BRC (NYSE:BRCC) Shares Gap Up - Here's What Happened

Key Points

• BRC shares opened higher, rising from a prior close of $8.799 to $9.20 before last trading at $9.13; the stock was reported up 18.7%.
• Analyst sentiment is generally positive: three analysts rate BRC a Buy and one rates it Sell, producing a “Moderate Buy” consensus with a $22.50 target price.
• Insiders own 54.87% of the company, while hedge funds and institutional investors own 16.29%; recent insider activity included sales by Evan Hafer and Director Stephen M. Kadenacy.

Shares of BRC Inc. (NYSE:BRCC - Get Free Report) gapped up before the market opened on Monday . The stock had previously closed at $8.7990, but opened at $9.20. BRC shares last traded at $9.13, with a volume of 45,570 shares.

Analyst Ratings Changes

A number of brokerages recently weighed in on BRCC. Craig Hallum started coverage on BRC in a report on Monday, August 3rd. They issued a "buy" rating and a $17.50 target price on the stock. DA Davidson restated a "buy" rating and set a $25.00 price target on shares of BRC in a research note on Wednesday, August 5th. Wall Street Zen upgraded BRC from a "hold" rating to a "buy" rating in a report on Saturday, May 23rd. Finally, Weiss Ratings lowered BRC from a "sell (d-)" rating to a "sell (e+)" rating in a research note on Tuesday, August 4th. Three equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, BRC has a consensus rating of "Moderate Buy" and a consensus target price of $22.50.

BRC Stock Up 18.7%

The firm's 50-day moving average price is $11.01 and its 200-day moving average price is $10.57. The company has a market cap of $2.61 billion, a price-to-earnings ratio of -348.43 and a beta of 1.25. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.42 and a quick ratio of 0.80.

Insiders Place Their Bets

In related news, insider Evan Hafer sold 200,000 shares of the stock in a transaction on Monday, June 1st. The stock was sold at an average price of $14.90, for a total value of $2,980,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Stephen M. Kadenacy sold 10,500 shares of the stock in a transaction on Monday, August 17th. The shares were sold at an average price of $8.20, for a total value of $86,100.00. Following the completion of the sale, the director owned 23,495 shares of the company's stock, valued at approximately $192,659. This represents a 30.89% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 54.87% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On BRC

Hedge funds have recently modified their holdings of the stock. Kestra Private Wealth Services LLC acquired a new position in BRC during the 4th quarter worth approximately $26,000. Engineers Gate Manager LP acquired a new stake in BRC in the second quarter valued at approximately $27,000. Invesco Ltd. raised its stake in shares of BRC by 96.1% during the fourth quarter. Invesco Ltd. now owns 30,140 shares of the company's stock valued at $33,000 after purchasing an additional 14,769 shares during the period. Virtu Financial LLC raised its stake in shares of BRC by 82.2% during the third quarter. Virtu Financial LLC now owns 21,037 shares of the company's stock valued at $33,000 after purchasing an additional 9,492 shares during the period. Finally, BNP Paribas Financial Markets lifted its position in shares of BRC by 312.6% during the third quarter. BNP Paribas Financial Markets now owns 27,016 shares of the company's stock worth $42,000 after purchasing an additional 20,469 shares in the last quarter. 16.29% of the stock is currently owned by hedge funds and other institutional investors.

About BRC

Black Rifle Coffee Company, Inc is a veteran-owned specialty coffee roaster and retailer that offers a range of coffee products, merchandise and subscription services. The company sources, roasts and distributes its own blends and single-origin coffees, as well as ready-to-drink beverages and branded apparel. Its product lineup includes whole-bean and ground coffees, cold brew concentrates, K-cup pods and limited-edition small-batch offerings designed to appeal to active lifestyle and patriotic consumers.

Founded in 2014 by U.S.

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