HC2 Holdings Inc (NASDAQ:HCHC) Shares Down 10.9% After Earnings Miss

HC2 Holdings Inc (NASDAQ:HCHC) dropped 10.9% during trading on Thursday after the company announced weaker than expected quarterly earnings. The company traded as low as $4.61 and last traded at $5.24, with a volume of 1,528,897 shares trading hands. The stock had previously closed at $5.88.

The technology company reported ($0.35) EPS for the quarter, missing analysts’ consensus estimates of ($0.18) by $0.17. The company had revenue of $378.65 million for the quarter, compared to analyst estimates of $424.16 million.

HCHC has been the topic of a number of research reports. B. Riley reiterated a “buy” rating and issued a $10.50 target price on shares of HC2 Holdings in a report on Sunday, May 14th. Zacks Investment Research upgraded shares of HC2 Holdings from a “sell” rating to a “hold” rating in a report on Wednesday, July 12th.

Several large investors have recently added to or reduced their stakes in HCHC. Bank of America Corp DE raised its stake in HC2 Holdings by 159.1% in the first quarter. Bank of America Corp DE now owns 17,065 shares of the technology company’s stock worth $106,000 after buying an additional 10,479 shares in the last quarter. SG Americas Securities LLC purchased a new stake in HC2 Holdings during the first quarter worth about $108,000. Russell Investments Group Ltd. purchased a new stake in HC2 Holdings during the fourth quarter worth about $119,000. American International Group Inc. raised its stake in HC2 Holdings by 7.1% in the first quarter. American International Group Inc. now owns 20,563 shares of the technology company’s stock worth $127,000 after buying an additional 1,364 shares in the last quarter. Finally, Alliancebernstein L.P. purchased a new stake in HC2 Holdings during the second quarter worth about $151,000.

The stock’s 50 day moving average price is $5.97 and its 200-day moving average price is $5.91. The stock’s market cap is $216.30 million.

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About HC2 Holdings

HC2 Holdings, Inc engages in construction, marine services, insurance, telecommunications, energy, life sciences, and other businesses in the United States, the United Kingdom, and internationally. The company fabricates and erects structural steel for commercial and industrial construction projects, such as buildings and office complexes, hotels and casinos, convention centers, sports arenas and stadiums, shopping malls, hospitals, dams, bridges, mines, and power plants.

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