Synacor, Inc. (NASDAQ:SYNC)’s share price traded down 32.4% during mid-day trading on Thursday after Canaccord Genuity lowered their price target on the stock from $8.00 to $6.00. Canaccord Genuity currently has a buy rating on the stock. Synacor traded as low as $2.35 and last traded at $2.40, with a volume of 1,975,932 shares trading hands. The stock had previously closed at $3.55.

Several other equities analysts also recently issued reports on the company. Craig Hallum downgraded Synacor from a “buy” rating to a “hold” rating and lifted their price objective for the company from $3.55 to $4.00 in a research report on Thursday. ValuEngine downgraded Synacor from a “hold” rating to a “sell” rating in a research report on Tuesday, August 1st. Rosenblatt Securities restated a “buy” rating and set a $5.50 target price on shares of Synacor in a research report on Monday, June 12th. Zacks Investment Research downgraded Synacor from a “buy” rating to a “hold” rating in a research report on Wednesday, May 17th. Finally, TheStreet downgraded Synacor from a “c-” rating to a “d” rating in a research report on Thursday, May 11th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and four have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $5.00.

Large investors have recently added to or reduced their stakes in the company. EAM Investors LLC purchased a new stake in Synacor during the first quarter worth $593,000. Wellington Management Group LLP increased its stake in Synacor by 43.5% in the first quarter. Wellington Management Group LLP now owns 1,073,900 shares of the information services provider’s stock worth $4,457,000 after buying an additional 325,700 shares during the last quarter. Diversified Investment Strategies LLC increased its stake in Synacor by 2.4% in the first quarter. Diversified Investment Strategies LLC now owns 523,500 shares of the information services provider’s stock worth $2,173,000 after buying an additional 12,500 shares during the last quarter. Renaissance Technologies LLC increased its stake in Synacor by 1.4% in the first quarter. Renaissance Technologies LLC now owns 1,160,600 shares of the information services provider’s stock worth $4,816,000 after buying an additional 16,400 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its stake in Synacor by 0.9% in the first quarter. Bank of New York Mellon Corp now owns 47,048 shares of the information services provider’s stock worth $195,000 after buying an additional 400 shares during the last quarter. Institutional investors own 14.43% of the company’s stock.

The firm has a 50 day moving average price of $3.67 and a 200-day moving average price of $3.48. The stock’s market capitalization is $91.25 million.

Synacor (NASDAQ:SYNC) last released its quarterly earnings data on Wednesday, August 9th. The information services provider reported ($0.09) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.11) by $0.02. Synacor had a negative return on equity of 39.99% and a negative net margin of 12.80%. The company had revenue of $31.22 million for the quarter, compared to the consensus estimate of $29.43 million. The business’s revenue for the quarter was up 2.4% on a year-over-year basis. Analysts forecast that Synacor, Inc. will post ($0.19) EPS for the current year.

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About Synacor

Synacor, Inc is a technology development, multiplatform services and revenue partner for video, Internet and communications providers, device manufacturers and enterprises. The Company enables its customers to provide their consumers engaging, multiscreen experiences with products that require scale, actionable data and implementation.

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