Alliance Entertainment (NASDAQ:AENT) Shares Up 6.1% – Here’s What Happened

Alliance Entertainment Holding Corporation (NASDAQ:AENT) shares shot up 6.1% on Monday . The stock traded as high as $7.38 and last traded at $7.14. 83,367 shares changed hands during mid-day trading, a decline of 5% from the average session volume of 87,812 shares. The stock had previously closed at $6.73.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on AENT. Maxim Group started coverage on Alliance Entertainment in a research report on Tuesday, July 1st. They issued a “buy” rating and a $10.00 target price for the company. Wall Street Zen downgraded shares of Alliance Entertainment from a “strong-buy” rating to a “buy” rating in a research note on Friday, September 5th. One analyst has rated the stock with a Buy rating, According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $10.00.

Alliance Entertainment Stock Performance

The stock has a fifty day simple moving average of $5.80 and a 200-day simple moving average of $4.28. The company has a quick ratio of 0.67, a current ratio of 1.26 and a debt-to-equity ratio of 0.65. The company has a market capitalization of $363.85 million, a P/E ratio of 23.80 and a beta of 0.44.

Alliance Entertainment (NASDAQ:AENT) last released its quarterly earnings results on Wednesday, September 10th. The company reported $0.11 earnings per share (EPS) for the quarter. Alliance Entertainment had a return on equity of 18.35% and a net margin of 1.42%.The business had revenue of $227.75 million during the quarter.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Clarity Capital Partners LLC raised its holdings in shares of Alliance Entertainment by 43,251.1% in the first quarter. Clarity Capital Partners LLC now owns 23,463,801 shares of the company’s stock valued at $78,604,000 after buying an additional 23,409,676 shares during the last quarter. Bridgeway Capital Management LLC raised its holdings in shares of Alliance Entertainment by 18.4% in the second quarter. Bridgeway Capital Management LLC now owns 122,075 shares of the company’s stock valued at $460,000 after buying an additional 18,995 shares during the last quarter. Empowered Funds LLC raised its holdings in shares of Alliance Entertainment by 9.2% in the first quarter. Empowered Funds LLC now owns 90,880 shares of the company’s stock valued at $304,000 after buying an additional 7,683 shares during the last quarter. OMERS ADMINISTRATION Corp raised its holdings in shares of Alliance Entertainment by 179.0% in the first quarter. OMERS ADMINISTRATION Corp now owns 27,900 shares of the company’s stock valued at $93,000 after buying an additional 17,900 shares during the last quarter. Finally, XTX Topco Ltd bought a new position in shares of Alliance Entertainment in the second quarter valued at about $59,000. 0.27% of the stock is owned by institutional investors.

Alliance Entertainment Company Profile

Alliance Entertainment Holding Corporation operates as a wholesaler, distributor, and e-commerce provider for the entertainment industry worldwide. It offers vinyl records, video games, digital video discs, blu-rays, toys, compact discs, collectibles, and other entertainment and consumer products. The company also provides third party logistics products and services.