Alliance Entertainment (NASDAQ:AENT) Shares Down 6.5% – Here’s Why

Alliance Entertainment Holding Corporation (NASDAQ:AENT) shares fell 6.5% on Friday . The stock traded as low as $6.76 and last traded at $6.91. 63,753 shares changed hands during trading, an increase of 21% from the average session volume of 52,865 shares. The stock had previously closed at $7.39.

Analyst Ratings Changes

A number of analysts recently commented on AENT shares. Industrial Alliance Securities set a $11.00 price target on Alliance Entertainment in a research note on Monday, October 6th. Zacks Research raised Alliance Entertainment to a “hold” rating in a research report on Tuesday, October 7th. Noble Financial initiated coverage on Alliance Entertainment in a research note on Monday, October 6th. They set an “outperform” rating and a $11.00 target price on the stock. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Alliance Entertainment in a research note on Wednesday, January 21st. Two analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $10.67.

Alliance Entertainment Stock Down 6.5%

The company has a 50 day simple moving average of $7.48 and a two-hundred day simple moving average of $6.54. The firm has a market capitalization of $352.13 million, a P/E ratio of 17.72 and a beta of 0.47. The company has a current ratio of 1.28, a quick ratio of 0.64 and a debt-to-equity ratio of 0.62.

Alliance Entertainment (NASDAQ:AENT) last issued its earnings results on Wednesday, November 12th. The company reported $0.10 earnings per share (EPS) 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 firm had revenue of $253.97 million for the quarter, compared to analysts’ expectations of $237.30 million.

Hedge Funds Weigh In On Alliance Entertainment

Several hedge funds have recently added to or reduced their stakes in AENT. Millennium Management LLC boosted its holdings 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 acquiring an additional 19,325 shares during the period. Bridgeway Capital Management LLC boosted its holdings in shares of Alliance Entertainment by 10.1% in the 3rd quarter. Bridgeway Capital Management LLC now owns 134,365 shares of the company’s stock valued at $915,000 after buying an additional 12,290 shares in the last quarter. North Star Investment Management Corp. acquired a new stake in shares of Alliance Entertainment in the 4th quarter worth $671,000. Jacobs Levy Equity Management Inc. purchased a new position in shares of Alliance Entertainment in the 3rd quarter valued at approximately $193,000. Finally, XTX Topco Ltd purchased a new position in Alliance Entertainment in the 2nd quarter worth $59,000. 0.27% of the stock is currently owned by institutional investors.

About Alliance Entertainment

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.