Maxim Group Sticks to Their Hold Rating for Castle Brands (ROX)

Maxim Group analyst Alexander Scharf maintained a Hold rating on Castle Brands (ROX) today. The company’s shares closed on Friday at $0.83, close to its 52-week low of $0.74.

Scharf said:

“On Friday, 2/8, post-close ROX reported weaker-than-expected F3Q19 (Dec) results due to single-digit revenue declines for whiskey and ginger beer. Margins were also compressed due to lower volume, cheaper product mix, and non-recurring professional fees. The $2M expansion of ROX’s credit facility should support Jefferson’s growth, but additional high-interest floating rate debt is an incremental concern. Lowering revenue estimates; maintain Hold.”

Castle Brands has an analyst consensus of Moderate Buy, with a price target consensus of $1.75.

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The company has a one-year high of $1.42 and a one-year low of $0.74. Currently, Castle Brands has an average volume of 210.3K.

Based on the recent corporate insider activity of 42 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of ROX in relation to earlier this year. Last month, Steven D. Rubin, a Director at ROX bought 100,000 shares for a total of $23,000.

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Castle Brands, Inc. is engaged in the importation, marketing and sale of premium and super premium brands of rums, whiskey, liqueurs, vodka and tequila in the United States, Canada, Europe and Asia. It offers premium brands in beverage alcohol categories: rum, whiskey, liqueurs, vodka, tequila, and wine.

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