Suncrete (NASDAQ:RMIX) Stock Price Down 21.1% – Here’s Why

Suncrete (NASDAQ:RMIX) was down 21.1% during trading on Thursday. The stock traded as low as $9.58 and last traded at $9.2410. Approximately 276,837 shares traded hands during mid-day trading, a decline of 33% from the average session volume of 412,661 shares. The stock had previously closed at $11.71.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on RMIX shares. B. Riley Financial restated a “buy” rating and issued a $25.00 price objective (down from $26.00) on shares of Suncrete in a report on Wednesday, August 19th. Wall Street Zen lowered shares of Suncrete from a “sell” rating to a “strong sell” rating in a report on Saturday, October 3rd. Weiss Ratings cut shares of Suncrete from a “sell (d+)” rating to a “sell (d)” rating in a research report on Friday, October 23rd. Finally, Jefferies Financial Group reissued a “buy” rating and issued a $22.00 price target on shares of Suncrete in a research note on Tuesday, August 18th. Two analysts have rated the stock with a Strong Buy rating, three have given a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $22.25.

Suncrete Stock Performance

The company has a quick ratio of 1.15, a current ratio of 1.40 and a debt-to-equity ratio of 0.56. The stock has a 50-day moving average of $12.19 and a 200 day moving average of $15.98. The stock has a market cap of $645.98 million, a PE ratio of -62.79 and a beta of 0.93.

Suncrete (NASDAQ:RMIX) last issued its earnings results on Friday, August 14th. The company reported ($0.72) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.70). The business had revenue of $97.23 million during the quarter, compared to analyst estimates of $104.93 million. Suncrete’s quarterly revenue was up 146.2% compared to the same quarter last year. Equities analysts predict that Suncrete will post -0.01 EPS for the current fiscal year.

Institutional Investors Weigh In On Suncrete

Hedge funds and other institutional investors have recently bought and sold shares of the company. Kornitzer Capital Management Inc. KS purchased a new position in Suncrete in the third quarter worth approximately $719,000. CenterBook Partners LP increased its position in shares of Suncrete by 170.0% during the 3rd quarter. CenterBook Partners LP now owns 236,405 shares of the company’s stock worth $3,043,000 after purchasing an additional 148,853 shares during the last quarter. State of Alaska Department of Revenue acquired a new stake in shares of Suncrete during the 3rd quarter worth about $29,000. Central Pacific Bank Trust Division acquired a new stake in shares of Suncrete during the 3rd quarter worth about $32,000. Finally, State Street Corp purchased a new stake in Suncrete in the 2nd quarter valued at about $4,358,000. 71.07% of the stock is currently owned by institutional investors and hedge funds.

About Suncrete

Suncrete is a construction-materials company associated with the production and sale of ready-mixed concrete and related concrete products. Its operations support building and infrastructure projects by supplying concrete materials used in residential, commercial, industrial and other construction applications.

The company’s product and service offerings have included ready-mix concrete, concrete masonry products and related construction materials. Suncrete has historically served contractors, builders, developers and other customers involved in construction and development projects.

Publicly available information about Suncrete’s current operations, geographic footprint and leadership is limited.