Rentrak Shares Plummet On Q3 Results, Negative Conference Call Commentary

Shares of Rentrak Corporation RENT are sharply lower on Friday following the company’s third-quarter financial results.

For the third quarter, Rentrak reported EPS of $0.09 on revenue of $26.87 million.

Following the release, analysts at Wunderlich Securities downgraded shares of Rentrak from Buy to Hold and lowered the price target from $93 to $60 per share.

Analysts at the firm downgraded the stock due to the company’s downbeat third quarter earnings call.

During the call Rentrak management suggested “80% TV Everywhere top line advances are now unsustainable.” In addition, Wunderlich analysts are cautious on margins due to higher R&D expenses.

Moreover, Brean Capital analysts also lowered the price target on shares of Rentrak from $95 to $86 following the earnings report.

Shares of Rentrak recently traded at $51.45, down 36 percent.