Shares of Telos (NASDAQ: TLS) plunged almost 70% after it reported earnings for its third quarter of Fiscal Year 2022. Adjusted earnings per share came in at $0.10, which beat analysts’ consensus estimate of $0.02 per share. Sales decreased by 7.8% year-over-year, with revenue hitting $63.59 million. This beat analysts’ target by $3.97 million.
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However, management lowered its guidance for Fiscal Year 2022 to a range of $213 million to $217 million. For reference, it was previously in the range of $226 million to $242 million.
Is TLS Stock a Good Buy?
Prior to the earnings report, TLS stock had a Strong Buy consensus rating based on three Buys, one Hold, and zero Sells assigned in the past three months. The average TLS stock price target was $12.50, implying 272% upside potential. However, this is likely to change following the lowered guidance.
