Shareholders may have noticed Hall of Fame Resort & Entertainment Company (NASDAQ:HOFV) filed its annual results this time last week. Initial reaction was not positive, with shares falling 5.5% to $3.46 last week. Hall of Fame Resort & Entertainment reported revenue of US$24 million, as expected, but unfortunately also reported a (statutory) loss of US$11.97 per share, which was slightly higher than expected. . This is important for investors as they can track a company's performance in the report, see what experts are predicting for next year and see if there have been any changes to expectations for the business. It's time. So we've gathered the latest post-earnings predictions to see what the forecasts suggest is in store for next year.
Check out our latest analysis for Hall of Fame Resort & Entertainment.
Considering the latest results, the current consensus from Hall of Fame Resorts & Entertainment's independent analysts is for revenue in 2024 of US$28.5m. This reflects a solid 18% increase in revenue over the last twelve months. Losses are expected to decline, narrowing by 19% from last year to USD 8.82. Before this latest report, consensus had been expecting revenue of $40 million and loss of $8.70 per share. As such, views have changed significantly following the recent consensus update, with the analysts making a significant downward revision to their revenue forecasts, but leaving the loss per share figure unchanged.
The analyst lowered his price target by 33% to US$8.00 per share, suggesting declining revenue and continued losses are contributing to the lower valuation.
One way to get more context about these forecasts is to compare them to their past performance and to the performance of other companies in the same industry. It's clear that Hall of Fame Resorts & Entertainment's revenue growth is expected to slow significantly, with revenue expected to grow 18% on an annualized basis to the end of 2024. This compares to a historical growth rate of 28% over the past five years. For comparison, other companies in the industry that are covered by analysts are expected to grow their revenue at 9.8% per year. Despite the predicted slowdown in growth, it seems clear that Hall of Fame Resorts & Entertainment is also expected to grow faster than the industry as a whole.
conclusion
Most importantly, the analysts reaffirmed their loss per share forecasts for next year. Unfortunately, they've also revised down their revenue estimates, although the latest forecasts still suggest the business will grow faster than the broader industry. Furthermore, the analysts have also lowered their price targets, suggesting that the latest news has increased their pessimism about the business's intrinsic value.
With that in mind, you can't jump to conclusions about Hall of Fame Resort & Entertainment. Long-term profitability is far more important than next year's profits. At least she has one analyst providing her forecasts to 2026, which you can see for free on the platform here.
It is also noteworthy that we discovered 3 Warning Signs for Hall of Fame Resort & Entertainment (1 is not very good for us!) You have to take that into account.
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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts using only unbiased methodologies, and articles are not intended to be financial advice. This is not a recommendation to buy or sell any stock, and does not take into account your objectives or financial situation. We aim to provide long-term, focused analysis based on fundamental data. Note that our analysis may not factor in the latest announcements or qualitative material from price-sensitive companies. Simply Wall St has no position in any stocks mentioned.