ScanSource (NASDAQ:SCSC) Shares Gap Down Following Analyst Downgrade

ScanSource, Inc. (NASDAQ:SCSC)’s stock price gapped down before the market opened on Monday after Northcoast Research downgraded the stock from a buy rating to a neutral rating. The stock had previously closed at $53.19, but opened at $50.54. ScanSource shares last traded at $50.2210, with a volume of 15,693 shares traded.

SCSC has been the topic of several other research reports. Weiss Ratings raised ScanSource from a “hold (c)” rating to a “hold (c+)” rating in a research note on Friday, May 29th. Wall Street Zen raised ScanSource from a “hold” rating to a “buy” rating in a research report on Saturday, August 8th. Four equities research analysts have rated the stock with a Hold rating, According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $43.00.

Hedge Funds Weigh In On ScanSource

A number of large investors have recently modified their holdings of SCSC. Canada Pension Plan Investment Board bought a new position in shares of ScanSource in the 2nd quarter valued at about $25,000. Royal Bank of Canada raised its holdings in ScanSource by 165.0% during the fourth quarter. Royal Bank of Canada now owns 1,876 shares of the industrial products company’s stock worth $73,000 after acquiring an additional 1,168 shares in the last quarter. Osaic Holdings Inc. boosted its position in ScanSource by 400.5% during the second quarter. Osaic Holdings Inc. now owns 2,087 shares of the industrial products company’s stock valued at $87,000 after purchasing an additional 1,670 shares during the last quarter. Freestone Grove Partners LP acquired a new position in ScanSource during the second quarter valued at approximately $119,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in ScanSource in the second quarter valued at approximately $134,000. 97.91% of the stock is currently owned by institutional investors and hedge funds.

ScanSource Price Performance

The stock has a market cap of $1.03 billion, a price-to-earnings ratio of 15.34, a price-to-earnings-growth ratio of 0.83 and a beta of 1.28. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.20 and a current ratio of 1.86. The company has a 50-day simple moving average of $52.72 and a two-hundred day simple moving average of $44.18.

About ScanSource

ScanSource, Inc is a global provider of technology products and solutions designed to help businesses enhance operational efficiency and customer engagement. The company specializes in the distribution of point-of-sale (POS) systems, barcode and data capture devices, networking and communications equipment, and value-added software and cloud services. By combining hardware, software and professional services, ScanSource supports channel partners in delivering end-to-end solutions across multiple industries, including retail, hospitality, healthcare and logistics.

Founded in 1992 and headquartered in Greenville, South Carolina, ScanSource has built a broad international footprint, serving customers throughout North, Central and South America as well as Europe, the Middle East and Africa.