Alliance Entertainment (NASDAQ:AENT) Shares Down 4.7% – Here’s What Happened

Alliance Entertainment Holding Corporation (NASDAQ:AENT)’s share price fell 4.7% during mid-day trading on Tuesday . The company traded as low as $8.00 and last traded at $8.03. 32,424 shares were traded during trading, a decline of 40% from the average session volume of 54,301 shares. The stock had previously closed at $8.43.

Wall Street Analyst Weigh In

AENT has been the subject of several analyst reports. Industrial Alliance Securities set a $11.00 price objective on Alliance Entertainment in a research report on Monday, October 6th. Noble Financial assumed coverage on Alliance Entertainment in a research report on Monday, October 6th. They set an “outperform” rating and a $11.00 price target for the company. Wall Street Zen cut Alliance Entertainment from a “strong-buy” rating to a “buy” rating in a research note on Friday, September 5th. Weiss Ratings restated a “hold (c)” rating on shares of Alliance Entertainment in a research note on Wednesday, October 8th. Finally, Zacks Research raised shares of Alliance Entertainment to a “hold” rating in a report on Tuesday, October 7th. Two research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $10.67.

Alliance Entertainment Stock Performance

The stock has a market cap of $409.21 million, a price-to-earnings ratio of 20.59 and a beta of 0.49. The company’s 50-day simple moving average is $6.93 and its 200-day simple moving average is $6.03. The company has a quick ratio of 0.64, a current ratio of 1.28 and a debt-to-equity ratio of 0.62.

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

Institutional Trading of Alliance Entertainment

Hedge funds have recently bought and sold shares of the company. Bridgeway Capital Management LLC raised its holdings in shares of Alliance Entertainment by 10.1% during the third quarter. Bridgeway Capital Management LLC now owns 134,365 shares of the company’s stock valued at $915,000 after acquiring an additional 12,290 shares during the period. Empowered Funds LLC grew its position in 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. Millennium Management LLC raised its stake in Alliance Entertainment by 29.2% during the 3rd quarter. Millennium Management LLC now owns 85,510 shares of the company’s stock valued at $582,000 after purchasing an additional 19,325 shares during the period. Ritholtz Wealth Management purchased a new stake in shares of Alliance Entertainment in the third quarter valued at $290,000. Finally, Jacobs Levy Equity Management Inc. acquired a new stake in shares of Alliance Entertainment in the third quarter worth $193,000. 0.27% of the stock is owned by hedge funds and other institutional investors.

Alliance Entertainment Company Profile

Alliance Entertainment (NASDAQ: AENT) is a distributor of physical media and related entertainment products, serving retailers, public libraries and online merchants. The company’s core business revolves around the wholesale distribution of music and video titles on CD, DVD and Blu-ray formats, as well as vinyl records, audiobooks, video games and select gift and novelty items. By maintaining a broad catalog of new and catalog titles, Alliance Entertainment enables brick-and-mortar and e-commerce channels to access an extensive range of products from major and independent labels.

In addition to its product offerings, Alliance Entertainment provides supply-chain and logistics services designed to streamline inventory management and order fulfillment.