Take-Two Shoots Higher After Earnings: This Game Isn't Over

Take-Two Shoots Higher After Earnings: This Game Isn't Over
Take-Two Shoots Higher After Earnings: This Game Isn't Over

Take-Two Interactive Software (NASDAQ: TTWO) traded over 9 higher on Friday after posting first quarter earnings ahead of analyst estimates.

The company reported earnings per share of $0.12 and net bookings of $288.3 million, beating Wall Street expectations of $0.07 and $258.7 million, respectively.  As with other video game producers, the company accounts for net bookings which accounts for both online and in-store sales.

For Q2, Take-Two expects earnings of $0.43-0.53 per share and net bookings of $500-550 million. Wall Street however estimates net bookings of $586 million. Nonetheless, most analysts raised their 12-month price targets.

In analyzing the Take-Two market cycles, we can see that it may have hit its cycle low early, now beginning the rising phase of the next cycle. Benefiting from strong momentum and having started a rising phase, we believe TTWO may be set to make new highs. Our intermediate term projection is $140, based on its Fibonacci extensions and cyclical formations.

Take-Two Stock Chart with Weekly Bars

Related Links:

'Fortnite' Mania Spreads As Game Debuts On Nintendo Switch

Piper Jaffray Raises Funko Price Target, Projects 'Strong Commercial Opportunities'

The preceding article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.

This article was written by cool news network.

Get the latest news delivered to your inbox

Follow us on social media networks

PREV EyeGate Pharmaceuticals Reports Second Quarter 2018 Financial Results and Provides Business Update
NEXT Hemisphere Media Group Announces Second Quarter 2018 Financial Results