DavidsTea Inc. (DTEA) Rating Increased to Buy at Zacks Investment Research
DavidsTea Inc. (NASDAQ:DTEA) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Tuesday. The firm currently has a $14.00 target price on the stock. Zacks Investment Research’s price objective points to a potential upside of 9.80% from the stock’s previous close.
According to Zacks, “DAVIDsTEA INC. is a beverage company. The company offer proprietary loose-leaf teas, pre-packaged teas, tea sachets and tea-related gifts and accessories. It operates primarily in the United States and Canada. DAVIDsTEA INC. is headquartered in Montreal, Canada. “
Several other analysts have also issued reports on DTEA. Lake Street Capital assumed coverage on DavidsTea in a research note on Tuesday, July 12th. They issued a “buy” rating and a $20.00 price objective on the stock. BMO Capital Markets restated an “in-line” rating and issued a $16.00 price objective on shares of DavidsTea in a research note on Thursday, September 8th.
DavidsTea (NASDAQ:DTEA) opened at 12.75 on Tuesday. The company’s 50 day moving average price is $12.76 and its 200 day moving average price is $12.58. DavidsTea has a 52-week low of $8.88 and a 52-week high of $17.26.
DavidsTea (NASDAQ:DTEA) last released its earnings results on Wednesday, September 7th. The company reported ($0.09) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.07) by $0.02. DavidsTea had a return on equity of 9.81% and a net margin of 6.39%. The company had revenue of $41.08 million for the quarter. During the same quarter in the previous year, the firm earned ($0.07) EPS. The business’s quarterly revenue was up 25.3% compared to the same quarter last year. On average, analysts forecast that DavidsTea will post $0.40 earnings per share for the current year.
Hedge funds have recently added to or reduced their stakes in the stock. Waddell & Reed Financial Inc. acquired a new stake in DavidsTea during the second quarter valued at about $211,000. Spark Investment Management LLC purchased a new position in DavidsTea during the second quarter valued at approximately $325,000. Renaissance Technologies LLC increased its position in DavidsTea by 196.7% in the first quarter. Renaissance Technologies LLC now owns 53,400 shares of the company’s stock valued at $647,000 after buying an additional 35,400 shares during the last quarter. Bank of New York Mellon Corp increased its position in DavidsTea by 46.2% in the second quarter. Bank of New York Mellon Corp now owns 56,925 shares of the company’s stock valued at $776,000 after buying an additional 17,993 shares during the last quarter. Finally, William Harris Investors Inc. purchased a new position in DavidsTea during the second quarter valued at approximately $4,391,000. Hedge funds and other institutional investors own 24.58% of the company’s stock.
DAVIDsTEA Inc is engaged in the retail and online sale of tea, tea accessories, and food and beverages in Canada and in the United States. The Company’s segments include Canada and the U.S. The Company is a branded retailer of specialty tea, offering approximately 150 loose-leaf teas, pre-packaged teas, tea sachets and tea-related gifts, accessories, and food and beverages primarily through approximately 190 DAVIDsTEA stores, which are operated by the Company, and its Website, davidstea.com.
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