Iconix Brand Group, Inc. (NASDAQ:ICON) dropped 6.3% on Wednesday . The company traded as low as $0.60 and last traded at $0.60. Approximately 1,470,340 shares traded hands during trading, a decline of 27% from the average daily volume of 2,027,860 shares. The stock had previously closed at $0.64.
ICON has been the subject of a number of recent analyst reports. Zacks Investment Research upgraded shares of Iconix Brand Group from a “hold” rating to a “buy” rating and set a $0.75 price target for the company in a research report on Friday, May 25th. ValuEngine cut shares of Iconix Brand Group from a “buy” rating to a “hold” rating in a research report on Saturday, June 2nd. Guggenheim reiterated a “hold” rating on shares of Iconix Brand Group in a research report on Friday, March 16th. Finally, Roth Capital set a $2.00 price target on shares of Iconix Brand Group and gave the company a “hold” rating in a research report on Thursday, March 15th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and one has issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus price target of $4.29.
The company has a current ratio of 2.04, a quick ratio of 2.04 and a debt-to-equity ratio of -72.19. The firm has a market cap of $43.02 million, a price-to-earnings ratio of 0.82 and a beta of 1.06.
Iconix Brand Group (NASDAQ:ICON) last announced its quarterly earnings data on Friday, May 4th. The brand management company reported $0.10 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.10. The firm had revenue of $48.55 million during the quarter, compared to analysts’ expectations of $49.91 million. Iconix Brand Group had a negative net margin of 210.83% and a positive return on equity of 39.97%. research analysts forecast that Iconix Brand Group, Inc. will post 0.4 earnings per share for the current fiscal year.
Several hedge funds have recently made changes to their positions in the stock. Park West Asset Management LLC acquired a new position in shares of Iconix Brand Group in the first quarter valued at approximately $555,000. Schwab Charles Investment Management Inc. grew its holdings in shares of Iconix Brand Group by 43.3% in the first quarter. Schwab Charles Investment Management Inc. now owns 1,808,231 shares of the brand management company’s stock valued at $2,008,000 after purchasing an additional 546,656 shares in the last quarter. Millennium Management LLC acquired a new position in shares of Iconix Brand Group in the fourth quarter valued at approximately $636,000. Two Sigma Investments LP acquired a new position in shares of Iconix Brand Group in the fourth quarter valued at approximately $528,000. Finally, Spark Investment Management LLC acquired a new position in shares of Iconix Brand Group in the fourth quarter valued at approximately $187,000. Hedge funds and other institutional investors own 49.94% of the company’s stock.
About Iconix Brand Group
Iconix Brand Group, Inc is a brand management company. As of December 31, 2016, the Company owned a portfolio of over 30 global consumer brands across women’s, men’s, and home categories. The Company operates through segments: men’s, women’s, home and international. The Company’s brand portfolio includes brands, such as Candie’s, Bongo, Joe Boxer, Rampage, Mudd, London Fog, Mossimo, Ocean Pacific/OP, Danskin/Danskin Now, Rocawear/Roc Nation, Cannon, Royal Velvet, Fieldcrest, Charisma, Starter, Waverly, Ecko Unltd/Mark Ecko Cut & Sew, Zoo York, Umbro, Lee Cooper and Artful Dodger, and interests in Material Girl, Ed Hardy, Truth or Dare, Modern Amusement, Buffalo, Nick Graham Hydraulic and PONY brands.
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