JB Hi-Fi (OTCMKTS:JBHIF) Stock Price Down 12.4% – Here’s Why

JB Hi-Fi Limited (OTCMKTS:JBHIF) shares traded down 12.4% during trading on Friday . The stock traded as low as C$51.68 and last traded at C$51.68. 550 shares were traded during mid-day trading, an increase of 3% from the average session volume of 533 shares. The stock had previously closed at C$58.97.

Analyst Upgrades and Downgrades

Separately, The Goldman Sachs Group assumed coverage on shares of JB Hi-Fi in a report on Monday, May 18th. They set a “sell” rating and a $61.00 price target for the company. One investment analyst has rated the stock with a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, JB Hi-Fi has an average rating of “Reduce”.

JB Hi-Fi Stock Down 12.4%

The firm’s 50-day simple moving average is C$60.17 and its 200-day simple moving average is C$62.35.

About JB Hi-Fi

JB Hi-Fi is a prominent consumer electronics and home entertainment retailer based in Australia, with an expanding footprint of over 300 stores across Australia and New Zealand. The company offers an extensive selection of products, including televisions, audio equipment, computers and tablets, mobile phones, gaming consoles, DVDs and Blu-ray, music, cameras, and a range of small domestic appliances. JB Hi-Fi also operates a comprehensive e-commerce platform, allowing customers to shop online and access click-and-collect and home delivery services.

Founded in 1974 by John Barbuto as a single hi-fi specialist store in Melbourne, JB Hi-Fi has grown through organic expansion and disciplined store rollout.