Smith Micro Software (SMSI) Shares Gap Up on Better-Than-Expected Earnings

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Smith Micro Software, Inc. (NASDAQ:SMSI)’s share price gapped up prior to trading on Thursday after the company announced better than expected quarterly earnings. The stock had previously closed at $1.32, but opened at $1.86. Smith Micro Software shares last traded at $2.40, with a volume of 2213066 shares changing hands.

The software maker reported $0.10 earnings per share for the quarter, topping the consensus estimate of $0.01 by $0.09. The business had revenue of $7.35 million during the quarter, compared to the consensus estimate of $6.70 million. Smith Micro Software had a negative net margin of 23.11% and a negative return on equity of 71.14%.

Several analysts have weighed in on the stock. Zacks Investment Research raised shares of Smith Micro Software from a “hold” rating to a “buy” rating and set a $2.00 price target for the company in a research note on Wednesday, January 16th. ValuEngine downgraded shares of Smith Micro Software from a “buy” rating to a “hold” rating in a research note on Wednesday, January 2nd.

Large investors have recently modified their holdings of the company. Vanguard Group Inc raised its stake in shares of Smith Micro Software by 71.6% during the third quarter. Vanguard Group Inc now owns 605,031 shares of the software maker’s stock valued at $1,525,000 after acquiring an additional 252,500 shares during the last quarter. BlackRock Inc. raised its stake in shares of Smith Micro Software by 13.1% during the second quarter. BlackRock Inc. now owns 351,215 shares of the software maker’s stock valued at $804,000 after acquiring an additional 40,629 shares during the last quarter. Virtu Financial LLC bought a new position in shares of Smith Micro Software during the fourth quarter valued at about $53,000. Vanguard Group Inc. raised its stake in shares of Smith Micro Software by 71.6% during the third quarter. Vanguard Group Inc. now owns 605,031 shares of the software maker’s stock valued at $1,525,000 after acquiring an additional 252,500 shares during the last quarter. Finally, Russell Investments Group Ltd. bought a new position in shares of Smith Micro Software during the third quarter valued at about $122,000. 7.72% of the stock is owned by hedge funds and other institutional investors.

The company has a market cap of $62.03 million, a P/E ratio of -9.23 and a beta of 0.25. The company has a current ratio of 4.37, a quick ratio of 4.37 and a debt-to-equity ratio of 0.94.

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About Smith Micro Software (NASDAQ:SMSI)

Smith Micro Software, Inc develops and sells software to simplify and enhance the mobile experience to wireless service providers, device manufacturers, and enterprise businesses in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. It operates through two segments, Wireless and Graphics.

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