TheStreet, Inc. (TST) Trading Up 34.4% After Better-Than-Expected Earnings
TheStreet, Inc. (NASDAQ:TST) was up 34.4% on Tuesday after the company announced better than expected quarterly earnings. The company traded as high as $1.56 and last traded at $1.25. Approximately 1,259,200 shares traded hands during mid-day trading, an increase of 1,298% from the average daily volume of 90,058 shares. The stock had previously closed at $0.93.
The information services provider reported $0.01 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.02) by $0.03. TheStreet had a return on equity of 1.76% and a net margin of 1.24%. The business had revenue of $15.25 million during the quarter, compared to analyst estimates of $15.73 million. During the same quarter in the prior year, the business posted ($0.03) EPS.
TheStreet announced that its Board of Directors has initiated a share buyback program on Monday, November 13th that allows the company to repurchase 5,000,000 shares. This repurchase authorization allows the information services provider to buy shares of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board believes its stock is undervalued.
A number of brokerages have issued reports on TST. Zacks Investment Research upgraded TheStreet from a “hold” rating to a “buy” rating and set a $1.00 price objective for the company in a research report on Wednesday, July 19th. B. Riley restated a “buy” rating and set a $2.10 price objective on shares of TheStreet in a research report on Friday, July 28th. Finally, ValuEngine upgraded TheStreet from a “sell” rating to a “hold” rating in a research report on Tuesday.
An institutional investor recently raised its position in TheStreet stock. Renaissance Technologies LLC grew its position in shares of TheStreet, Inc. (NASDAQ:TST) by 1.4% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,743,100 shares of the information services provider’s stock after purchasing an additional 24,700 shares during the period. Renaissance Technologies LLC owned approximately 4.89% of TheStreet worth $1,325,000 at the end of the most recent reporting period. Institutional investors and hedge funds own 46.68% of the company’s stock.
The firm has a market capitalization of $44.70, a PE ratio of 62.31 and a beta of 0.74.
TheStreet Company Profile
TheStreet, Inc (TheStreet) is a digital financial media company focused on the financial, and mergers and acquisitions environment. The Company’s collection of digital services provides users, subscribers and advertisers with a range of content and tools through a range of online, social media, tablet and mobile channels.
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