Alliance Entertainment (NASDAQ:AENT) Stock Price Up 6.1% – Should You Buy?

Alliance Entertainment Holding Corporation (NASDAQ:AENT) shares rose 6.1% during mid-day trading on Monday . The stock traded as high as $6.74 and last traded at $6.40. Approximately 160,086 shares changed hands during mid-day trading, an increase of 231% from the average daily volume of 48,347 shares. The stock had previously closed at $6.03.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the stock. Maxim Group started coverage on shares of Alliance Entertainment in a report on Tuesday, July 1st. They issued a “buy” rating and a $10.00 price target for the company. Industrial Alliance Securities set a $11.00 target price on Alliance Entertainment in a report on Monday, October 6th. Noble Financial started coverage on Alliance Entertainment in a report on Monday, October 6th. They issued an “outperform” rating and a $11.00 price target on the stock. Weiss Ratings reiterated a “hold (c)” rating on shares of Alliance Entertainment in a report on Wednesday, October 8th. Finally, Wall Street Zen cut Alliance Entertainment from a “strong-buy” rating to a “buy” rating in a research note on Friday, September 5th. Two equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $10.67.

Alliance Entertainment Trading Up 6.1%

The company has a market cap of $326.12 million, a price-to-earnings ratio of 21.33 and a beta of 0.50. The business’s 50 day moving average price is $6.18 and its 200-day moving average price is $4.67. The company has a current ratio of 1.26, a quick ratio of 0.67 and a debt-to-equity ratio of 0.65.

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

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the company. Bridgeway Capital Management LLC boosted its position 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 acquiring an additional 18,995 shares during the period. XTX Topco Ltd bought a new stake in Alliance Entertainment in the 2nd quarter valued at about $59,000. Empowered Funds LLC grew its position in shares of Alliance Entertainment by 9.2% during the 1st quarter. Empowered Funds LLC now owns 90,880 shares of the company’s stock worth $304,000 after purchasing an additional 7,683 shares in the last quarter. OMERS ADMINISTRATION Corp increased its holdings in shares of Alliance Entertainment by 179.0% during the first quarter. OMERS ADMINISTRATION Corp now owns 27,900 shares of the company’s stock worth $93,000 after purchasing an additional 17,900 shares during the period. Finally, Clarity Capital Partners LLC raised its position 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 in the last quarter. Institutional investors own 0.27% of the company’s stock.

About Alliance Entertainment

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.