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

Emerald Holding, Inc. (NYSE:EEX)’s stock price reached a new 52-week low 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 trading hands. The stock had previously closed at $4.11.

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

Institutional Investors Weigh In On Emerald

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its stake in Emerald by 0.5% in the first 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. Bank of New York Mellon Corp boosted its holdings in shares of 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 buying an additional 3,950 shares during the last quarter. FFT Wealth Management LLC bought a new position in shares of Emerald in the second quarter valued at $532,000. Dimensional Fund Advisors LP increased its holdings in Emerald by 1.0% during the second quarter. Dimensional Fund Advisors LP now owns 269,034 shares of the company’s stock worth $1,531,000 after buying an additional 2,624 shares during the last quarter. Finally, Renaissance Technologies LLC raised its position in Emerald by 9.0% during the second quarter. Renaissance Technologies LLC now owns 195,357 shares of the company’s stock worth $1,112,000 after acquiring an additional 16,200 shares in the last quarter. 14.90% of the stock is currently owned by institutional investors and hedge funds.

Emerald Trading Up 3.6 %

The business’s 50 day simple moving average is $4.86 and its 200 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 quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 0.98.

Emerald (NYSE:EEX) last issued its earnings results on Wednesday, August 7th. The company reported ($0.03) EPS for the quarter, topping the consensus estimate of ($0.16) by $0.13. Emerald had a negative return on equity of 27.27% and a negative net margin of 5.29%. The company had revenue of $86.00 million during the quarter.

Emerald Cuts Dividend

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

About Emerald

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.