Lyntris (NYSE:LYNX) Shares Gap Up on Strong Earnings

Lyntris Inc. (NYSE:LYNX)’s share price gapped up prior to trading on Thursday following a better than expected earnings announcement. The stock had previously closed at $9.39, but opened at $11.30. Lyntris shares last traded at $11.43, with a volume of 321,725 shares trading hands.

The company reported $0.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.08 by $0.07. The firm had revenue of $194.43 million during the quarter. During the same period in the prior year, the company posted $0.02 EPS. Lyntris’s revenue for the quarter was up 90.4% on a year-over-year basis.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on LYNX. Raymond James Financial raised shares of Lyntris from an “outperform” rating to a “strong-buy” rating and set a $18.00 price objective for the company in a report on Thursday. Guggenheim assumed coverage on shares of Lyntris in a research note on Monday, September 14th. They set a “buy” rating and a $20.00 target price on the stock. Bank of America assumed coverage on Lyntris in a research report on Monday, September 14th. They set a “buy” rating and a $21.00 target price on the stock. William Blair began coverage on Lyntris in a research note on Monday, September 14th. They issued an “outperform” rating for the company. Finally, Citigroup began coverage on Lyntris in a report on Monday, September 14th. They issued a “buy” rating and a $19.00 price target for the company. Two research analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of “Buy” and a consensus price target of $19.86.

Insider Buying and Selling at Lyntris

In other news, President Matthew Alty sold 238,583 shares of Lyntris stock in a transaction dated Thursday, August 20th. The shares were sold at an average price of $16.45, for a total value of $3,924,690.35. Following the sale, the president owned 1,789,377 shares in the company, valued at $29,435,251.65. This trade represents a 11.76% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Trive Capital Holdings Llc sold 8,333,333 shares of the business’s stock in a transaction dated Thursday, August 20th. The stock was sold at an average price of $17.50, for a total transaction of $145,833,327.50. Following the sale, the insider directly owned 11,966,544 shares of the company’s stock, valued at $209,414,520. This represents a 41.05% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 8,912,282 shares of company stock valued at $155,357,039.

Lyntris Stock Up 22.6%

The stock has a 50 day moving average of $12.38.

About Lyntris

Lyntris Inc is a defense technology company delivering sense-to-act connectivity solutions for the modern, connected battlespace. Lyntris Inc is based in WASHINGTON.