Ingles Markets, Incorporated IMKTA saw a big move last session, as the company’s shares fell by over 12% on the day. The move came on pretty good volume too with far more shares changing hands than in a normal session. This breaks the recent trend of the company, as the stock is now trading below the volatile price range of $50.59 to $57.68 in the past one-month time frame.
Shares fell after the Ingles Markets reported a 7.8% slump in profits for fourth quarter of fiscal 2015 on Dec 10. Notably, lower revenues and higher expenses led to the decline in the company’s profit.
This slump shouldn’t be too much of a surprise to investors, as the leading supermarket chain has seen 1 negative revision in the past few weeks and its current year earnings consensus has moved lower over the last 30 days. This suggests there may be more trouble down the road. So make sure to keep an eye on this stock going forward to see if this recent slump will continue, as the earnings picture definitely suggests that this might be the case.
IMKTA currently has a Zacks Rank #4 (Sell).
A better-ranked stock in the retail sector is The Kroger Co. KR, which currently carries a Zacks Rank #2 (Buy).
Is IMKTA going up? Or down? Predict to see what others think: Up or Down
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Be the first to comment