by Stephen Nacrosis
Shares of retailer Nordstrom Inc touched a 52-week low on Wednesday, a day after the company reported third-quarter financial results that showed it was missing some analysts’ estimates.
At 11:47 a.m. ET, the company’s shares were trading 28.81% down at $22.75 per share. Volume topped 26 million shares at the time, well above the stock’s 65-day average volume of some 5.2 million shares.
The stock had hit a 52-week low of $22.50 per share in the previous session.
After the closing bell on Tuesday, Nordstrom reported third-quarter earnings per share of 39 cents on sales of $3.53 billion. Analysts were expecting EPS of 57 cents, according to FactSet.
In the year-ago period, the company reported EPS of 34 cents on sales of $3 billion.
Nordstrom said third-quarter net sales rose 18% from the year-ago period, but were down 1% from the same period in fiscal 2019.
Also on Wednesday, Jefferies lowered its price target on Nordstrom shares from $48 to $30, Telsey Advisory Group lowered its price target from $36 to $27 per share, Credit Suisse lowered its price target to $30. 34 to $26, Evercore ISS lowered its price target to $35. As reported by Benzinga, $45 and JP Morgan lowered its price target from $27 to $23.
Write to Stephen Necrosis at [email protected]