ADI Global Distribution Inc. Common Stock (NYSE:ADIG) Sets New 1-Year Low After Earnings Miss

ADI Global Distribution Inc. Common Stock (NYSE:ADIG)’s share price hit a new 52-week low during mid-day trading on Thursday following a weaker than expected earnings announcement. The company traded as low as $11.03 and last traded at $11.93, with a volume of 121,380 shares. The stock had previously closed at $19.58.

The company reported ($8.65) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.46 by ($9.11). The firm’s quarterly revenue was up 8.3% on a year-over-year basis.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the stock. Oppenheimer initiated coverage on shares of ADI Global Distribution Inc. Common Stock in a research report on Tuesday, August 4th. They issued an “outperform” rating and a $30.00 price objective for the company. Truist Financial assumed coverage on ADI Global Distribution Inc. Common Stock in a report on Wednesday, August 26th. They set a “hold” rating and a $24.00 target price on the stock. JPMorgan Chase & Co. decreased their target price on ADI Global Distribution Inc. Common Stock from $25.00 to $20.00 and set a “neutral” rating for the company in a research note on Tuesday, October 13th. Zacks Research raised ADI Global Distribution Inc. Common Stock from a “strong sell” rating to a “hold” rating in a research report on Tuesday, November 3rd. Finally, Evercore assumed coverage on ADI Global Distribution Inc. Common Stock in a report on Monday, September 28th. They set a “hold” rating and a $23.00 price objective on the stock. One equities research analyst has rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $24.25.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the company. State Street Corp acquired a new position in shares of ADI Global Distribution Inc. Common Stock during the third quarter worth about $51,730,000. Boston Partners acquired a new stake in ADI Global Distribution Inc. Common Stock in the 3rd quarter valued at approximately $11,290,000. Royce & Associates LP acquired a new stake in ADI Global Distribution Inc. Common Stock in the 3rd quarter valued at approximately $9,787,000. Public Sector Pension Investment Board acquired a new stake in ADI Global Distribution Inc. Common Stock in the 3rd quarter valued at approximately $3,883,000. Finally, Illinois Municipal Retirement Fund bought a new stake in ADI Global Distribution Inc. Common Stock in the 3rd quarter valued at approximately $680,000.

ADI Global Distribution Inc. Common Stock Price Performance

The stock’s 50 day moving average is $18.59. The company has a quick ratio of 1.62, a current ratio of 2.80 and a debt-to-equity ratio of 0.40.

ADI Global Distribution Inc. Common Stock Company Profile

ADI Global Distribution Inc. is a wholesale distributor of products and solutions for security, life safety, audiovisual, and other low-voltage applications. It serves professional installers, systems integrators, and businesses with products including video surveillance, access control, intrusion and fire detection, networking, smart-home equipment, and related wiring and accessories. The company also provides services such as technical support, training, and digital tools to help customers select and deploy systems.