Bridgford Foods (NASDAQ:BRID) Stock Passes Above Fifty Day Moving Average - Here's Why

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 changing hands.

Bridgford Foods Stock Up 2.2%

The business has a 50-day moving average price of $7.81 and a 200-day moving average price of $8.70. The firm has a market capitalization of $70.64 million, a PE ratio of -9.49 and a beta of -0.24.

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of BRID. Northern Trust Corp grew its holdings in shares of Bridgford Foods by 28.6% during the fourth quarter. Northern Trust Corp now owns 31,913 shares of the company's stock worth $343,000 after buying an additional 7,093 shares during the last quarter. Renaissance Technologies LLC purchased a new position in shares of Bridgford Foods during the fourth quarter worth about $124,000. Finally, Nuveen LLC purchased a new position in shares of Bridgford Foods during the first quarter worth about $570,000. 4.68% of the stock is currently owned by hedge funds and other institutional investors.

About Bridgford Foods

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.