NEW YORK (TheStreet) -- Shares of Majesco Entertainment Co. (COOL) are plummeting 18.02% to $1.50 in on nearly four times normal trading volume following the video gaming company's lower than expected sales in its fiscal third quarter earnings, reported after yesterday market close.
The video game maker for Nintendo Co. (NTDOY) gaming systems, reported a loss of 58 cents per share for the quarter, worse than the loss of 56 cents per share in the same quarter of last year, and missing the consensus estimate of a loss of 42 cents per share.
Revenue was also lower than expected with $2.9 million for the third quarter compared to the consensus estimate of $6.1 million.
Separately, TheStreet Ratings team rates MAJESCO ENTERTAINMENT CO as a Sell with a ratings score of E+. TheStreet Ratings Team has this to say about their recommendation:
"We rate MAJESCO ENTERTAINMENT CO (COOL) a SELL. This is based on the dominance of unfavorable investment measures, which should drive this stock to significantly underperform the majority of stocks that we rate. The company's weaknesses can be seen in multiple areas, such as its deteriorating net income, disappointing return on equity, poor profit margins, weak operating cash flow and generally disappointing historical performance in the stock itself."
- You can view the full analysis from the report here: COOL Ratings Report