ReachLocal Inc. (RLOC) Sees Unusually-High Trading Volume
Shares of ReachLocal Inc. (NASDAQ:RLOC) saw strong trading volume on Monday . 992,967 shares traded hands during mid-day trading, an increase of 53% from the previous session’s volume of 647,516 shares.The stock last traded at $4.56 and had previously closed at $4.56.
Separately, Piper Jaffray Cos. reaffirmed a “hold” rating and issued a $2.60 target price on shares of ReachLocal in a report on Thursday, June 2nd.
The stock has a 50 day moving average price of $2.46 and a 200 day moving average price of $1.94. The firm’s market capitalization is $137.31 million.
ReachLocal (NASDAQ:RLOC) last issued its earnings results on Tuesday, May 3rd. The company reported ($0.12) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.21) by $0.09. The business had revenue of $78.70 million for the quarter, compared to analyst estimates of $77.70 million. During the same period last year, the company posted ($0.35) earnings per share. The firm’s revenue for the quarter was down 21.0% on a year-over-year basis. Equities research analysts expect that ReachLocal Inc. will post ($0.51) earnings per share for the current fiscal year.
A hedge fund recently raised its stake in ReachLocal stock. Morgan Stanley boosted its stake in ReachLocal Inc. (NASDAQ:RLOC) by 1.4% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,315,810 shares of the company’s stock after buying an additional 31,539 shares during the period. Morgan Stanley owned approximately 7.87% of ReachLocal worth $3,821,000 as of its most recent SEC filing.
ReachLocal, Inc (ReachLocal) offers a technology suite of online marketing and reporting solutions designed to deliver efficacy and insight to its clients. The Company’s total digital marketing solution consists of products and solutions in three categories: software (ReachEdge and Kickserv), digital advertising (including ReachSearch, ReachDisplay and ReachRetargeting), and Web presence (including ReachSite + ReachEdge, ReachSEO, ReachCast and TotalLiveChat).
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