Alliance Entertainment (NASDAQ:AENT) Shares Climb 4.5% – Still a Buy?

Alliance Entertainment Holding Corporation (NASDAQ:AENT)’s stock price shot up 4.5% on Monday. The company traded as high as $4.73 and last traded at $4.69. Approximately 34,207 shares changed hands during trading, a decline of 93% from the average daily volume of 470,130 shares. The stock had previously closed at $4.49.

Analyst Upgrades and Downgrades

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

Alliance Entertainment Stock Down 2.2%

The company has a current ratio of 1.34, a quick ratio of 0.65 and a debt-to-equity ratio of 0.63. The firm has a market capitalization of $229.37 million, a P/E ratio of 17.24 and a beta of 0.44. The stock’s 50-day simple moving average is $5.29 and its 200-day simple moving average is $5.99.

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

Hedge Funds Weigh In On Alliance Entertainment

Institutional investors have recently modified their holdings of the company. Kathmere Capital Management LLC bought a new stake in Alliance Entertainment in the first quarter worth $68,000. Citadel Advisors LLC bought a new position in shares of Alliance Entertainment during the second quarter valued at about $101,000. Apollon Wealth Management LLC increased its holdings in shares of Alliance Entertainment by 15.6% in the first quarter. Apollon Wealth Management LLC now owns 36,980 shares of the company’s stock worth $242,000 after buying an additional 5,000 shares during the period. Ritholtz Wealth Management lifted its stake in shares of Alliance Entertainment by 26.7% in the 1st quarter. Ritholtz Wealth Management now owns 96,479 shares of the company’s stock valued at $632,000 after acquiring an additional 20,358 shares during the last quarter. Finally, Empowered Funds LLC lifted its stake in shares of Alliance Entertainment by 9.8% in the 1st quarter. Empowered Funds LLC now owns 135,837 shares of the company’s stock valued at $890,000 after acquiring an additional 12,110 shares during the last quarter. 0.27% of the stock is currently owned by institutional investors.

About Alliance Entertainment

Alliance Entertainment Corporation (NASDAQ: AENT) is a distributor and wholesaler of entertainment products, serving retailers, e-commerce platforms and other commercial customers. The company’s offerings include physical music products such as vinyl records, CDs and DVDs, as well as movies, video games, consumer electronics, toys, collectibles and related merchandise.

Through its distribution, fulfillment and e-commerce operations, Alliance Entertainment supports the movement of products from manufacturers and content owners to retailers and consumers.