NEW YORK (TheStreet) -- Shares of Iconix Brand Group (ICON) - Get Report recovered 6.41% to $27.04 in morning trading Tuesday as investors swooped in after the stock hit a 52-week low Monday following the departure of COO Seth Horowitz.
The brand management company disclosed in an 8-K filing with the SEC on Friday that Horowitz had tendered his resignation on April 13. He served as COO for approximately one year.
Iconix said in the filing that it does not plan to seek a new COO at this time, and "the broader Iconix team" will assume Horowitz's responsibilities.
Horowitz's departure comes mere weeks after Chief Financial Officer Jeff Lupinacci notified the company on March 24 of his intention to resign, with 60 days' notice, to pursue another business opportunity. Iconix decided to make the resignation effective on March 30.
More than 2.7 million shares had changed hands as of 10:47 a.m., compared to the daily average volume of 1,226,810.
Insight from TheStreet Research Team
David Peltier commented on Iconix in a recent post on Real Money. Here is what Peltier had to say about the stock:
U.S. stocks followed Europe's lead on Monday and the broader stock market averages closed 0.9% to 1.3% higher. Technology and utility names led the way higher. Hasbro (HAS) - Get Report was the big single winner of the session, gaining more than 12%, on a higher earnings outlook.
Faro Technologies(FARO) - Get Report was the big earnings-related loser of the session, falling more than 25%. Licensed apparel firm Iconix also fell 20%, after facing its second C-level executive departure in the past month.
In after-hours action, Fortinet(FTNT) - Get Report and Lam Research(LRCX) - Get Report are each trading 8% higher, after posting better-than-expected quarterly results. On the other hand, Sanmina (SANM) - Get Report is trading down 11%, after announcing lower-than-expected earnings.
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Separately, TheStreet Ratings team rates ICONIX BRAND GROUP INC as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate ICONIX BRAND GROUP INC (ICON) a BUY. This is driven by a number of strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, expanding profit margins and notable return on equity. We feel these strengths outweigh the fact that the company shows weak operating cash flow."
You can view the full analysis from the report here: ICON Ratings Report