Lyntris (NYSE:LYNX) Shares Gap Up on Strong Earnings

Key Points

• Lyntris beat quarterly earnings expectations, reporting EPS of $0.15 versus the $0.08 consensus. Revenue was $194.43 million, up 90.4% year over year, and shares opened at $11.30 after closing at $9.39.
• Analyst sentiment is broadly positive: MarketBeat reports a consensus Buy rating and an average price target of $19.86, with Raymond James upgrading the stock to Strong Buy.
• Insiders sold a combined 8.9 million shares worth about $155.4 million over the last quarter, including a major shareholder’s sale of 8.3 million shares.

Lyntris Inc. (NYSE:LYNX - Get Free Report)'s share price gapped up prior to trading on Thursday following a better than expected earnings announcement. The stock had previously closed at $9.39, but opened at $11.30. Lyntris shares last traded at $11.43, with a volume of 321,725 shares trading hands.

The company reported $0.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.08 by $0.07. The firm had revenue of $194.43 million during the quarter. During the same period in the prior year, the company posted $0.02 EPS. Lyntris's revenue for the quarter was up 90.4% on a year-over-year basis.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on LYNX. Raymond James Financial raised shares of Lyntris from an "outperform" rating to a "strong-buy" rating and set a $18.00 price objective for the company in a report on Thursday. Guggenheim assumed coverage on shares of Lyntris in a research note on Monday, September 14th. They set a "buy" rating and a $20.00 target price on the stock. Bank of America assumed coverage on Lyntris in a research report on Monday, September 14th. They set a "buy" rating and a $21.00 target price on the stock. William Blair began coverage on Lyntris in a research note on Monday, September 14th. They issued an "outperform" rating for the company. Finally, Citigroup began coverage on Lyntris in a report on Monday, September 14th. They issued a "buy" rating and a $19.00 price target for the company. Two research analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of "Buy" and a consensus price target of $19.86.

Insider Buying and Selling at Lyntris

In other news, President Matthew Alty sold 238,583 shares of Lyntris stock in a transaction dated Thursday, August 20th. The shares were sold at an average price of $16.45, for a total value of $3,924,690.35. Following the sale, the president owned 1,789,377 shares in the company, valued at $29,435,251.65. This trade represents a 11.76% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Trive Capital Holdings Llc sold 8,333,333 shares of the business's stock in a transaction dated Thursday, August 20th. The stock was sold at an average price of $17.50, for a total transaction of $145,833,327.50. Following the sale, the insider directly owned 11,966,544 shares of the company's stock, valued at $209,414,520. This represents a 41.05% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 8,912,282 shares of company stock valued at $155,357,039.

Lyntris Stock Up 22.6%

The stock has a 50 day moving average of $12.38.

About Lyntris

Lyntris Inc is a defense technology company delivering sense-to-act connectivity solutions for the modern, connected battlespace. Lyntris Inc is based in WASHINGTON.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.