Alliance Entertainment (NASDAQ:AENT) Shares Down 6.5% – Here’s Why

Shares of Alliance Entertainment Holding Corporation (NASDAQ:AENT) were down 6.5% during trading on Friday . The stock traded as low as $6.76 and last traded at $6.91. Approximately 63,753 shares traded hands during mid-day trading, an increase of 21% from the average daily volume of 52,865 shares. The stock had previously closed at $7.39.

Wall Street Analyst Weigh In

Several research analysts have recently commented on AENT shares. Zacks Research raised Alliance Entertainment to a “hold” rating in a report on Tuesday, October 7th. Noble Financial initiated coverage on shares of Alliance Entertainment in a research note on Monday, October 6th. They set an “outperform” rating and a $11.00 price target on the stock. Weiss Ratings restated a “hold (c)” rating on shares of Alliance Entertainment in a research report on Wednesday, January 21st. Finally, Industrial Alliance Securities set a $11.00 price objective on Alliance Entertainment in a report on Monday, October 6th. Two equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, Alliance Entertainment has an average rating of “Moderate Buy” and a consensus price target of $10.67.

Alliance Entertainment Price Performance

The company has a current ratio of 1.28, a quick ratio of 0.64 and a debt-to-equity ratio of 0.62. The firm has a market capitalization of $352.13 million, a price-to-earnings ratio of 17.72 and a beta of 0.47. The company’s 50 day moving average is $7.48 and its 200-day moving average is $6.55.

Alliance Entertainment (NASDAQ:AENT) last released its quarterly earnings data on Wednesday, November 12th. The company reported $0.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.08 by $0.02. Alliance Entertainment had a return on equity of 21.87% and a net margin of 1.80%.The firm had revenue of $253.97 million for the quarter, compared to analyst estimates of $237.30 million.

Hedge Funds Weigh In On Alliance Entertainment

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Bridgeway Capital Management LLC raised its position in shares of Alliance Entertainment by 10.1% in the third quarter. Bridgeway Capital Management LLC now owns 134,365 shares of the company’s stock valued at $915,000 after purchasing an additional 12,290 shares during the period. Empowered Funds LLC boosted its holdings in shares of Alliance Entertainment by 9.2% during the 1st quarter. Empowered Funds LLC now owns 90,880 shares of the company’s stock worth $304,000 after buying an additional 7,683 shares during the period. Millennium Management LLC grew its stake in Alliance Entertainment by 29.2% in the 3rd quarter. Millennium Management LLC now owns 85,510 shares of the company’s stock valued at $582,000 after buying an additional 19,325 shares during the last quarter. North Star Investment Management Corp. bought a new position in Alliance Entertainment in the 4th quarter valued at about $671,000. Finally, Ritholtz Wealth Management lifted its position in Alliance Entertainment by 78.8% during the fourth quarter. Ritholtz Wealth Management now owns 76,121 shares of the company’s stock worth $615,000 after acquiring an additional 33,540 shares during the last quarter. 0.27% of the stock is owned by institutional investors.

About Alliance Entertainment

Alliance Entertainment (NASDAQ: AENT) is a distributor of physical media and related entertainment products, serving retailers, public libraries and online merchants. The company’s core business revolves around the wholesale distribution of music and video titles on CD, DVD and Blu-ray formats, as well as vinyl records, audiobooks, video games and select gift and novelty items. By maintaining a broad catalog of new and catalog titles, Alliance Entertainment enables brick-and-mortar and e-commerce channels to access an extensive range of products from major and independent labels.

In addition to its product offerings, Alliance Entertainment provides supply-chain and logistics services designed to streamline inventory management and order fulfillment.