Dick’s Sporting Goods (NYSE:DKS) stock continues to see negative movement on Wednesday after experiencing a horrible fall on Tuesday.
That drop was actually the worst day on record for the retailer. It saw the company’s shares fall 24.2% after its earnings report for the second quarter of 2023 failed to impress investors. Given how bad that drop was, it makes sense we’d see the negative momentum continue into today.
The bad news from that earnings report includes earnings per share of $2.82 alongside revenue of $3.22 billion. Both of these came in below Wall Street’s estimate of $3.80 per share and revenue of $3.24 billion.
DKS Stock Hit With Downgrade
After posting those poor earnings results for Q2, Dick’s Sporting Goods is taking another blow today with a downgrade. That comes from Bank of America analyst Robert Ohmes and is in direct response to the latest earnings miss.
Ohmes dropped DKS stock from a “buy” rating to a “neutral” rating. He did so while also decreasing the firm’s price target for Dick’s Sporting Goods shares from $180 to $120. That represents a potential upside of 12% over the next 12 months for the shares.
The majority of stock movement related to the Q2 earnings miss happened yesterday when some 19 million shares changed hands. As such, only about 75,000 shares have changed hands as of this writing. For comparison, the company’s daily average trading volume is about 1.5 million shares.
DKS stock is down 2.2% as of Wednesday morning.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
