HireRight rises on upbeat forecast, results

HireRight Holdings

22/03/2022 16:01

** Shares of screening services provider  HRT.N  up 21.6% at
$15.26 - set for their best session
    ** Co on Monday forecast FY22 revenue between $805 mln and
$820 mln, compared with analysts' estimates of $769 mln
 urn:newsml:reuters.com:*:nBw78gp1Va
    ** Also reported a 32.3% rise in Q4 revenue to $198.5 mln,
beating expectations
    ** But at least 3 brokerages cut PT on stock, with Stifel
lowering it to $18.5 from $21 and Truist trimming it by $3 to
$17
    ** "We believe industry competition, ongoing need for tech
investment and normalizing structural screening demand will
limit multiple expansion" - Truist
    ** Avg. rating of 10 analysts is "buy"; median PT is $21.50
- Refinitiv data
    ** Stock had fallen ~4% YTD

    

 (Reporting by Tiyashi Datta in Bengaluru)
 ((tiyashi.datta@thomsonreuters.com))