Alliance Entertainment (NASDAQ:AENT) Stock Jumps 1% – Here’s What Happened

Alliance Entertainment Holding Corporation (NASDAQ:AENT) shares were up 1% on Tuesday. The company traded as high as $5.10 and last traded at $4.94. 17,082 shares were traded during trading, The stock had previously closed at $4.89.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings downgraded Alliance Entertainment from a “hold (c+)” rating to a “hold (c-)” rating in a research report on Monday, September 28th. Two analysts have rated the stock with a Hold rating. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $8.00.

Alliance Entertainment Stock Performance

The company has a debt-to-equity ratio of 0.63, a current ratio of 1.34 and a quick ratio of 0.65. The stock has a 50-day moving average price of $4.96 and a 200 day moving average price of $6.03. The firm has a market cap of $225.29 million, a PE ratio of 17.00 and a beta of 0.44.

Alliance Entertainment (NASDAQ:AENT) last posted its quarterly earnings results on Thursday, September 10th. The company reported $0.13 EPS for the quarter, beating the consensus estimate of $0.01 by $0.12. The firm had revenue of $268.10 million for the quarter, compared to analyst estimates of $234.95 million. Alliance Entertainment had a net margin of 1.14% and a return on equity of 20.29%. Research analysts forecast that Alliance Entertainment Holding Corporation will post 0.53 earnings per share for the current year.

Hedge Funds Weigh In On Alliance Entertainment

Several large investors have recently modified their holdings of AENT. North Star Investment Management Corp. acquired a new stake in Alliance Entertainment during the third quarter valued at approximately $1,122,000. Empowered Funds LLC increased its stake in Alliance Entertainment by 9.8% during the first quarter. Empowered Funds LLC now owns 135,837 shares of the company’s stock valued at $890,000 after purchasing an additional 12,110 shares during the last quarter. Ritholtz Wealth Management increased its stake in Alliance Entertainment by 26.7% during the first quarter. Ritholtz Wealth Management now owns 96,479 shares of the company’s stock valued at $632,000 after purchasing an additional 20,358 shares during the last quarter. Apollon Wealth Management LLC raised its holdings in shares of Alliance Entertainment by 15.6% during the first quarter. Apollon Wealth Management LLC now owns 36,980 shares of the company’s stock worth $242,000 after purchasing an additional 5,000 shares during the period. Finally, Citadel Advisors LLC acquired a new stake in shares of Alliance Entertainment during the second quarter worth $101,000. Institutional investors own 0.27% of the company’s stock.

About Alliance Entertainment

Alliance Entertainment Corporation (NASDAQ: AENT) is a distributor and wholesaler of physical and digital entertainment products. The company supplies music, movies, video games, consumer electronics, toys, collectibles and related merchandise to retailers, e-commerce businesses and other commercial customers.

Its services include product distribution, fulfillment, logistics and supply-chain management. Alliance Entertainment serves a broad range of customers, including mass merchants, specialty retailers, independent record stores, online retailers and entertainment-focused businesses.