Carbonite Inc. (CARB) Sees Unusually-High Trading Volume
Carbonite Inc. (NASDAQ:CARB) saw unusually-strong trading volume on Monday . Approximately 449,721 shares changed hands during trading, an increase of 37% from the previous session’s volume of 329,176 shares.The stock last traded at $13.05 and had previously closed at $12.65.
A number of research analysts recently issued reports on CARB shares. Zacks Investment Research upgraded Carbonite from a “hold” rating to a “buy” rating and set a $11.00 price target on the stock in a report on Tuesday, July 12th. B. Riley restated a “buy” rating and set a $17.00 price target on shares of Carbonite in a report on Wednesday, August 3rd. Finally, Oppenheimer Holdings Inc. restated a “hold” rating on shares of Carbonite in a report on Tuesday, May 3rd. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Carbonite currently has an average rating of “Buy” and a consensus target price of $13.33.
The firm has a 50-day moving average price of $10.45 and a 200-day moving average price of $8.83. The stock’s market cap is $349.98 million.
Carbonite (NASDAQ:CARB) last issued its quarterly earnings data on Tuesday, August 2nd. The company reported $0.19 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.03 by $0.16. The firm had revenue of $53.40 million for the quarter, compared to analysts’ expectations of $44.19 million. During the same quarter in the previous year, the business earned ($0.01) EPS. The company’s revenue for the quarter was up 57.2% on a year-over-year basis. Analysts expect that Carbonite Inc. will post $0.50 earnings per share for the current fiscal year.
In related news, major shareholder Mv Management X, L.L.C. sold 440,000 shares of the stock in a transaction dated Wednesday, June 8th. The shares were sold at an average price of $9.85, for a total value of $4,334,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Anthony Folger sold 8,181 shares of the stock in a transaction dated Monday, June 6th. The shares were sold at an average price of $9.79, for a total transaction of $80,091.99. Following the completion of the transaction, the chief financial officer now directly owns 305,259 shares of the company’s stock, valued at approximately $2,988,485.61. The disclosure for this sale can be found here.
Carbonite, Inc (Carbonite) is a provider of cloud and business continuity solutions. The Company’s solutions are designed to address the specific needs of small and medium sized businesses and individuals. It offers various solutions, such as Carbonite Personal, Carbonite Pro, Carbonite Server Backup and MailStore.