Zacks Investment Research upgraded shares of DavidsTea Inc. (NASDAQ:DTEA) from a hold rating to a buy rating in a report published on Tuesday. Zacks Investment Research currently has $14.00 price target on the stock.
According to Zacks, “DAVIDsTEA INC. is a beverage company. The company offer proprietary loose-leaf teas, pre-packaged teas, tea sachets and tea-related gifts and accessories. It operates primarily in the United States and Canada. DAVIDsTEA INC. is headquartered in Montreal, Canada. “
Other equities analysts have also issued reports about the stock. BMO Capital Markets reaffirmed an in-line rating and issued a $16.00 target price on shares of DavidsTea in a research note on Thursday, September 8th. Lake Street Capital assumed coverage on shares of DavidsTea in a research note on Tuesday, July 12th. They issued a buy rating and a $20.00 target price for the company.
Shares of DavidsTea (NASDAQ:DTEA) opened at 12.71 on Tuesday. The stock has a 50 day moving average price of $12.73 and a 200 day moving average price of $12.58. DavidsTea has a 12 month low of $8.88 and a 12 month high of $17.26.
DavidsTea (NASDAQ:DTEA) last announced its quarterly earnings results on Wednesday, September 7th. The company reported ($0.09) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.07) by $0.02. DavidsTea had a net margin of 6.39% and a return on equity of 9.81%. The firm earned $41.08 million during the quarter. During the same period last year, the business earned ($0.07) earnings per share. The firm’s revenue for the quarter was up 25.3% compared to the same quarter last year. Equities research analysts predict that DavidsTea will post $0.40 EPS for the current fiscal year.
A number of institutional investors have recently made changes to their positions in the company. Waddell & Reed Financial Inc. bought a new position in shares of DavidsTea during the second quarter worth $211,000. Bank of New York Mellon Corp boosted its stake in shares of DavidsTea by 46.2% in the second quarter. Bank of New York Mellon Corp now owns 56,925 shares of the company’s stock valued at $776,000 after buying an additional 17,993 shares during the period. Spark Investment Management LLC acquired a new stake in shares of DavidsTea during the second quarter valued at approximately $325,000. Renaissance Technologies LLC boosted its stake in shares of DavidsTea by 196.7% in the first quarter. Renaissance Technologies LLC now owns 53,400 shares of the company’s stock valued at $647,000 after buying an additional 35,400 shares during the period. Finally, FMR LLC boosted its stake in shares of DavidsTea by 2.3% in the second quarter. FMR LLC now owns 3,334,100 shares of the company’s stock valued at $45,444,000 after buying an additional 74,800 shares during the period. 24.58% of the stock is owned by hedge funds and other institutional investors.
DavidsTea Company Profile
DAVIDsTEA Inc is engaged in the retail and online sale of tea, tea accessories, and food and beverages in Canada and in the United States. The Company’s segments include Canada and the U.S. The Company is a branded retailer of specialty tea, offering approximately 150 loose-leaf teas, pre-packaged teas, tea sachets and tea-related gifts, accessories, and food and beverages primarily through approximately 190 DAVIDsTEA stores, which are operated by the Company, and its Website, davidstea.com.
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