Emerald (NYSE:EEX) Reaches New 1-Year Low After Analyst Downgrade

Emerald Holding, Inc. (NYSE:EEX)’s stock price hit a new 52-week low during mid-day trading on Thursday after Maxim Group lowered their price target on the stock from $11.00 to $8.00. Maxim Group currently has a buy rating on the stock. Emerald traded as low as $3.96 and last traded at $4.04, with a volume of 37076 shares. The stock had previously closed at $4.11.

Separately, Rosenblatt Securities decreased their price target on Emerald from $8.40 to $7.80 and set a “buy” rating on the stock in a research report on Thursday.

Hedge Funds Weigh In On Emerald

Hedge funds and other institutional investors have recently modified their holdings of the business. FFT Wealth Management LLC bought a new position in Emerald in the second quarter valued at about $532,000. Vanguard Group Inc. boosted its stake in shares of Emerald by 0.5% in the 1st quarter. Vanguard Group Inc. now owns 1,113,221 shares of the company’s stock valued at $7,581,000 after purchasing an additional 5,184 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Emerald by 1.0% during the 2nd quarter. Dimensional Fund Advisors LP now owns 269,034 shares of the company’s stock valued at $1,531,000 after purchasing an additional 2,624 shares during the last quarter. Renaissance Technologies LLC increased its position in Emerald by 9.0% during the 2nd quarter. Renaissance Technologies LLC now owns 195,357 shares of the company’s stock worth $1,112,000 after purchasing an additional 16,200 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its stake in Emerald by 5.9% in the 2nd quarter. Bank of New York Mellon Corp now owns 70,486 shares of the company’s stock valued at $401,000 after purchasing an additional 3,950 shares during the last quarter. Institutional investors own 14.90% of the company’s stock.

Emerald Price Performance

The business’s 50-day simple moving average is $4.86 and its two-hundred day simple moving average is $5.42. The stock has a market cap of $832.02 million, a price-to-earnings ratio of -7.56 and a beta of 1.36. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.34 and a quick ratio of 1.34.

Emerald (NYSE:EEX) last issued its quarterly earnings data on Wednesday, August 7th. The company reported ($0.03) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.16) by $0.13. The business had revenue of $86.00 million for the quarter. Emerald had a negative return on equity of 27.27% and a negative net margin of 5.29%.

Emerald Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, November 21st. Investors of record on Monday, November 11th will be issued a $0.015 dividend. The ex-dividend date of this dividend is Friday, November 8th. This represents a $0.06 dividend on an annualized basis and a yield of 1.47%. Emerald’s dividend payout ratio (DPR) is presently -11.11%.

Emerald Company Profile

Emerald Holding, Inc operates business-to-business (B2B) trade shows in the United States. The company provides B2B trade show franchises; and B2B print publications and digital media products, which provide industry specific business news and information across various sectors. It also offers B2B e-commerce and digital merchandising solutions to manufacturers and retailers through Elastic Suite and Bulletin platforms.