TheStreet, Inc. (TST) Shares Up 34.4% on Better-Than-Expected Earnings

TheStreet, Inc. (NASDAQ:TST) shares shot up 34.4% on Tuesday following a better than expected earnings announcement. The stock traded as high as $1.56 and last traded at $1.25. 1,259,200 shares were traded during trading, an increase of 1,298% from the average session volume of 90,058 shares. The stock had previously closed at $0.93.

The information services provider reported $0.01 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.02) by $0.03. TheStreet had a negative net margin of 21.87% and a negative return on equity of 1.30%. The company had revenue of $15.25 million for the quarter, compared to analysts’ expectations of $15.73 million. During the same quarter in the previous year, the company earned ($0.03) EPS.

TheStreet declared that its board has authorized a share repurchase plan on Monday, November 13th that permits the company to buyback 5,000,000 outstanding shares. This buyback authorization permits the information services provider to buy shares of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board believes its shares are undervalued.

A number of research firms recently weighed in on TST. B. Riley restated a “buy” rating and set a $2.10 target price on shares of TheStreet in a research note on Tuesday, August 8th. ValuEngine upgraded shares of TheStreet from a “sell” rating to a “hold” rating in a research note on Tuesday. Lake Street Capital boosted their price target on shares of TheStreet from $2.00 to $3.00 and gave the stock a “buy” rating in a research note on Tuesday. Finally, Zacks Investment Research cut shares of TheStreet from a “buy” rating to a “hold” rating in a research note on Thursday, October 26th.

An institutional investor recently bought a new position in TheStreet stock. Essex Investment Management Co. LLC purchased a new position in TheStreet, Inc. (NASDAQ:TST) during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 204,694 shares of the information services provider’s stock, valued at approximately $221,000. Essex Investment Management Co. LLC owned approximately 0.57% of TheStreet as of its most recent SEC filing. 46.68% of the stock is currently owned by hedge funds and other institutional investors.

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TheStreet Company Profile

TheStreet, Inc (TheStreet) is a digital financial media company focused on the financial, and mergers and acquisitions environment. The Company’s collection of digital services provides users, subscribers and advertisers with a range of content and tools through a range of online, social media, tablet and mobile channels.

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