NEW YORK (TheStreet) -- Coastal Contacts (COA) soared to an all-time high of $11.34 on Thursday after the online retailer of contact lenses and eyeglasses announced that Essilor International would acquire it for approximately CAD$430 million.
Essilor, a Paris-based company that produces ophthalmic lenses and other ophthalmic optical equipment, will buy all issued and outstanding common shares of Coastal Contacts for CAD$12.45 a share.
The stock had already amassed a volume of more than 1.5 million by 12:40 p.m., more than 35 times its average of 41,864. It hit a low of $11.19 for the day and holds a one-year low of $4.43.
TheStreet Ratings team rates COASTAL CONTACTS INC as a "hold" with a ratings score of C-. TheStreet Ratings Team has this to say about their recommendation:
"We rate COASTAL CONTACTS INC (COA) a HOLD. The primary factors that have impacted our rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its solid stock price performance, revenue growth and largely solid financial position with reasonable debt levels by most measures. However, as a counter to these strengths, we also find weaknesses including deteriorating net income, disappointing return on equity and weak operating cash flow."