Equities research analysts at Brean Murray initiated coverage on shares of SeaChange (NASDAQ: SEAC) in a research note issued to investors on Thursday. The firm set a “buy” rating and a $11.00 price target on the stock.
The analysts wrote, “We believe SeaChange is well positioned to capitalize on the shift to TV Everywhere, and that new management has sharpened the company’s focus and will improve financial results. SeaChange has divested non-core assets and is now focused on three primary businesses: (1) VOD operating systems; (2) Home Gateways; and (3) VOD ad insertion. We believe each of these businesses is well positioned to capitalize on current spending trends, and initial traction gives us comfort that the company is successfully transitioning the technology cycle.”
Shares of SeaChange traded up 1.50% during mid-day trading on Thursday, hitting $8.12. SeaChange has a 52 week low of $6.29 and a 52 week high of $11.15. The company’s market cap is $266.0 million.
SeaChange last announced its earnings results on Thursday, March 29th. The company reported $0.18 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.16 by $0.02. The company’s revenue for the quarter was down 10.7% on a year-over-year basis. On average, analysts predict that SeaChange will post $0.11 earnings per share next quarter.
SeaChange International, Inc. (SeaChange) is a developer, manufacturer and marketer of digital video systems and services.