Bridgford Foods (NASDAQ:BRID) Stock Price Crosses Above 50 Day Moving Average - Here's What Happened

Key Points

• Bridgford Foods shares have recently crossed above their 50-day moving average, reaching a high of $7.95 during trading, with the latest price at $7.74.
• The company reported a quarterly loss of ($0.43) earnings per share alongside revenues of $50.64 million, indicating a negative return on equity and net margin.
• Institutional investors are showing interest, with notable investments including Nuveen LLC acquiring a new stake valued at $570,000 in the first quarter.

Shares of Bridgford Foods Corporation (NASDAQ:BRID - Get Free Report) passed above its 50 day moving average during trading on Tuesday . The stock has a 50 day moving average of $7.81 and traded as high as $7.95. Bridgford Foods shares last traded at $7.74, with a volume of 979 shares traded.

Bridgford Foods Stock Up 1.4%

The firm's 50-day simple moving average is $7.81 and its 200 day simple moving average is $8.75. The firm has a market cap of $70.51 million, a P/E ratio of -9.47 and a beta of -0.24.

Bridgford Foods (NASDAQ:BRID - Get Free Report) last released its earnings results on Monday, June 2nd. The company reported ($0.43) earnings per share (EPS) for the quarter. Bridgford Foods had a negative return on equity of 5.86% and a negative net margin of 3.29%. The firm had revenue of $50.64 million during the quarter.

Hedge Funds Weigh In On Bridgford Foods

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Nuveen LLC purchased a new stake in shares of Bridgford Foods during the 1st quarter valued at approximately $570,000. Renaissance Technologies LLC purchased a new stake in shares of Bridgford Foods during the fourth quarter worth $124,000. Finally, Northern Trust Corp boosted its holdings in shares of Bridgford Foods by 28.6% in the fourth quarter. Northern Trust Corp now owns 31,913 shares of the company's stock worth $343,000 after acquiring an additional 7,093 shares during the period. Institutional investors own 4.68% of the company's stock.

Bridgford Foods Company Profile

Bridgford Foods Corporation, together with its subsidiaries, manufactures, markets, and distributes frozen and snack food products in the United States. It operates in two segments, Frozen Food Products and Snack Food Products. The company offers biscuits, bread dough items, roll dough items, and dry sausage and beef jerky products, as well as ready to eat sandwiches and non-refrigerated snack food products.