ScanSource (NASDAQ:SCSC) Stock Passes Above 200 Day Moving Average – Here’s Why

ScanSource, Inc. (NASDAQ:SCSC)’s stock price passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $41.40 and traded as high as $51.83. ScanSource shares last traded at $51.63, with a volume of 181,710 shares changing hands.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on SCSC. Weiss Ratings upgraded ScanSource from a “hold (c)” rating to a “hold (c+)” rating in a report on Friday, May 29th. Wall Street Zen raised ScanSource from a “hold” rating to a “buy” rating in a research report on Saturday, June 6th. Finally, Zacks Research upgraded ScanSource from a “strong sell” rating to a “hold” rating in a research note on Tuesday, April 7th. Three analysts have rated the stock with a Hold rating, According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $43.00.

ScanSource Stock Down 0.7%

The company has a market capitalization of $1.08 billion, a price-to-earnings ratio of 16.08, a price-to-earnings-growth ratio of 0.83 and a beta of 1.28. The firm’s 50 day moving average price is $47.32 and its two-hundred day moving average price is $41.57. The company has a current ratio of 1.86, a quick ratio of 1.20 and a debt-to-equity ratio of 0.11.

ScanSource (NASDAQ:SCSC) last issued its earnings results on Thursday, May 7th. The industrial products company reported $0.94 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.91 by $0.03. ScanSource had a net margin of 2.38% and a return on equity of 9.35%. The business had revenue of $758.59 million during the quarter, compared to the consensus estimate of $738.55 million. During the same period last year, the business posted $0.86 EPS. ScanSource’s revenue was up 8.8% on a year-over-year basis. Sell-side analysts anticipate that ScanSource, Inc. will post 3.9 earnings per share for the current fiscal year.

Institutional Trading of ScanSource

A number of hedge funds have recently made changes to their positions in the business. Canada Pension Plan Investment Board acquired a new position in shares of ScanSource during the 2nd quarter worth approximately $25,000. Royal Bank of Canada lifted its holdings in ScanSource by 165.0% during the 4th quarter. Royal Bank of Canada now owns 1,876 shares of the industrial products company’s stock valued at $73,000 after purchasing an additional 1,168 shares during the last quarter. Osaic Holdings Inc. boosted its position in ScanSource by 400.5% during the second quarter. Osaic Holdings Inc. now owns 2,087 shares of the industrial products company’s stock worth $87,000 after purchasing an additional 1,670 shares during the period. Tower Research Capital LLC TRC boosted its position in ScanSource by 672.0% during the second quarter. Tower Research Capital LLC TRC now owns 4,632 shares of the industrial products company’s stock worth $194,000 after purchasing an additional 4,032 shares during the period. Finally, Harbor Capital Advisors Inc. increased its holdings in shares of ScanSource by 12.7% in the fourth quarter. Harbor Capital Advisors Inc. now owns 5,233 shares of the industrial products company’s stock valued at $204,000 after purchasing an additional 590 shares during the last quarter. 97.91% of the stock is owned by institutional investors and hedge funds.

ScanSource Company Profile

ScanSource, Inc is a global provider of technology products and solutions designed to help businesses enhance operational efficiency and customer engagement. The company specializes in the distribution of point-of-sale (POS) systems, barcode and data capture devices, networking and communications equipment, and value-added software and cloud services. By combining hardware, software and professional services, ScanSource supports channel partners in delivering end-to-end solutions across multiple industries, including retail, hospitality, healthcare and logistics.

Founded in 1992 and headquartered in Greenville, South Carolina, ScanSource has built a broad international footprint, serving customers throughout North, Central and South America as well as Europe, the Middle East and Africa.