ADI Global Distribution Inc. Common Stock (NYSE:ADIG) Sets New 1-Year Low After Earnings Miss

Key Points

• ADI Global Distribution shares plunged after earnings, reaching a new 52-week low of $11.03 and trading at $11.93, down from the prior close of $19.58.
• The company reported a quarterly loss of $8.65 per share, missing analysts’ $0.46 EPS estimate by $9.11, although revenue rose 8.3% year over year.
• Analysts’ consensus rating is Hold, with a $24.25 average price target; ratings include one Buy, four Holds, and one Sell.

ADI Global Distribution Inc. Common Stock (NYSE:ADIG - Get Free Report) hit a new 52-week low on Thursday following a dissappointing earnings announcement. The company traded as low as $11.03 and last traded at $11.93, with a volume of 121,380 shares. The stock had previously closed at $19.58.

The company reported ($8.65) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.46 by ($9.11). The company's revenue was up 8.3% on a year-over-year basis.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the company. Evercore began coverage on ADI Global Distribution Inc. Common Stock in a research note on Monday, September 28th. They set a "hold" rating and a $23.00 price target for the company. Wall Street Zen upgraded ADI Global Distribution Inc. Common Stock to a "hold" rating in a report on Saturday, August 29th. Truist Financial began coverage on ADI Global Distribution Inc. Common Stock in a research note on Wednesday, August 26th. They issued a "hold" rating and a $24.00 price target for the company. Weiss Ratings initiated coverage on ADI Global Distribution Inc. Common Stock in a report on Monday, October 26th. They issued a "sell (d)" rating on the stock. Finally, Seaport Research Partners began coverage on ADI Global Distribution Inc. Common Stock in a report on Friday, August 14th. They issued a "buy" rating and a $35.00 price objective on the stock. One research analyst has rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, ADI Global Distribution Inc. Common Stock has a consensus rating of "Hold" and a consensus target price of $24.25.

Institutional Investors Weigh In On ADI Global Distribution Inc. Common Stock

Hedge funds and other institutional investors have recently modified their holdings of the stock. State Street Corp acquired a new stake in ADI Global Distribution Inc. Common Stock during the third quarter worth about $51,730,000. Boston Partners acquired a new stake in shares of ADI Global Distribution Inc. Common Stock in the third quarter valued at $11,290,000. Royce & Associates LP bought a new position in shares of ADI Global Distribution Inc. Common Stock in the third quarter worth about $9,787,000. Public Sector Pension Investment Board bought a new position in ADI Global Distribution Inc. Common Stock in the 3rd quarter worth approximately $3,883,000. Finally, Illinois Municipal Retirement Fund bought a new stake in shares of ADI Global Distribution Inc. Common Stock during the third quarter worth $680,000.

ADI Global Distribution Inc. Common Stock Trading Down 35.7%

The company has a current ratio of 2.80, a quick ratio of 1.62 and a debt-to-equity ratio of 0.40. The business's 50-day moving average price is $18.59.

About ADI Global Distribution Inc. Common Stock

ADI Global Distribution Inc. is a wholesale distributor of products and solutions for security, life safety, audiovisual, and other low-voltage applications. It serves professional installers, systems integrators, and businesses with products including video surveillance, access control, intrusion and fire detection, networking, smart-home equipment, and related wiring and accessories. The company also provides services such as technical support, training, and digital tools to help customers select and deploy systems.

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