According to D. A. Davidsons price target of 2 on the company’s stock this indicates the broker now believes there is a decrease of -4.31% from Performance Sports Group’s current price of 2.09.
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Analysts have a consensus target price of $8.57 in the 12-month period. The company recently announced the closing of one of its facilities and layoff of close to 15% of its workforce to try and come with the hard business conditions. Earlier the firm had a rating of “Buy ” on the company shares.
Shares in Performance Sports lost almost half of their value on Monday after the company said the delay in filing audited results would put it in default of agreements with its creditors.
Dan Friedberg increased its stake in Performance Sports Group Ltd (NYSE:PSG) by 621.41% based on its latest 2016Q1 regulatory filing with the SEC.
Canada’s Performance Sports Group Ltd PSG.TO PSG.N said on Wednesday it was facing an investigation by US and Canadian securities regulator, two days after the sports equipment maker said it was conducting an internal probe into its financials.
The Audit Committee and its advisors are working diligently to complete the investigation with a view to having the Company finalize the Form 10-K as soon as practicable, although at this time it is uncertain when this will occur. PSG said Monday that it delayed its annual report so it can conduct an internal probe of its accounting. Then the issue of legal actions multiplying around the company has further stirred the mucky waters for investors.
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The number of Performance Sports Group shares in issue is 45,566,000 which have a current share price of 2.09 bringing Performance Sports Group’s market capitalisation to 95.23M Dollars. Its products are marketed under the BAUER, MISSION, MAVERIK, CASCADE, INARIA, COMBAT and EASTON brand names and are distributed by sales representatives and independent distributors throughout the world. The Company is the global leader in hockey with the strongest and most recognized brand, and is a leader in North America in baseball and softball.
