BRP (NASDAQ:DOOO) Stock Price Down 2.4% - What's Next?

Key Points

• BRP shares fell 2.4% on Thursday, trading as low as $57.17 before ending near $57.93, below the previous close of $59.38.
• Analyst sentiment remains constructive overall, with BRP carrying a “Moderate Buy” consensus and an average price target of $94.75, though UBS reiterated a neutral rating.
• Institutional investors have been adding to positions, including major increases from Capital World Investors, Connor Clark & Lunn, and American Century Companies, signaling continued interest in the stock.

Shares of BRP Inc. (NASDAQ:DOOO - Get Free Report) dropped 2.4% on Thursday . The stock traded as low as $57.17 and last traded at $57.93. Approximately 232,097 shares traded hands during trading, a decline of 2% from the average session volume of 237,803 shares. The stock had previously closed at $59.38.

Wall Street Analysts Forecast Growth

Separately, UBS Group restated a "neutral" rating on shares of BRP in a report on Thursday, April 9th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and four have issued a Hold rating to the company. According to MarketBeat.com, BRP presently has an average rating of "Moderate Buy" and an average price target of $94.75.

BRP Trading Down 2.4%

The company has a 50 day moving average of $58.18 and a 200-day moving average of $66.96. The stock has a market cap of $4.23 billion, a price-to-earnings ratio of 156.57 and a beta of 1.26. The company has a debt-to-equity ratio of 4.31, a quick ratio of 0.49 and a current ratio of 1.23.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Capital World Investors lifted its holdings in BRP by 4.5% during the 3rd quarter. Capital World Investors now owns 2,323,013 shares of the company's stock worth $141,247,000 after buying an additional 100,000 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its stake in shares of BRP by 91.9% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 558,889 shares of the company's stock valued at $33,975,000 after acquiring an additional 267,686 shares in the last quarter. Mackenzie Financial Corp boosted its holdings in BRP by 7.4% in the third quarter. Mackenzie Financial Corp now owns 3,057,000 shares of the company's stock valued at $185,836,000 after purchasing an additional 209,576 shares during the period. American Century Companies Inc. grew its stake in BRP by 1,141.4% during the 3rd quarter. American Century Companies Inc. now owns 234,444 shares of the company's stock worth $14,255,000 after purchasing an additional 215,558 shares in the last quarter. Finally, Dynamic Technology Lab Private Ltd purchased a new stake in BRP during the 3rd quarter worth about $278,000.

About BRP

BRP Inc, operating under the brand name Bombardier Recreational Products, is a leader in designing, manufacturing and distributing recreational vehicles and propulsion systems for winter, on-road, off-road and water lifestyles. The company's diversified portfolio includes snowmobiles, personal watercraft, all-terrain vehicles and roadsters, all powered by in-house Rotax engines. With a focus on innovation and performance, BRP has positioned itself at the forefront of the powersports industry.

At the heart of BRP's product lineup are its flagship Ski-Doo snowmobiles and Sea-Doo personal watercraft, which serve both recreational and professional segments.

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