Charles & Colvard, Ltd. (NASDAQ: CTHR) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note released Tuesday, Zacks.com reports. The company currently has a target price of $ 3.00 on the stock. Zacks Investment Research’s price target points to a potential 9.49% increase from the share’s previous close.
According to Zacks, “Charles and Colvard manufacture, market and distribute moissanite jewelry for sale in the global jewelry market. Moissanite, also known by its chemical name, silicon carbide, is a rare and naturally occurring mineral that l ‘found primarily in meteorites. The company is the only manufacturer of scientifically manufactured moissanite jewelry. Their strategy is to create a unique branding that positions moissanite as a piece of jewelry in its own right, distinct from all other jewelry due to of its fire, brilliance, luster, durability and rarity. “
A number of other research companies have also commented on CTHR. Roth Capital has increased its price target on Charles & Colvard, Ltd. from $ 3.50 to $ 3.75 and assigned the company a “buy” rating in a research note on Friday, September 3. TheStreet noted Charles & Colvard, Ltd. from a “c” note to a “b-” note in a research report published on Monday, October 4.
Charles & Colvard, Ltd. traded up $ 0.08 during trading hours on Tuesday, reaching $ 2.74. The stock had a trade volume of 61,126 shares, compared to its average volume of 373,771. The stock has a market cap of $ 83.34 million, a price / earnings ratio of 6.52, and a beta. of 0.20. Charles & Colvard, Ltd. has a one-year minimum at $ 1.22 and a one-year maximum at $ 3.66. The stock’s fifty-day moving average is $ 3.02 and its two-hundred-day moving average is $ 2.87.
Charles & Colvard, Ltd. (NASDAQ: CTHR) last released its quarterly earnings data on Thursday, November 4. The company reported EPS of $ 0.03 for the quarter, beating analyst consensus estimates of $ 0.02 by $ 0.01. The company posted revenue of $ 10.28 million for the quarter, compared to analysts’ estimates of $ 9.20 million. Charles & Colvard, Ltd. recorded a return on equity of 24.90% and a net margin of 30.69%. In the same quarter of last year, the company made earnings per share of $ 0.03. On average, research analysts predict Charles & Colvard, Ltd. will show 0.14 BPA for the current fiscal year.
In addition, the director Ollin B. Sykes acquired 13,478 shares of the company in a transaction dated Tuesday, November 30. The shares were purchased at an average cost of $ 2.99 per share, for a total transaction of $ 40,299.22. The purchase was disclosed in a document filed with the SEC, which is available on the SEC’s website. In addition, director Ollin B. Sykes acquired 41,348 shares of the company in a transaction dated Monday, November 15. The stock was purchased at an average price of $ 3.07 per share, for a total transaction of $ 126,938.36. Disclosure of this purchase can be found here. Insiders bought 133,830 shares of the company valued at $ 390,389 during the last quarter. 18.80% of the shares are currently held by insiders of the company.
Several large investors have recently changed their positions in the stock. BlackRock Inc. increased its equity stake in Charles & Colvard, Ltd. 4.3% during the 3rd quarter. BlackRock Inc. now owns 96,057 shares of the company valued at $ 288,000 after purchasing an additional 3,992 shares during the period. Geode Capital Management LLC increased its stake in Charles & Colvard, Ltd. shares. 4.5% during the 3rd quarter. Geode Capital Management LLC now owns 231,989 shares of the company valued at $ 691,000 after purchasing an additional 9,991 shares during the period. Occudo Quantitative Strategies LP has purchased a new stake in shares of Charles & Colvard, Ltd. during the 2nd trimester, valued at approximately $ 51,000. State Street Corp has purchased a new stake in the shares of Charles & Colvard, Ltd. during the 2nd quarter valued at approximately $ 59,000. Finally, Marshall Wace LLP increased its stake in Charles & Colvard, Ltd. shares. by 196.6% during the 2nd quarter. Marshall Wace LLP now owns 34,219 shares of the company valued at $ 102,000 after purchasing an additional 22,683 shares during the period. Institutional investors and hedge funds hold 29.13% of the company’s shares.
About Charles & Colvard, Ltd.
Charles & Colvard Ltd. is engaged in the manufacture and distribution of moissanite jewelry and finished jewelry containing moissanite for sale in the global jewelry market. It operates in the following business segments: online and traditional channels. Online channel segment refers to online point of sale including charlesandcolvard.com, third party online marketplaces, drop shipping, other pure point of sale, and e-commerce.
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