TheStreet, Inc. (NASDAQ:TST) shot up 34.4% on Tuesday following a better than expected earnings announcement. The stock traded as high as $1.56 and last traded at $1.25. 1,259,200 shares traded hands during mid-day trading, an increase of 1,298% from the average session volume of 90,058 shares. The stock had previously closed at $0.93.
The information services provider reported $0.01 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.02) by $0.03. TheStreet had a negative return on equity of 1.30% and a negative net margin of 21.87%. During the same period in the previous year, the company posted ($0.03) earnings per share.
TheStreet declared that its board has authorized a share repurchase program on Monday, November 13th that allows the company to buyback 5,000,000 shares. This buyback authorization allows the information services provider to purchase shares of its stock through open market purchases. Stock buyback programs are often an indication that the company’s management believes its stock is undervalued.
A number of research firms have recently weighed in on TST. ValuEngine upgraded TheStreet from a “sell” rating to a “hold” rating in a report on Tuesday. Zacks Investment Research cut TheStreet from a “buy” rating to a “hold” rating in a report on Thursday, October 26th. B. Riley reiterated a “buy” rating and set a $2.10 price target on shares of TheStreet in a report on Tuesday, August 8th. Finally, Lake Street Capital increased their price target on TheStreet from $2.00 to $3.00 and gave the stock a “buy” rating in a report on Tuesday.
An institutional investor recently raised its position in TheStreet stock. Renaissance Technologies LLC lifted its holdings in shares of TheStreet, Inc. (NASDAQ:TST) by 1.4% during the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 1,743,100 shares of the information services provider’s stock after acquiring an additional 24,700 shares during the period. Renaissance Technologies LLC owned 4.89% of TheStreet worth $1,325,000 at the end of the most recent reporting period. 46.68% of the stock is currently owned by institutional investors.
TheStreet, Inc (TheStreet) is a digital financial media company focused on the financial, and mergers and acquisitions environment. The Company’s collection of digital services provides users, subscribers and advertisers with a range of content and tools through a range of online, social media, tablet and mobile channels.
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