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Weakness Seen in Ingles Markets (IMKTA): Stock Tumbles 12.3%

Ingles Markets, IncorporatedIMKTA saw a big move last session, as the company's shares fell by over 12% on the day. The move came on pretty good volume too with far more shares changing hands than in a normal session. This breaks the recent trend of the company, as the stock is now trading below the volatile price range of $50.59 to $57.68 in the past one-month time frame.

Shares fell after the Ingles Markets reported a 7.8% slump in profits for fourth quarter of fiscal 2015 on Dec 10. Notably, lower revenues and higher expenses led to the decline in the company's profit.

This slump shouldn't be too much of a surprise to investors, as the leading supermarket chain has seen 1 negative revision in the past few weeks and its current year earnings consensus has moved lower over the last 30 days. This suggests there may be more trouble down the road. So make sure to keep an eye on this stock going forward to see if this recent slump will continue, as the earnings picture definitely suggests that this might be the case.

IMKTA currently has a Zacks Rank #4 (Sell).

A better-ranked stock in the retail sector is The Kroger Co. KR , which currently carries a Zacks Rank #2 (Buy).

Is IMKTA going up? Or down? Predict to see what others think: Up or Down

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INGLES MARKET A (IMKTA): Free Stock Analysis Report

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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