Zacks Research Downgrades Hooker Furnishings (NASDAQ:HOFT) to Strong Sell

Hooker Furnishings (NASDAQ:HOFT) was downgraded by stock analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a report released on Monday,Zacks.com reports.

Separately, Weiss Ratings reissued a “sell (d)” rating on shares of Hooker Furnishings in a research note on Thursday, January 22nd. Two analysts have rated the stock with a Sell rating, According to data from MarketBeat.com, Hooker Furnishings has a consensus rating of “Sell”.

Hooker Furnishings Price Performance

HOFT stock opened at $14.55 on Monday. The company has a current ratio of 2.67, a quick ratio of 1.35 and a debt-to-equity ratio of 0.02. The firm’s 50-day moving average price is $11.71 and its two-hundred day moving average price is $10.57. The stock has a market capitalization of $156.85 million, a price-to-earnings ratio of -5.18, a PEG ratio of 1.10 and a beta of 1.39. Hooker Furnishings has a 12-month low of $7.34 and a 12-month high of $14.65.

Hooker Furnishings (NASDAQ:HOFT) last posted its earnings results on Thursday, December 11th. The company reported $0.39 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.15) by $0.54. Hooker Furnishings had a negative return on equity of 1.07% and a negative net margin of 8.71%.The company had revenue of $70.73 million for the quarter, compared to analysts’ expectations of $85.50 million. As a group, equities analysts predict that Hooker Furnishings will post -0.44 earnings per share for the current year.

Hedge Funds Weigh In On Hooker Furnishings

Several institutional investors and hedge funds have recently added to or reduced their stakes in HOFT. Osaic Holdings Inc. grew its position in shares of Hooker Furnishings by 940.0% in the 2nd quarter. Osaic Holdings Inc. now owns 10,400 shares of the company’s stock worth $110,000 after buying an additional 9,400 shares during the period. Strs Ohio purchased a new position in Hooker Furnishings during the 1st quarter valued at about $124,000. Jane Street Group LLC bought a new stake in Hooker Furnishings during the first quarter worth about $146,000. Bank of America Corp DE grew its holdings in Hooker Furnishings by 61.2% in the third quarter. Bank of America Corp DE now owns 15,126 shares of the company’s stock worth $154,000 after purchasing an additional 5,740 shares during the period. Finally, Atlantic Union Bankshares Corp grew its holdings in Hooker Furnishings by 22.0% in the third quarter. Atlantic Union Bankshares Corp now owns 15,860 shares of the company’s stock worth $161,000 after purchasing an additional 2,860 shares during the period. Hedge funds and other institutional investors own 73.60% of the company’s stock.

About Hooker Furnishings

Hooker Furnishings, formerly known as Hooker Furniture Corporation, is a designer, marketer and distributor of high-quality home furnishings. Headquartered in Martinsville, Virginia, the company offers a broad range of wood and upholstered furniture products across bedroom, dining, home office and accent categories. Its portfolio includes solid wood and engineered wood case goods, upholstered seating, accent tables and decorative accessories, reflecting styles that range from traditional to contemporary.

The company’s operations are organized into three reportable segments: Domestic Wholesale, Retail and Logistics, and International.