Resources Connection (NASDAQ:RGP) Stock Rating Lowered by Wall Street Zen

Key Points

• Wall Street Zen downgraded Resources Connection from “hold” to “sell,” while Weiss Ratings also lowered its already-negative rating. Analysts remain divided, resulting in a consensus “Hold” rating.
• RGP shares opened at $2.83, near their 12-month low of $2.79 and well below the 50-day and 200-day moving averages. The company reported a quarterly loss of $0.16 per share and revenue of $98.09 million, below expectations.
• Institutional investors and hedge funds own 93.23% of the stock, with several firms recently initiating or increasing positions.

Resources Connection (NASDAQ:RGP - Get Free Report) was downgraded by stock analysts at Wall Street Zen from a "hold" rating to a "sell" rating in a research note issued to investors on Sunday, Wall Street Zen reports.

Separately, Weiss Ratings cut shares of Resources Connection from a "sell (d-)" rating to a "sell (e+)" rating in a report on Thursday. One equities research analyst has rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of "Hold".

Resources Connection Price Performance

NASDAQ:RGP opened at $2.83 on Friday. The firm has a market capitalization of $98.20 million, a PE ratio of -2.08 and a beta of 0.56. Resources Connection has a 12 month low of $2.79 and a 12 month high of $5.36. The business's fifty day moving average price is $4.05 and its 200 day moving average price is $4.16.

Resources Connection (NASDAQ:RGP - Get Free Report) last announced its quarterly earnings results on Wednesday, October 7th. The company reported ($0.16) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.17) by $0.01. Resources Connection had a negative net margin of 10.74% and a negative return on equity of 7.85%. The business had revenue of $98.09 million during the quarter, compared to the consensus estimate of $99.98 million. As a group, equities analysts anticipate that Resources Connection will post -0.44 EPS for the current year.

Hedge Funds Weigh In On Resources Connection

Several institutional investors have recently added to or reduced their stakes in RGP. DGS Capital Management LLC purchased a new stake in shares of Resources Connection in the first quarter worth about $44,000. IMC Chicago LLC acquired a new position in Resources Connection during the 1st quarter worth $68,000. Empowered Funds LLC acquired a new stake in Resources Connection during the second quarter valued at approximately $86,000. PNC Financial Services Group Inc. lifted its stake in Resources Connection by 58.5% during the first quarter. PNC Financial Services Group Inc. now owns 24,636 shares of the company's stock worth $92,000 after purchasing an additional 9,094 shares during the last quarter. Finally, Engineers Gate Manager LP bought a new position in shares of Resources Connection in the 2nd quarter worth about $121,000. 93.23% of the stock is currently owned by institutional investors and hedge funds.

About Resources Connection

Resources Connection, Inc NASDAQ: RGP, operating under the RGP brand, is a global consulting services company that helps organizations manage business-critical initiatives and transformation projects. The company provides experienced consultants and project teams to support clients on a flexible, project-based basis.

RGP's services cover areas including finance and accounting, technology, supply chain and procurement, human resources, legal and compliance, risk management, and business transformation.

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