Black Diamond, Inc. (BDE) Upgraded to Buy at Zacks Investment Research
Zacks Investment Research upgraded shares of Black Diamond, Inc. (NASDAQ:BDE) from a hold rating to a buy rating in a research note released on Tuesday morning. They currently have $7.25 target price on the stock.
According to Zacks, “Black Diamond, Inc., formerly known as Clarus Corporation, operates as a manufacturer and distributor of outdoor recreation equipment and active lifestyle products. The Company’s product range include: rock-climbing equipment (such as carabiners, protection devices, harnesses, belay and devices, helmets, ice-climbing gear), technical backpacks and high-end day packs, tents, trekking poles, headlamps and lanterns, gloves and mittens, skis, ski bindings, ski boots, ski skins and avalanche safety equipment. Black Diamond, Inc. is headquartered in Salt Lake City, Utah. “
Shares of Black Diamond (NASDAQ:BDE) traded down 0.76% during midday trading on Tuesday, reaching $6.50. 79,704 shares of the company’s stock traded hands. The stock has a 50 day moving average of $6.63 and a 200-day moving average of $5.88. Black Diamond has a 52-week low of $4.15 and a 52-week high of $7.10.
Black Diamond (NASDAQ:BDE) last posted its quarterly earnings data on Monday, May 8th. The company reported $0.01 earnings per share for the quarter, hitting the consensus estimate of $0.01. The firm had revenue of $41.56 million for the quarter, compared to analysts’ expectations of $39.22 million. Black Diamond had a negative return on equity of 0.03% and a negative net margin of 4.24%. The company’s quarterly revenue was up 8.8% compared to the same quarter last year. During the same quarter last year, the business earned ($0.07) EPS. Equities analysts expect that Black Diamond will post $0.12 earnings per share for the current fiscal year.
A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Renaissance Technologies LLC boosted its position in Black Diamond by 62.6% in the fourth quarter. Renaissance Technologies LLC now owns 626,300 shares of the company’s stock valued at $3,351,000 after buying an additional 241,200 shares during the last quarter. Two Sigma Investments LP boosted its position in Black Diamond by 149.7% in the fourth quarter. Two Sigma Investments LP now owns 116,873 shares of the company’s stock valued at $625,000 after buying an additional 70,060 shares during the last quarter. Searle & CO. purchased a new position in Black Diamond during the fourth quarter valued at $300,000. Marquette Asset Management Inc. purchased a new position in Black Diamond during the first quarter valued at $125,000. Finally, Essex Investment Management Co. LLC boosted its position in Black Diamond by 31.5% in the first quarter. Essex Investment Management Co. LLC now owns 166,712 shares of the company’s stock valued at $909,000 after buying an additional 39,961 shares during the last quarter. Hedge funds and other institutional investors own 44.83% of the company’s stock.
About Black Diamond
Black Diamond, Inc, through its ownership of Black Diamond Equipment, Ltd., is engaged in designing, manufacturing and marketing of active outdoor performance equipment and apparel for climbing, mountaineering, backpacking, skiing and a range of other year-round outdoor recreation activities. Its principal brands include Black Diamond and PIEPS.
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