Voxx International Corp. (VOXX) Trading Up 31.4% Following Strong Earnings
Voxx International Corp. (NASDAQ:VOXX) shares were up 31.4% during mid-day trading on Wednesday after the company announced better than expected quarterly earnings. The stock traded as high as $3.55 and last traded at $3.35, with a volume of 1,597,070 shares trading hands. The stock had previously closed at $2.55.
The company reported $0.12 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.01) by $0.13. Voxx International Corp. had a negative net margin of 0.93% and a positive return on equity of 0.78%. The firm earned $159.30 million during the quarter. During the same period in the previous year, the company earned $0.20 EPS. Voxx International Corp.’s revenue for the quarter was up 3.3% compared to the same quarter last year.
Separately, Zacks Investment Research raised shares of Voxx International Corp. from a “hold” rating to a “buy” rating and set a $3.00 price target for the company in a research report on Wednesday, July 20th.
In related news, insider Patrick M. Lavelle acquired 16,154 shares of the business’s stock in a transaction that occurred on Thursday, August 25th. The stock was bought at an average cost of $3.04 per share, for a total transaction of $49,108.16. Following the purchase, the insider now owns 55,299 shares in the company, valued at approximately $168,108.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Denise W. Gibson acquired 32,100 shares of the business’s stock in a transaction that occurred on Friday, September 16th. The shares were bought at an average price of $3.13 per share, with a total value of $100,473.00. Following the completion of the purchase, the director now owns 20,400 shares in the company, valued at approximately $63,852. The disclosure for this purchase can be found here. Corporate insiders own 17.51% of the company’s stock.
Several hedge funds and other institutional investors have recently made changes to their positions in VOXX. Algert Global LLC increased its position in shares of Voxx International Corp. by 21.7% in the third quarter. Algert Global LLC now owns 218,249 shares of the company’s stock worth $653,000 after buying an additional 38,945 shares during the period. Paloma Partners Management Co bought a new position in shares of Voxx International Corp. during the second quarter worth about $243,000. Guggenheim Capital LLC increased its position in shares of Voxx International Corp. by 5.8% in the second quarter. Guggenheim Capital LLC now owns 406,042 shares of the company’s stock worth $1,133,000 after buying an additional 22,429 shares during the period. Spark Investment Management LLC increased its position in shares of Voxx International Corp. by 4.2% in the second quarter. Spark Investment Management LLC now owns 140,500 shares of the company’s stock worth $391,000 after buying an additional 5,700 shares during the period. Finally, Ancora Advisors LLC increased its position in shares of Voxx International Corp. by 13.2% in the second quarter. Ancora Advisors LLC now owns 193,596 shares of the company’s stock worth $540,000 after buying an additional 22,500 shares during the period. Institutional investors own 60.50% of the company’s stock.
The stock’s 50-day moving average price is $2.99 and its 200 day moving average price is $3.31. The company’s market capitalization is $80.33 million.
About Voxx International Corp.
VOXX International Corporation is an international manufacturer and distributor in the automotive, audio and consumer accessories industries. The Company’s segments include Automotive, Premium Audio and Consumer Accessories. The Automotive segment designs, manufactures, distributes and markets rear-seat entertainment devices, satellite radio products, remote start systems, digital television tuners, mobile antennas, mobile multimedia devices, car link-smartphone telematics application, collision avoidance systems and others.
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