BidaskClub Downgrades Reading International (NASDAQ:RDI) to Sell

BidaskClub cut shares of Reading International (NASDAQ:RDI) from a hold rating to a sell rating in a report issued on Friday, BidAskClub reports.

A number of other equities analysts have also recently issued reports on the stock. Zacks Investment Research upgraded shares of Reading International from a strong sell rating to a hold rating in a research report on Wednesday, July 17th. ValuEngine upgraded shares of Reading International from a hold rating to a buy rating in a research report on Thursday, September 5th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and two have issued a buy rating to the stock. The company has a consensus rating of Hold and an average price target of $19.00.

Shares of Reading International stock opened at $12.90 on Friday. The company has a 50 day moving average of $12.42 and a 200-day moving average of $13.93. Reading International has a 1-year low of $11.50 and a 1-year high of $16.72. The company has a current ratio of 0.21, a quick ratio of 0.21 and a debt-to-equity ratio of 2.03. The company has a market cap of $286.99 million, a PE ratio of 20.81 and a beta of 1.14.

Reading International (NASDAQ:RDI) last released its quarterly earnings data on Friday, August 9th. The company reported $0.10 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.21 by ($0.11). The company had revenue of $76.10 million for the quarter, compared to analyst estimates of $88.50 million. Reading International had a return on equity of 3.66% and a net margin of 2.29%.

In related news, EVP Margaret Cotter sold 8,500 shares of the company’s stock in a transaction that occurred on Friday, August 30th. The shares were sold at an average price of $12.36, for a total transaction of $105,060.00. Following the completion of the transaction, the executive vice president now directly owns 801,362 shares in the company, valued at approximately $9,904,834.32. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 25.66% of the stock is owned by corporate insiders.

A number of hedge funds have recently added to or reduced their stakes in the stock. Charles Schwab Investment Management Inc. increased its position in Reading International by 4.9% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 40,191 shares of the company’s stock valued at $522,000 after acquiring an additional 1,895 shares during the period. Wells Fargo & Company MN increased its position in Reading International by 9.1% in the 2nd quarter. Wells Fargo & Company MN now owns 29,197 shares of the company’s stock valued at $379,000 after acquiring an additional 2,445 shares during the period. BNP Paribas Arbitrage SA increased its position in Reading International by 511.5% in the 1st quarter. BNP Paribas Arbitrage SA now owns 3,516 shares of the company’s stock valued at $56,000 after acquiring an additional 2,941 shares during the period. Renaissance Technologies LLC increased its position in shares of Reading International by 0.4% during the second quarter. Renaissance Technologies LLC now owns 839,990 shares of the company’s stock worth $10,903,000 after buying an additional 3,000 shares during the period. Finally, Bank of America Corp DE increased its position in shares of Reading International by 75.0% during the fourth quarter. Bank of America Corp DE now owns 11,745 shares of the company’s stock worth $171,000 after buying an additional 5,035 shares during the period. Institutional investors and hedge funds own 39.68% of the company’s stock.

Reading International Company Profile

Reading International, Inc engages in the ownership, development, and operation of entertainment and real property assets in the United States, Australia, and New Zealand. The company operates in two segments, Cinema Exhibition and Real Estate. The Cinema Exhibition segment operates multiplex cinemas.

Featured Story: Earnings Reports

Receive News & Ratings for Reading International Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Reading International and related companies with MarketBeat.com's FREE daily email newsletter.