Alliance Entertainment (NASDAQ:AENT) Trading Up 9.8% – Here’s Why

Alliance Entertainment Holding Corporation (NASDAQ:AENT)’s stock price rose 9.8% on Monday . The company traded as high as $7.50 and last traded at $7.40. Approximately 110,455 shares were traded during trading, an increase of 103% from the average daily volume of 54,350 shares. The stock had previously closed at $6.74.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on AENT shares. Wall Street Zen lowered Alliance Entertainment from a “strong-buy” rating to a “buy” rating in a research report on Friday, September 5th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Alliance Entertainment in a research report on Wednesday, October 8th. Industrial Alliance Securities set a $11.00 target price on Alliance Entertainment in a research report on Monday, October 6th. Zacks Research upgraded Alliance Entertainment to a “hold” rating in a report on Tuesday, October 7th. Finally, Noble Financial started coverage on Alliance Entertainment in a research report on Monday, October 6th. They set an “outperform” rating and a $11.00 price objective for the company. Two analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, Alliance Entertainment presently has a consensus rating of “Moderate Buy” and a consensus price target of $10.67.

Alliance Entertainment Stock Up 9.8%

The company has a market cap of $377.10 million, a PE ratio of 18.97 and a beta of 0.49. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.28 and a quick ratio of 0.64. The firm has a 50-day simple moving average of $6.50 and a two-hundred day simple moving average of $5.51.

Alliance Entertainment (NASDAQ:AENT) last released its earnings results on Wednesday, November 12th. The company reported $0.10 EPS for the quarter, beating the consensus estimate of $0.08 by $0.02. The firm had revenue of $253.97 million during the quarter, compared to analyst estimates of $237.30 million. Alliance Entertainment had a return on equity of 21.87% and a net margin of 1.80%.

Institutional Investors Weigh In On Alliance Entertainment

Institutional investors and hedge funds have recently bought and sold shares of the business. XTX Topco Ltd bought a new stake in Alliance Entertainment in the second quarter worth about $59,000. OMERS ADMINISTRATION Corp boosted its stake in Alliance Entertainment by 179.0% in the 1st 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. Jacobs Levy Equity Management Inc. purchased a new position in shares of Alliance Entertainment during the third quarter valued at $193,000. Ritholtz Wealth Management purchased a new position in Alliance Entertainment during the 3rd quarter valued at about $290,000. Finally, Empowered Funds LLC grew its position in Alliance Entertainment by 9.2% during the first quarter. Empowered Funds LLC now owns 90,880 shares of the company’s stock valued at $304,000 after purchasing an additional 7,683 shares in the last quarter. Institutional investors and hedge funds own 0.27% of the company’s stock.

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.