QuinStreet (NASDAQ:QNST) Shares Gap Up Following Strong Earnings

Shares of QuinStreet, Inc. (NASDAQ:QNST) gapped up before the market opened on Tuesday following a better than expected earnings announcement. The stock had previously closed at $20.20, but opened at $26.00. QuinStreet shares last traded at $23.16, with a volume of 436,620 shares traded.

The technology company reported $0.22 earnings per share for the quarter, beating the consensus estimate of $0.15 by $0.07. The company had revenue of $279.22 million during the quarter, compared to the consensus estimate of $222.68 million. QuinStreet had a negative return on equity of 8.83% and a negative net margin of 2.88%. QuinStreet’s revenue was up 125.3% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.19) EPS.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on QNST. Craig Hallum upped their price target on QuinStreet from $25.00 to $32.00 and gave the stock a “buy” rating in a report on Tuesday. Stephens boosted their price objective on QuinStreet from $23.00 to $27.00 and gave the stock an “overweight” rating in a research report on Tuesday. B. Riley raised their target price on shares of QuinStreet from $24.00 to $32.00 and gave the company a “buy” rating in a report on Tuesday. Barrington Research boosted their price target on shares of QuinStreet from $22.00 to $29.00 and gave the stock an “outperform” rating in a report on Tuesday. Finally, StockNews.com downgraded shares of QuinStreet from a “hold” rating to a “sell” rating in a research report on Thursday, October 31st. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $29.00.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. increased its position in shares of QuinStreet by 1.3% during the first quarter. Vanguard Group Inc. now owns 3,712,518 shares of the technology company’s stock worth $65,563,000 after purchasing an additional 48,705 shares in the last quarter. American Century Companies Inc. increased its position in QuinStreet by 27.5% during the second quarter. American Century Companies Inc. now owns 2,035,127 shares of the technology company’s stock worth $33,763,000 after buying an additional 438,947 shares during the period. William Blair Investment Management LLC lifted its stake in QuinStreet by 0.8% in the first quarter. William Blair Investment Management LLC now owns 1,530,761 shares of the technology company’s stock valued at $27,033,000 after buying an additional 12,058 shares during the last quarter. Driehaus Capital Management LLC boosted its holdings in shares of QuinStreet by 17.6% in the second quarter. Driehaus Capital Management LLC now owns 1,509,937 shares of the technology company’s stock valued at $25,050,000 after acquiring an additional 225,720 shares during the period. Finally, Millennium Management LLC grew its position in shares of QuinStreet by 7.5% during the second quarter. Millennium Management LLC now owns 804,223 shares of the technology company’s stock worth $13,342,000 after acquiring an additional 55,889 shares during the last quarter. 97.83% of the stock is owned by hedge funds and other institutional investors.

QuinStreet Trading Up 7.2 %

The business’s fifty day moving average price is $19.34 and its 200 day moving average price is $18.15. The firm has a market capitalization of $1.28 billion, a price-to-earnings ratio of -57.13 and a beta of 1.09.

QuinStreet Company Profile

QuinStreet, Inc, an online performance marketing company, provides customer acquisition services for its clients in the United States and internationally. The company offers online marketing services, such as qualified clicks, leads, calls, applications, and customers through its websites or third-party publishers.