Liquidity Services, Inc. (NASDAQ:LQDT) Shares Bought by Vanguard Group Inc.

Vanguard Group Inc. increased its position in shares of Liquidity Services, Inc. (NASDAQ:LQDT) by 4.3% during the third quarter, according to its most …

Liquidity Services logoVanguard Group Inc. increased its position in shares of Liquidity Services, Inc. (NASDAQ:LQDT) by 4.3% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,581,353 shares of the business services provider’s stock after buying an additional 65,153 shares during the quarter. Vanguard Group Inc. owned about 4.92% of Liquidity Services worth $10,042,000 as of its most recent SEC filing.

A number of other large investors have also recently added to or reduced their stakes in the stock. Aristotle Capital Boston LLC grew its position in shares of Liquidity Services by 2.7% in the third quarter. Aristotle Capital Boston LLC now owns 326,832 shares of the business services provider’s stock valued at $2,075,000 after purchasing an additional 8,452 shares during the period. Renaissance Technologies LLC boosted its holdings in Liquidity Services by 3.0% in the third quarter. Renaissance Technologies LLC now owns 2,248,835 shares of the business services provider’s stock valued at $14,280,000 after acquiring an additional 64,639 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of Liquidity Services by 5.0% during the third quarter. Dimensional Fund Advisors LP now owns 1,507,396 shares of the business services provider’s stock worth $9,572,000 after purchasing an additional 72,451 shares in the last quarter. BlackRock Inc. lifted its stake in shares of Liquidity Services by 7.0% during the third quarter. BlackRock Inc. now owns 3,861,127 shares of the business services provider’s stock worth $24,517,000 after purchasing an additional 253,142 shares in the last quarter. Finally, Russell Investments Group Ltd. acquired a new position in shares of Liquidity Services during the third quarter worth about $1,470,000. Hedge funds and other institutional investors own 66.87% of the company’s stock.

NASDAQ:LQDT opened at $7.16 on Wednesday. Liquidity Services, Inc. has a one year low of $5.17 and a one year high of $9.16. The stock has a market capitalization of $228.15 million, a P/E ratio of -14.32 and a beta of 1.24.

Liquidity Services (NASDAQ:LQDT) last released its quarterly earnings results on Thursday, February 7th. The business services provider reported ($0.10) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.14) by $0.04. Liquidity Services had a negative return on equity of 11.08% and a negative net margin of 7.70%. The business had revenue of $54.05 million for the quarter, compared to analysts’ expectations of $51.34 million. Analysts forecast that Liquidity Services, Inc. will post -0.41 EPS for the current year.

LQDT has been the topic of a number of recent research reports. BidaskClub upgraded Liquidity Services from a “hold” rating to a “buy” rating in a research note on Friday, January 11th. Barrington Research restated a “buy” rating and set a $10.00 price objective on shares of Liquidity Services in a research note on Monday, December 3rd. TheStreet upgraded Liquidity Services from a “d” rating to a “c-” rating in a research note on Wednesday, December 12th. ValuEngine cut Liquidity Services from a “buy” rating to a “hold” rating in a research note on Friday, February 8th. Finally, Zacks Investment Research upgraded Liquidity Services from a “sell” rating to a “hold” rating in a research note on Thursday, February 7th. Three equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $9.13.

In related news, insider James M. Rallo sold 4,090 shares of the business’s stock in a transaction dated Wednesday, January 2nd. The stock was sold at an average price of $6.12, for a total value of $25,030.80. Following the completion of the sale, the insider now directly owns 4,090 shares of the company’s stock, valued at $25,030.80. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director George H. Ellis sold 10,500 shares of the business’s stock in a transaction dated Tuesday, February 12th. The shares were sold at an average price of $6.71, for a total value of $70,455.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 24,406 shares of company stock worth $170,578. Insiders own 18.70% of the company’s stock.

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Liquidity Services Company Profile

Liquidity Services, Inc provides e-commerce marketplace that enable buyers and sellers to transact in an automated environment offering approximately 500 product categories. The company’s marketplaces include liquidation.com that enable corporations to sell surplus and salvage consumer goods and capital assets; govdeals.com that enables local and state government entities, including city, county, and state agencies to sell surplus and salvage assets, as well as offers a suite of services that includes asset sales and marketing, and seller self-service; and auctiondeals.com, a self-service solution, which enable sellers list their own assets, and enable commercial businesses to sell surplus and salvage assets.

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Institutional Ownership by Quarter for Liquidity Services (NASDAQ:LQDT)

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FY2019 Earnings Estimate for Canopy Growth Corp (NYSE:CGC) Issued By Seaport Global …

Canopy Growth Corp (NYSE:CGC) – Investment analysts at Seaport Global Securities issued their FY2019 earnings per share (EPS) estimates for …

Canopy Growth logo

Canopy Growth Corp (NYSE:CGC) – Investment analysts at Seaport Global Securities issued their FY2019 earnings per share (EPS) estimates for Canopy Growth in a note issued to investors on Thursday, February 21st, Zacks Investment Research reports. Seaport Global Securities analyst B. Hundley expects that the marijuana producer will post earnings of ($1.26) per share for the year. Seaport Global Securities has a “Neutral” rating and a $46.27 price objective on the stock. Seaport Global Securities also issued estimates for Canopy Growth’s Q4 2019 earnings at ($0.23) EPS, Q1 2020 earnings at ($0.19) EPS, Q2 2020 earnings at ($0.17) EPS, Q3 2020 earnings at ($0.08) EPS, Q4 2020 earnings at ($0.02) EPS, FY2020 earnings at ($0.46) EPS and FY2021 earnings at $0.03 EPS.

CGC has been the subject of several other reports. Piper Jaffray Companies started coverage on shares of Canopy Growth in a research note on Wednesday, January 9th. They issued an “overweight” rating and a $40.00 target price for the company. TheStreet raised shares of Canopy Growth from a “d+” rating to a “c” rating in a research note on Friday, March 1st. Jefferies Financial Group started coverage on shares of Canopy Growth in a research note on Monday, February 25th. They issued a “hold” rating for the company. CIBC began coverage on shares of Canopy Growth in a research note on Friday, January 18th. They set an “outperform” rating for the company. Finally, GMP Securities cut shares of Canopy Growth from a “buy” rating to a “hold” rating in a research note on Tuesday, February 19th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and five have given a buy rating to the stock. Canopy Growth presently has a consensus rating of “Hold” and a consensus price target of $49.32.

Shares of CGC traded up $0.75 during mid-day trading on Monday, reaching $46.76. 7,093,565 shares of the company’s stock were exchanged, compared to its average volume of 10,478,868. The company has a debt-to-equity ratio of 0.10, a current ratio of 17.85 and a quick ratio of 0.49. Canopy Growth has a 52-week low of $18.93 and a 52-week high of $59.25. The stock has a market cap of $10.64 billion, a price-to-earnings ratio of -146.13 and a beta of 4.46.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp lifted its holdings in shares of Canopy Growth by 3,902.3% during the 3rd quarter. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp now owns 344,200 shares of the marijuana producer’s stock valued at $21,599,000 after acquiring an additional 335,600 shares in the last quarter. TD Asset Management Inc. lifted its holdings in shares of Canopy Growth by 13.7% during the 3rd quarter. TD Asset Management Inc. now owns 749,234 shares of the marijuana producer’s stock valued at $36,372,000 after acquiring an additional 90,068 shares in the last quarter. Morgan Stanley lifted its holdings in shares of Canopy Growth by 243.3% during the 3rd quarter. Morgan Stanley now owns 4,144,694 shares of the marijuana producer’s stock valued at $201,598,000 after acquiring an additional 2,937,286 shares in the last quarter. HRT Financial LLC acquired a new position in shares of Canopy Growth during the 3rd quarter valued at $1,119,000. Finally, Vanguard Group Inc. lifted its holdings in shares of Canopy Growth by 4.4% during the 3rd quarter. Vanguard Group Inc. now owns 4,310,420 shares of the marijuana producer’s stock valued at $209,658,000 after acquiring an additional 180,130 shares in the last quarter. 13.50% of the stock is owned by institutional investors.

Canopy Growth Company Profile

Canopy Growth Corp. engages in the production and sale of medical cannabis. The company offers products including oils and concentrates, soft gel capsules, and hemp. It focuses on the treatment of chronic pain, seizures, muscle spasms, nausea, and loss of appetite. The company was founded by Bruce Linton on August 5, 2009 and is headquartered in Smith Falls, Canada.

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Earnings History and Estimates for Canopy Growth (NYSE:CGC)

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Judge upholds verdict clearing Juniper of infringing Finjan patent

A federal judge has upheld a jury’s finding that cybersecurity company Juniper Networks Inc did not infringe a claim in a malware detection patent held …

A federal judge has upheld a jury’s finding that cybersecurity company Juniper Networks Inc did not infringe a claim in a malware detection patent held by licensing company Finjan Inc.

U.S. District Judge William Alsup in San Francisco federal court ruled Monday that “there exists substantial evidence supporting the jury’s verdict of noninfringement,” rejecting Finjan’s argument to set aside the verdict as unsupported by the evidence and enter judgment of infringement.

To read the full story on Westlaw Practitioner Insights, click here: bit.ly/2HgjK0s

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Ethereum (ETH) Is Not a Security, SEC Chairman Hints on Official Response to Congressman

Securities and Exchange Commission Chairman Jay Clayton confirmed an existing analysis stating that Ethereum and other tokens of similar …

Securities and Exchange Commission Chairman Jay Clayton confirmed an existing analysis stating that Ethereum and other tokens of similar characteristics did not fall within the securities category under SEC standards.

Comm. Jay Clayton

Mr. Clayton issued that statement in an official response to US House Rep. Ted Budd, who requested a formal pronouncement from the commission asking to clarify certain positions regarding cryptocurrencies. One clarification he asked for was to corroborate whether the opinions expressed by William Hinman, SEC Director of the Division of Corporate Finance, were representational or personal in nature.

As previously reported by Ethereum World News, Mr. Hinman was invited to the All Markets Summit organized by Yahoo Finance on Thursday, 14 June 2018 as a member of the SEC, and during that event explained that because of its characteristics, ETH (the native cryptocurrency of the Ethereum network) was not considered a security:

“When we think about how ether today is operating, at least, we see a highly decentralized” network, not the type of centralized actor that characterizes securities offerings. In its current state, we don’t see value regulating it.”

However, despite the positive effect this opinion had on the markets, the non-formal nature of this event raised doubts in the community. This motivated Mr. Ted Budd and a group of congressmen to ask the SEC for greater clarity regarding cryptocurrencies, ICOs and the like:

Ethereum and Other Projects Don’t Pass The “Howey Test”

Mr. Clayton’s official communication on behalf of the SEC points out that while each cryptocurrency, token or ICO must be evaluated individually, the general criteria allow the civil society to have an approximate understanding of whether a token is a security by applying the Howey Test.

“We also apply tests developed through case law, including the well-established “investment contract”* test articulated by the Supreme Court in SEC v. Howey and its progeny, including United Housing Found, Inc. v. Forman. As those cases explain, the “touchstone” of an investment contract “is the presence of an investment in a common venture premised on a reasonable expectation of profits to be derived from the entrepreneurial or managerial efforts of others.” The determination of whether a digital asset is an “investment contract” depends on the application of Howey and its progeny to the particular facts and circumstances of the digital asset transaction.”

Broadly, according to the Howey Test, a transaction is an investment contract if:

  1. It is an investment of money
  2. There is an expectation of profits from the investment
  3. The investment of money is in a common enterprise
  4. Profit comes from the efforts of a promoter or third party

Good News For The Ecosystem

For further clarity, Mr. Clayton specifically referred to the words of William Hinman, Director of the SEC’s Division of Corporate Finance. In the letter, Comm. Clayton confirmed that Ether (and tokens of similar characteristics) were not considered Securities:

“Your letter also asks whether I agree with certain statements concerning digital tokens in Director Hinman’s June 2018 speech. I agree that the analysis of whether a digital asset is offered or sold as a security is not static and does not strictly inhere to the instrument. A digital asset may be offered and sold initially as a security because it meets the definition of an investment contract, but that designation may change over time if the digital asset later is offered and sold in such a way that it will no longer meet that definition. I agree with Director Hinman’s explanation of how a digital asset transaction may no longer represent an investment contract if, for example, purchasers would no longer reasonably expect a person or group to carry out the essential managerial or entrepreneurial efforts. Under those circumstances, the digital asset may not represent an investment contract under the Howey framework.”

Mr. Clayton’s statements are of special importance for traders of ETH and other similar tokens since they open the doors to American exchanges to operate freely without the uncertainty of being accused in the future of illegal operations with undeclared securities.

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SEC approves first ICO portal, still unnamed

The Securities and Exchange Commission’s (SEC) board of directors have approved the first initial coin offering (ICO) portal and are likely to issue a …

The Securities and Exchange Commission’s (SEC) board of directors have approved the first initial coin offering (ICO) portal and are likely to issue a criteria for applications for securities token offerings (STO) soon.

ICO portals help screen ICOs, conduct due diligence, prove smart contract source codes and verify the know-your-customer process.

Thailand’s first authorised ICO portal is being finalised for official approval with the relevant government agencies such as the Commerce Ministry, said Archari Suppiroj, director of the fintech department at the SEC.

A foreign company is the operator of this authorised ICO portal, she said, without mentioning any names.

Roughly 7-8 companies conducted pre-consultations with the SEC to operate ICO portals, said Ms Archari.

“The first ICO deal will be available for public offering in the near future under the digital asset royal decree,” she said.

Digitisation of other asset types, such as securities, to raise funds by launching an STO is prohibited as securities-related transactions fall under the purview of a different law, said Ms Archari.

Those interested in launching an STO need to apply for a licence as securities operations are supervised under the Securities and Exchange Act.

“In the future, the SEC will issue a criteria that allows companies to apply tokenisation to securities and other assets,” she said.

“This will help bridge the digital asset royal decree and securities law.”

In February, the National Legislative Assembly approved an amendment of the Securities and Exchange Act to support scripless securities issuance, whereby the securities depository centre is not limited to the Thailand Securities Depository (TSD), owned by the Stock Exchange of Thailand.

Once the amendment becomes effective, investors can deposit their assets at any securities depository centre licensed by the SEC.

“The next step is for an issuer to offer security tokens in the primary market,” said Ms Archari.

The SEC will issue rules on depository centres and regulations to support tokenisation, as well as change the role of related parties such as financial advisers and underwriters.

The market regulator aims to create a level playing field for anyone who has profound knowledge of digitisation and tokenisation, together with the ability to become intermediaries for STOs, she said.

Ms Archari said the ICO market has started to graduate from project-based and intangible ideas to ICOs backed by physical assets such as real estate.

For investors, the key element for investment is knowledge and understanding, such as knowing the rights of an asset, risks and limitations, she said.

Jirayut Srupsrisopa, co-founder and chief executive at Bitkub Capital Group Holdings, said all assets can be digitised and tokenised with blockchain.

“We can trade property, diamonds, gold or even intellectual property with a T+0 settlement [period] on digital platforms,” said Mr Jirayut.

“The market has high potential to grow because the law has been set.”

Unlocking regulations to facilitate the growth of digital assets will open the doors for institutional investors, jump-starting future growth potential and scaling up investment impact, he said.

“Thailand has a supportive environment where lawyers and regulators understand the new global movement [on virtual asset classes],” said Mr Jirayut.

Some startups use blockchain in the asset digitisation process such as Everledger, a tech startup that offers an authentication platform to keep a single print of the reference number of diamonds and vintage wines to use as reference for trading, he said.

This is similar to a depository centre or register, such as TSD’s operations for traditional securities trade.

“TSD or commercial banks, which have broad public trust, will be able to expand their businesses to other asset classes, including digital assets,” said Mr Jirayut.

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