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Why is Leslies Inc (LESL) Stock down?
Shares of Leslies Inc (LESL) dropped by 5.74% from $5.23 to $4.93 in the trading on Thursday, November 30, 2023. The reason why LESL is down today is due to recent updates in analyst ratings and price targets.
- Analyst Targets: In the past three months, four analysts have provided 12-month price targets for Leslies. The average target is $5.50, with a high of $6.00 and a low of $5.00. This current average is 32.68% lower than the previous average target of $8.17.
- Analyst Views: Analyst sentiment is evident in their ratings. More bullish ratings indicate positive sentiment, while bearish ratings suggest a negative outlook. The decrease in the average price target reflects a less optimistic stance among analysts.
Shares of Leslies Inc (LESL) dropped by 10.14% from $5.82 to $5.23 in the trading on Wednesday, November 29, 2023. The reason why LESL is down today is due to the company's mixed financial results for the fourth quarter.
- Earnings and Revenue Results: Leslies, a swimming pool supplies retailer, reported Q3 earnings per share (EPS) of $0.14, which missed analyst estimates of $0.16 by $0.02. However, revenue for the quarter came in at $432.4 million, exceeding the consensus estimate of $419.39 million. Despite this, revenue was 9.1% lower compared to the same period the previous year.
- Challenges Faced by the Company: The company mentioned facing various transient challenges in 2023, following three years of unprecedented growth, which impacted its financial results through the fiscal fourth quarter. Despite these challenges, Leslie's continued to provide exceptional service to its customers.
- Forward-Looking Guidance: For the fiscal year 2024, Leslie's expects EPS in the range of $0.25 to $0.33, compared to the consensus estimate of $0.30. Revenue is anticipated to be between $1.41 billion and $1.47 billion, against the consensus of $1.438 billion.
LESL's stock fell 18.51% because Jefferies downgraded Leslies from Buy to Hold and lowered the price target from $15 to $7. Last week, the company announced problematic preliminary financial results.
LESL's stock fell 29.62% as a result of the company's release of lower-than-expected revenue and seed-adjusted earnings for its fiscal third quarter, alongside the news of a CFO transition as the CFO Steve Weddell is stepping down from his role.
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