Zacks Investment Research upgraded shares of DavidsTea Inc. (NASDAQ:DTEA) from a hold rating to a buy rating in a report issued on Tuesday morning. They currently have $14.00 target price on the stock.
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. “
A number of other research analysts have also recently issued reports on the company. BMO Capital Markets upgraded DavidsTea from a market perform rating to an outperform rating and lifted their price objective for the company from $13.00 to $16.00 in a research note on Thursday, July 7th. 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 target for the company.
DavidsTea (NASDAQ:DTEA) opened at 12.39 on Tuesday. DavidsTea has a 52 week low of $8.88 and a 52 week high of $17.01. The firm has a 50-day moving average price of $12.70 and a 200 day moving average price of $12.59.
DavidsTea (NASDAQ:DTEA) last released its quarterly earnings results on Wednesday, September 7th. The company reported ($0.09) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.07) by $0.02. DavidsTea had a net margin of 6.39% and a return on equity of 9.81%. The firm had revenue of $41.08 million for the quarter. During the same quarter in the previous year, the company earned ($0.07) EPS. The firm’s quarterly revenue was up 25.3% compared to the same quarter last year. Equities research analysts anticipate that DavidsTea will post $0.40 EPS for the current fiscal year.
Several hedge funds and other institutional investors have recently bought and sold shares of the company. Waddell & Reed Financial Inc. acquired a new position in DavidsTea during the second quarter valued at $211,000. Spark Investment Management LLC purchased a new stake in shares of DavidsTea during the second quarter valued at approximately $325,000. Renaissance Technologies LLC raised its stake in shares of 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 raised its stake in shares of 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 stake in shares of DavidsTea during the second quarter valued at approximately $4,391,000. Hedge funds and other institutional investors own 24.59% 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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