After announcing better than expected quarterly earnings, popular restaurateur Jack in the Box ( JACK ) reported a high trading volume after-hours Tuesday. Shares gained about 3.5% during after-hours trading, and are up over 7% now. Approximately 1,056,993 shares were traded during mid-day trading, a sharp increase of 89% from the average volume of roughly 550,000 shares.
The company reported an EPS of $0.93 for the quarter, beating analyst estimates of $0.87 by $0.06.
Revenue for Jack in the Box was $468.62 million for the quarter, compared to the consensus estimate of $459.80 million. Quarterly revenue was up around 4.1% on a year-over-year basis.
Analysts, such as those in the Zacks Consensus, have recently re-assessed the burger chain, upgrading shares of Jack in the Box from a "neutral" rating to an "outperform" rating and set a $86.20 price target on the stock in a research note on Monday, January 26th.
Currently, shares of Jack in the Box are trading upwards of 6.5% during mid-day trading Wednesday. Jack in the Box sits at a Zacks Rank #2 (Buy), and is in the top 16% in Zacks Industry Rank: Retail-Restaurants.
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