HHGregg, Inc. (HGG) Shares Down 1.2% Following Weak Earnings

HHGregg, Inc. (HGG)  Shares Down 1.2%  Following Weak Earnings

HHGregg, Inc. (NYSE:HGG)’s share price was down 1.2% on Friday after the company announced weaker than expected quarterly earnings. The company traded as low as $0.56 and last traded at $0.60, with a volume of 197,934 shares changing hands. The stock had previously closed at $0.61.

The company reported ($1.70) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.39) by $1.31. HHGregg had a negative return on equity of 27.93% and a negative net margin of 3.22%. The company had revenue of $453 million for the quarter, compared to analyst estimates of $512.37 million. During the same period last year, the company earned ($0.17) earnings per share. The business’s revenue for the quarter was down 23.7% compared to the same quarter last year.

Separately, Zacks Investment Research upgraded shares of HHGregg from a “sell” rating to a “hold” rating in a research report on Tuesday, January 10th.

In other HHGregg news, CEO Robert James Riesbeck acquired 50,000 shares of the firm’s stock in a transaction that occurred on Wednesday, November 9th. The shares were acquired at an average cost of $1.45 per share, for a total transaction of $72,500.00. Following the transaction, the chief executive officer now directly owns 253,070 shares of the company’s stock, valued at $366,951.50. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders purchased a total of 70,000 shares of company stock worth $102,000 over the last quarter. Insiders own 53.10% of the company’s stock.

Large investors have recently added to or reduced their stakes in the company. Connor Clark & Lunn Investment Management Ltd. raised its position in HHGregg by 4.4% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 63,400 shares of the company’s stock worth $117,000 after buying an additional 2,700 shares during the period. Northern Trust Corp raised its position in HHGregg by 3.8% in the third quarter. Northern Trust Corp now owns 174,251 shares of the company’s stock worth $320,000 after buying an additional 6,393 shares during the period. Finally, Stifel Financial Corp raised its position in HHGregg by 99.5% in the second quarter. Stifel Financial Corp now owns 441,000 shares of the company’s stock worth $781,000 after buying an additional 220,000 shares during the period. Institutional investors and hedge funds own 63.12% of the company’s stock.

The stock’s 50-day moving average price is $1.17 and its 200-day moving average price is $1.69. The stock’s market cap is $16.69 million.

About HHGregg

hhgregg, Inc (hhgregg) is an appliance, electronics and furniture retailer. The Company operates as a multi-regional retailer with approximately 230 brick-and-mortar stores in 20 states that also offer global and local brands across the nation through hhgregg.com. It also sells a suite of services, including third-party premium service plans (PSPs), third-party in-home service and repair of its products, delivery and installation, and in-home repair and maintenance.

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