Wall Street Zen Downgrades Suncrete (NASDAQ:RMIX) to Strong Sell

Key Points

• Wall Street Zen downgraded Suncrete (NASDAQ:RMIX) from “sell” to “strong sell,” while Weiss Ratings also lowered its rating to “sell.” However, other analysts remain bullish, giving the stock an average “Buy” rating and a $22.25 price target.
• RMIX opened at $12.22, well below its 50-day moving average of $16.02 and its 52-week high of $25.50. The company reported a quarterly loss of $0.72 per share, missing estimates by $0.70, while revenue reached $97.23 million.
• Institutional investors own approximately 71.07% of the stock, with several firms—including Alyeska Investment Group, Bank of New York Mellon, and Harraden Circle Investments—initiating positions during the second quarter.

Suncrete (NASDAQ:RMIX - Get Free Report) was downgraded by analysts at Wall Street Zen from a "sell" rating to a "strong sell" rating in a research note issued on Saturday, Wall Street Zen reports.

Several other brokerages have also recently weighed in on RMIX. Weiss Ratings cut Suncrete from a "hold (c-)" rating to a "sell (d+)" rating in a research note on Thursday, September 24th. Jefferies Financial Group reaffirmed a "buy" rating and issued a $22.00 price objective on shares of Suncrete in a research note on Tuesday, August 18th. Finally, B. Riley Financial reiterated a "buy" rating and issued a $25.00 target price (down from $26.00) on shares of Suncrete in a report on Wednesday, August 19th. Two investment analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat, Suncrete has an average rating of "Buy" and an average target price of $22.25.

Suncrete Stock Performance

Shares of RMIX opened at $12.22 on Friday. The stock has a fifty day simple moving average of $16.02. Suncrete has a fifty-two week low of $9.20 and a fifty-two week high of $25.50. The company has a market capitalization of $898.05 million, a PE ratio of -87.29 and a beta of 0.83. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.40 and a quick ratio of 1.15.

Suncrete (NASDAQ:RMIX - Get Free Report) last released its quarterly earnings data on Friday, August 14th. The company reported ($0.72) EPS for the quarter, missing the consensus estimate of ($0.02) by ($0.70). The business had revenue of $97.23 million for the quarter, compared to analyst estimates of $104.93 million. Suncrete's revenue for the quarter was up 146.2% on a year-over-year basis. As a group, research analysts forecast that Suncrete will post -0.01 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Alyeska Investment Group L.P. purchased a new stake in Suncrete in the 2nd quarter valued at about $78,044,000. Bank of New York Mellon Corp purchased a new position in shares of Suncrete during the second quarter worth approximately $27,360,000. Harraden Circle Investments LLC purchased a new position in shares of Suncrete during the second quarter worth approximately $17,647,000. State Street Corp purchased a new position in shares of Suncrete during the second quarter worth approximately $4,358,000. Finally, Susquehanna International Group LLP bought a new stake in shares of Suncrete during the second quarter valued at approximately $285,000. 71.07% of the stock is currently owned by institutional investors.

Suncrete Company Profile

Haymaker Acquisition Corp. 4 is a blank check company. It focuses on effecting a merger, share exchange, asset acquisition, share purchase, reorganization, or other business combination with one or more businesses or entities. Haymaker Acquisition Corp. 4 is based in New York.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.