VIZIO (NYSE:VZIO) Shares Gap Up on Strong Earnings

VIZIO Holding Corp. (NYSE:VZIO) gapped up prior to trading on Friday following a better than expected earnings announcement. The stock had previously closed at $5.28, but opened at $6.05. VIZIO shares last traded at $6.47, with a volume of 599,762 shares trading hands.

The company reported $0.07 EPS for the quarter, beating the consensus estimate of $0.02 by $0.05. The business had revenue of $426.20 million during the quarter, compared to analyst estimates of $418.05 million. VIZIO had a net margin of 0.55% and a return on equity of 2.52%. The company’s quarterly revenue was down 2.0% on a year-over-year basis. During the same period in the previous year, the business posted $0.01 EPS.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the stock. JPMorgan Chase & Co. dropped their target price on shares of VIZIO from $13.00 to $12.00 and set an “overweight” rating on the stock in a report on Wednesday, August 9th. Stephens decreased their target price on shares of VIZIO from $17.00 to $16.00 in a research report on Wednesday, August 9th. Bank of America downgraded shares of VIZIO from a “buy” rating to an “underperform” rating and decreased their price objective for the stock from $11.00 to $6.00 in a report on Thursday, August 24th. Morgan Stanley decreased their price objective on shares of VIZIO from $10.00 to $7.00 and set an “equal weight” rating for the company in a report on Tuesday, October 31st. Finally, Craig Hallum cut their target price on shares of VIZIO from $12.00 to $10.00 and set a “buy” rating for the company in a research note on Monday, September 25th. One analyst has rated the stock with a sell rating, one has issued a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, VIZIO has an average rating of “Moderate Buy” and an average price target of $10.29.

Insider Buying and Selling

In other VIZIO news, insider Michael Joseph O’donnell sold 6,400 shares of the firm’s stock in a transaction that occurred on Thursday, September 7th. The shares were sold at an average price of $5.91, for a total transaction of $37,824.00. Following the sale, the insider now directly owns 354,215 shares in the company, valued at approximately $2,093,410.65. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders have sold 10,366 shares of company stock valued at $62,532 in the last 90 days. 45.06% of the stock is owned by insiders.

Hedge Funds Weigh In On VIZIO

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in VZIO. Bessemer Group Inc. acquired a new position in VIZIO in the first quarter valued at about $45,000. Point72 Middle East FZE bought a new stake in VIZIO in the fourth quarter valued at approximately $46,000. Tower Research Capital LLC TRC boosted its holdings in VIZIO by 381.2% in the second quarter. Tower Research Capital LLC TRC now owns 7,877 shares of the company’s stock valued at $53,000 after acquiring an additional 6,240 shares during the last quarter. UBS Group AG boosted its holdings in VIZIO by 88.9% in the third quarter. UBS Group AG now owns 6,378 shares of the company’s stock valued at $56,000 after acquiring an additional 3,002 shares during the last quarter. Finally, Legal & General Group Plc bought a new position in shares of VIZIO during the 2nd quarter worth approximately $66,000. 23.81% of the stock is owned by institutional investors.

VIZIO Stock Performance

The stock has a market capitalization of $1.31 billion, a P/E ratio of 133.83, a PEG ratio of 6.26 and a beta of 1.66. The business has a fifty day simple moving average of $5.45 and a 200-day simple moving average of $6.48.

VIZIO Company Profile

VIZIO Holding Corp., through its subsidiaries, provides smart televisions, sound bars, and accessories in the United States. It also operates Platform+ that comprises SmartCast, a Smart TV operating system, enabling integrated home entertainment solution, and data intelligence and services products through Inscape.