Tuesday Morning (NASDAQ:TUES) Shares Up 6.5% Following Better-Than-Expected Earnings

Tuesday Morning Co. (NASDAQ:TUES) shares traded up 6.5% during trading on Thursday following a stronger than expected earnings report. The stock traded as high as $1.65 and last traded at $1.47, 601,262 shares were traded during mid-day trading. An increase of 60% from the average session volume of 376,164 shares. The stock had previously closed at $1.38.

The company reported ($0.27) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.31) by $0.04. Tuesday Morning had a negative return on equity of 5.89% and a negative net margin of 1.06%. The company had revenue of $230.53 million during the quarter, compared to the consensus estimate of $228.66 million.

A number of research firms have weighed in on TUES. Zacks Investment Research raised shares of Tuesday Morning from a “sell” rating to a “hold” rating in a research report on Friday, July 5th. ValuEngine raised shares of Tuesday Morning from a “hold” rating to a “buy” rating in a research report on Thursday, August 1st. Finally, Lake Street Capital started coverage on Tuesday Morning in a report on Friday, June 7th. They set a “buy” rating and a $4.00 price target on the stock.

In other Tuesday Morning news, CEO Steven R. Becker bought 19,030 shares of the firm’s stock in a transaction dated Wednesday, May 29th. The stock was purchased at an average cost of $1.51 per share, with a total value of $28,735.30. Following the transaction, the chief executive officer now directly owns 1,630,325 shares in the company, valued at approximately $2,461,790.75. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Steven R. Becker bought 30,000 shares of the firm’s stock in a transaction dated Thursday, June 6th. The shares were acquired at an average cost of $1.50 per share, with a total value of $45,000.00. Following the completion of the transaction, the chief executive officer now owns 1,640,325 shares in the company, valued at $2,460,487.50. The disclosure for this purchase can be found here. Corporate insiders own 7.00% of the company’s stock.

Several institutional investors have recently made changes to their positions in the company. Price T Rowe Associates Inc. MD increased its position in shares of Tuesday Morning by 0.4% during the 2nd quarter. Price T Rowe Associates Inc. MD now owns 7,549,535 shares of the company’s stock valued at $12,759,000 after purchasing an additional 32,600 shares during the last quarter. Vanguard Group Inc. increased its position in shares of Tuesday Morning by 8.4% during the 2nd quarter. Vanguard Group Inc. now owns 2,454,502 shares of the company’s stock valued at $4,148,000 after purchasing an additional 190,608 shares during the last quarter. Grace & White Inc. NY increased its position in shares of Tuesday Morning by 29.5% during the 2nd quarter. Grace & White Inc. NY now owns 2,361,350 shares of the company’s stock valued at $3,991,000 after purchasing an additional 538,455 shares during the last quarter. Renaissance Technologies LLC increased its position in shares of Tuesday Morning by 43.6% during the 2nd quarter. Renaissance Technologies LLC now owns 1,254,587 shares of the company’s stock valued at $2,120,000 after purchasing an additional 380,811 shares during the last quarter. Finally, US Bancorp DE increased its position in shares of Tuesday Morning by 161.8% during the 2nd quarter. US Bancorp DE now owns 473,169 shares of the company’s stock valued at $800,000 after purchasing an additional 292,463 shares during the last quarter. 65.18% of the stock is owned by hedge funds and other institutional investors.

The firm has a 50-day moving average price of $1.58 and a 200-day moving average price of $1.92. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.16 and a current ratio of 2.00.

Tuesday Morning Company Profile (NASDAQ:TUES)

Tuesday Morning Corporation operates as an off-price retailer in the United States. The company offers various products, such as upscale home textiles, home furnishings, housewares, gourmet food products, toys, and seasonal décor products. As of September 30, 2018, it operated approximately 719 stores in 40 states.

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