Brilliant Earth Group (NASDAQ:BRLT) Shares Down 6.6% - Here's Why

Key Points

• Brilliant Earth Group's stock price dropped 6.6% to $2.11, with trading volume down 92% from its average.
• Research firms have issued various ratings, with Zacks Research downgrade to a "strong sell" and a target price of $1.80.
• The company announced a dividend of $0.25 per share to be paid on September 8th for stockholders of record on August 22nd.

Shares of Brilliant Earth Group, Inc. (NASDAQ:BRLT - Get Free Report) dropped 6.6% during mid-day trading on Friday . The stock traded as low as $1.95 and last traded at $2.11. Approximately 266,629 shares were traded during mid-day trading, a decline of 92% from the average daily volume of 3,253,857 shares. The stock had previously closed at $2.26.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the company. Cowen reissued a "hold" rating on shares of Brilliant Earth Group in a research report on Friday, August 8th. Zacks Research lowered Brilliant Earth Group from a "hold" rating to a "strong sell" rating in a report on Friday, August 15th. Finally, Telsey Advisory Group restated a "market perform" rating and issued a $2.00 price target on shares of Brilliant Earth Group in a research report on Thursday, August 7th. Three investment analysts have rated the stock with a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Reduce" and an average target price of $1.80.

Brilliant Earth Group Trading Down 4.6%

The business has a 50-day moving average of $1.68 and a two-hundred day moving average of $1.54. The firm has a market cap of $269.23 million, a P/E ratio of -89.17 and a beta of 1.35.

Brilliant Earth Group Dividend Announcement

The company also recently declared a dividend, which will be paid on Monday, September 8th. Stockholders of record on Friday, August 22nd will be issued a dividend of $0.25 per share. The ex-dividend date is Friday, August 22nd.

Institutional Investors Weigh In On Brilliant Earth Group

Several hedge funds have recently added to or reduced their stakes in BRLT. Renaissance Technologies LLC grew its holdings in Brilliant Earth Group by 6.1% during the 4th quarter. Renaissance Technologies LLC now owns 129,400 shares of the company's stock worth $272,000 after acquiring an additional 7,400 shares during the last quarter. Mariner LLC acquired a new position in shares of Brilliant Earth Group during the fourth quarter worth $105,000. XTX Topco Ltd acquired a new position in shares of Brilliant Earth Group during the fourth quarter worth $38,000. Northern Trust Corp grew its stake in shares of Brilliant Earth Group by 64.0% in the fourth quarter. Northern Trust Corp now owns 73,024 shares of the company's stock worth $153,000 after purchasing an additional 28,505 shares during the last quarter. Finally, Jane Street Group LLC acquired a new stake in Brilliant Earth Group in the fourth quarter valued at $25,000. 70.41% of the stock is currently owned by institutional investors and hedge funds.

Brilliant Earth Group Company Profile

Brilliant Earth Group, Inc designs, procures, and sells diamonds, gemstones, and jewelry in the United States and internationally. The company's product assortment and merchandise include a collection of diamond engagement rings, wedding and anniversary rings, gemstone rings, and fine jewelry. It sells directly to consumers through its omnichannel sales platform, including e-commerce and showrooms.