Coinstar Down 13% After Missing Revenue Estimates (CSTR)

Shares of Bellevue, Washington-based Coinstar, Inc. CSTR are trading down 13% at $38.48 per share during the Friday morning trading session. The day's trading range for shares of Coinstar, Inc has been between $37.80 and $40.75 per share. Analysts covering the company's stock give it a consensus price target of $58.04 per share. Volume of 6.2 million shares is already nearly 4 times the daily average volume of 1.7 million shares. Coinstar, Inc. (CSTR) announced on Thursday after the market closed that it missed consensus Wall Street revenue expectations. Coinstar, Inc announced 4th quarter earnings of 68 cents per share, on revenue of $390.8 million. According to a survey of analysts by Thomson Reuters, the average Wall Street estimate called for earnings of 68 cents per share, on revenue of $393.31 million. Chief executive officer Paul Davis said, We grew our fourth quarter revenue 31% over the prior year, and while this was not in line with our expectations, we still delivered $2.03 in earnings per share for the full year. We have taken definitive steps to correct the issues we encountered with our redbox business in the fourth quarter and will be tracking progress closely." Coinstar, Inc is a leading provider of automated retail solutions offering convenient services that make life easier for consumers and drive incremental traffic and revenue for retailers. Read more from Benzinga's Company news.