Cherokee (CHKE) Stock Price Down 23.7% After Earnings Miss

Cherokee Inc (NASDAQ:CHKE) shares traded down 23.7% during trading on Wednesday following a dissappointing earnings announcement. The stock traded as low as $1.85 and last traded at $2.25. 921,976 shares traded hands during trading, an increase of 763% from the average session volume of 106,814 shares. The stock had previously closed at $2.95.

The company reported ($0.05) earnings per share for the quarter, missing the consensus estimate of $0.07 by ($0.12). Cherokee had a positive return on equity of 1.52% and a negative net margin of 42.78%. The business had revenue of $11.04 million during the quarter, compared to the consensus estimate of $9.90 million. During the same quarter in the prior year, the firm posted ($0.10) EPS. The company’s revenue for the quarter was up 69.9% on a year-over-year basis.

Several equities research analysts recently weighed in on the stock. FBR & Co restated a “buy” rating and issued a $8.00 price target on shares of Cherokee in a research report on Wednesday, September 6th. Roth Capital reduced their price target on shares of Cherokee from $18.00 to $10.00 and set a “buy” rating on the stock in a research report on Monday, August 21st. Zacks Investment Research cut shares of Cherokee from a “hold” rating to a “sell” rating in a research report on Wednesday, August 23rd. ValuEngine upgraded shares of Cherokee from a “hold” rating to a “buy” rating in a research report on Wednesday. Finally, B. Riley restated a “buy” rating on shares of Cherokee in a research report on Wednesday, November 1st. One analyst has rated the stock with a hold rating and four have issued a buy rating to the company. The stock has a consensus rating of “Buy” and a consensus price target of $7.19.

A number of hedge funds and other institutional investors have recently bought and sold shares of CHKE. Northern Trust Corp boosted its stake in Cherokee by 1.7% during the second quarter. Northern Trust Corp now owns 30,839 shares of the company’s stock worth $215,000 after buying an additional 504 shares during the period. Marathon Capital Management purchased a new position in Cherokee during the second quarter worth $287,000. Trellus Management Company LLC boosted its stake in Cherokee by 53.3% during the third quarter. Trellus Management Company LLC now owns 115,000 shares of the company’s stock worth $316,000 after buying an additional 40,000 shares during the period. Martin & Co. Inc. TN boosted its stake in Cherokee by 1.3% during the second quarter. Martin & Co. Inc. TN now owns 60,355 shares of the company’s stock worth $419,000 after buying an additional 800 shares during the period. Finally, Oppenheimer Asset Management Inc. boosted its stake in Cherokee by 3.6% during the second quarter. Oppenheimer Asset Management Inc. now owns 64,827 shares of the company’s stock worth $451,000 after buying an additional 2,258 shares during the period. 61.46% of the stock is owned by institutional investors.

The firm has a market cap of $41.15, a P/E ratio of 26.82, a P/E/G ratio of 1.97 and a beta of 1.18.

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Cherokee Company Profile

Cherokee Inc is a marketer and manager of a portfolio of fashion and lifestyle brands it owns or represents, licensing the Cherokee, Liz Lange, Completely Me by Liz Lange, Hawk, Tony Hawk, Sideout, Carole Little, Everyday California , Flip Flop Shops and ale by alessandra brands and related brands in various consumer product categories and sectors.

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