Blue Nile Down 11% After Earnings Miss And Downgrade (NILE)
February 11, 2011 4:45 PM
Shares of Seattle, Washington-based Blue Nile, Inc. (Nasdaq: NILE) are trading down 11%% at $56.63 per share during the Friday afternoon trading session. The day's trading range for shares of Blue Nile, Inc has been between $54.09 and $57.83 per share. Analysts covering the company's stock give it a consensus price target of $48.00 per share.
Volume of 1.8 million shares is far above the daily average volume of 262,000 shares.
Blue Nile, Inc. (NILE) announced after the market closed on Thursday that it missed consensus Wall Street earnings expectations. Blue Nile, Inc announced 4th quarter earnings per share of 41 cents, on revenue of $114.8 million.
According to a survey of analysts by Thomson Reuters, the average Wall Street estimate called for earnings of 43 cents per share, on revenue of $110.58 million.
The stock was also downgraded by Citigroup from a rating of Buy to a new rating of Hold.
Blue Nile, Inc is the leading online retailer of diamonds and fine jewelry.
The company has some of the highest quality standards in the industry and offers thousands of independently certified diamonds and fine jewelry at prices significantly below traditional retail.
Read more from Benzinga's Company news.
