Lower guidance for its fiscal third quarter and corresponding analyst downgrades sent shares of tech company CalAmp Corp. (CAMP) sharply lower on Tuesday.
Shares in the California-based company slid more than 15% to $14.41 on the Nasdaq Stock Exchange. The company's stock has fallen more than 43% from its 52-week high of $25.45 reached in early March.
Investors sold the company's stock after it announced after the market close on Monday that it now expects to report third-quarter non-GAAP per-share earnings of 23 cents to 25 cents, below analysts' estimates of per-share earnings of 32 cents.
A downgrade to "outperform" from "strong buy" with a lowered price target of $22 by First Analysis analyst Howard Smith added to investors' concerns about the company's financial prospects.
A separate downgrade to "market perform" from "outperform" by Northland Capital Markets analyst Michael Latimore also sent shares lower. Latimore revised his one-year target for the company's stock to $17 from $26.
Separately, CalAmp's board of directors on Tuesday authorized a new stock repurchase program of $20 million. The company currently has about 34.3 million shares of common stock outstanding.
CalAmp creates and maintains technology including software applications, scalable cloud services and intelligent devices that collect and assess business-critical data from mobile assets, cargo, companies, cities and people.