On August 15, 2016, Hain Celestial disclosed that it is reviewing accounting issues stemming from concessions granted to distributors that will delay the release of its fourth quarter and fiscal year 2016 financial results. Wedbush lowered shares of The Hain Celestial Group from an “outperform” rating to a “neutral” rating and reduced their target price for the stock from $51.00 to $37.00 in a report on Tuesday.
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Hain said in a statement: “During the fourth quarter, the Company identified concessions that were granted to certain distributors in the United States”.
In its release, Hain said it is “evaluating whether the revenue associated with those concessions was accounted for in the correct period and is also now evaluating its internal control over financial reporting”.
Hain said it will delay its earnings until its has completed an independent review, for which it has tapped outside counsel. The Company is working diligently on this matter and will, as soon as practicable, make a further announcement regarding the updated timing of the release of financial results and a conference call on its financial results. To appraise firm’s growth, the shareholders take help of the Price-to-Earnings-Growth ratio. Analyst expected twelve month price target of $105.08. The total 2.4 million shares were bought and sold throughout the most recent trading session more than average volume of 554.47 thousand shares. Buying continues as the stock moves higher, suggesting a strong appetite for the stock. The stock traded down to $52.90 during the day, due to lack of any buying support eventually closed down at $53.40 with a loss of -3.52% for the day.
The money flow analysis of The Hain Celestial Group (HAIN) indicates a $13.82 million of outflow was on downticks, whereas, the investors on Monday gobbled up stocks worth $14.56 million on upticks. In May 2016, the Firm’s Bodagreed an initial $50 million stock repurchase program. The Firm intends to fund any share repurchases under the new program without increasing its debt leverage profile.
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