Hot Stock Alert – Zagg soars on 10-K Filing, Solid Numbers

March 24, 2011, 7:17 pm

Zagg Inc. (NASDAQ: ZAGG) shares surged more than 17% today after the company announced it has submitted its 10-K report ahead of its March 31, 2011, deadline. The company is scheduled to submit its proxy statement by April 30, 2011.

ZAGG reported revenue at $29.3 million for the quarter, up 157% on year over year basis. The revenue recorded 27% improvement on sequential basis. The company’s full year revenue stood at $76.1 million compared to $38.4 million in revenue for fiscal year 2009.

Zagg’s gross profit for the fourth quarter was reported at $13.4 million; gross margin was at 54% of sales. The company’s gross profit for the full year stood at $37.4 million, up from $22.1 million in gross profit for the previous year.

The company stock is currently trading at $7.50, up 17.74% from its previous close. The stock’s 50-day moving average price is $8.58 whereas its long term moving average price is at $6.12. The stock is currently trading below its 50-day average price but above 200 days moving average price. Zagg stock opened at $6.61 and touched the high of $7.70. The stock’s lowest price in today’s session is $6.54. The company stock’s EPS is $0.41. The company stock has traded in the range of $1.90 and $10.56 during the past 52 weeks. The company’s market cap is $177.42 million and its P/E ratio is 18.38.

Zagg is involved in the business of designing, manufacturing and distributing audio accessories, power solutions and protective coverings for consumer electronics. The company distributes its products under various brand names. Zagg manufactures covering for various products such as laptops, games consoles, cell phones and digital cameras. It distributes its products online as well as through big box retailers, specialty stores and mall kiosks. The company also provides other products such as ear buds, speakers, car chargers and head phones. The company is based out of Salt Lake City, Utah.

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