Stock Alert: HealthEquity Drops 9% On Earnings Miss

(RTTNews) - Shares of the custodian of health savings accounts, HealthEquity, Inc. (HQY) are falling more than 9% Wednesday morning after the company's first-quarter earnings fell short of expectations. The company's second-quarter earnings and revenue outlook also remain lower than the Street view.

The company reported earnings on an adjusted basis of $0.43, that missed the average estimate of analysts polled by Thomson Reuters at $0.44.

Revenue for the quarter was $190 million, lower than the consensus estimate of $193.3 million.

For the second quarter, HealthEquity expects revenue to be in the range of $168 million to $173 million and adjusted earnings of $0.23 to $0.30. Analysts have a consensus earnings estimate of $0.45 per share on revenue of $191.51 million.

HQY is currently trading at $56.50. It has traded in the range of $34.40- $88.78 in the past 52 weeks.