKTS:MKTAY) Shares Gap Down - Here's What Happened

Key Points

• Makita Corp. shares gapped down from $34.03 to $32.08 before opening, last trading at $33.23 with low volume of 381 shares.
• Despite the drop, analysts have upgraded Makita's stock from a "hold" to a "buy" rating, reflecting an overall average rating of "Buy".
• The company reported $0.50 EPS, exceeding analysts' expectations of $0.38, with revenue of $1.26 billion for the quarter.

Makita Corp. (OTCMKTS:MKTAY - Get Free Report) shares gapped down prior to trading on Tuesday . The stock had previously closed at $34.03, but opened at $32.08. Makita shares last traded at $33.23, with a volume of 381 shares trading hands.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen raised shares of Makita from a "hold" rating to a "buy" rating in a report on Saturday, August 2nd. One analyst has rated the stock with a Strong Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, Makita has a consensus rating of "Buy".

Makita Stock Up 1.4%

The company's 50 day moving average price is $32.85 and its 200 day moving average price is $31.69. The firm has a market capitalization of $9.18 billion, a price-to-earnings ratio of 16.56 and a beta of 0.57.

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

Makita Company Profile

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.