Quiksilver, Inc. (NYSE:ZQK) announced that on July 10, 2015, the Company was notified by the New York Stock Exchange (“NYSE”) that the Company’s common stock is not in compliance with the NYSE’s continued listing standard that requires a minimum average closing price of $1.00 per share over a period of 30 consecutive trading days.
Under the NYSE’s rules, the Company has a period of six months from the date of the NYSE notice to bring its 30-day average share price back above $1.00. However, if the Company determines to remedy the non-compliance by taking action that will require shareholder approval, such as a reverse stock split, the Company must obtain shareholder approval of such action by no later than its next annual meeting, and implement such action promptly thereafter. During this period, the Company’s common stock will continue to be traded on the NYSE, subject to the Company’s compliance with other NYSElisting requirements. The Company will notify the NYSE of its intent to cure this noncompliance.
The NYSE notification does not affect the Company’s business operations or its Securities and Exchange Commissionreporting requirements. (Original Source)
Shares of Quiksilver closed today at $0.608, down $0.0038 or 0.62%. ZQK has a 1-year high of $3.54 and a 1-year low of $0.51. The stock’s 50-day moving average is $0.82 and its 200-day moving average is $1.63.
On the ratings front, Quiksilver has been the subject of a number of recent research reports. In a report issued on June 11, Roth Capital analyst Dave King reiterated a Buy rating on ZQK, with a price target of $1.50, which implies an upside of 145.9% from current levels. Separately, on June 10, D.A. Davidson’s Andrew Burns downgraded the stock to Hold and has a price target of $0.90.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Dave King and Andrew Burns have a total average return of -2.9% and 10.9% respectively. King has a success rate of 50.0% and is ranked #3309 out of 3707 analysts, while Burns has a success rate of 66.1% and is ranked #572.
Quiksilver Inc designs, develops and distributes apparel, footwear, accessories and related products, catering to the casual, youth lifestyle associated with the sports of surfing, skateboarding and snowboarding.