Everus Construction Group, Inc. (NYSE:ECG) Sees Large Increase in Short Interest

Key Points

• Short interest rose 16.3% in April to 1,793,875 shares, representing about 3.5% of shares short and a short‑interest ratio of 3.5 days.
• Analysts are mixed with an average rating of Hold (three Buys, five Holds) and an average price target of $126.33, though Guggenheim and Stifel recently lifted their ratings/targets to $160 and $153 respectively.
• Everus reported a strong quarter—$1.08 EPS vs. $0.72 expected and revenue of $1.01B (up 33% YoY)—and the stock has rallied toward its 12‑month high (~$146) amid notable institutional buying by firms such as Millennium, Goldman Sachs and RBC.

Everus Construction Group, Inc. (NYSE:ECG - Get Free Report) saw a significant growth in short interest in April. As of April 15th, there was short interest totaling 1,793,875 shares, a growth of 16.3% from the March 31st total of 1,542,443 shares. Currently, 3.5% of the shares of the stock are short sold. Based on an average trading volume of 505,706 shares, the short-interest ratio is currently 3.5 days.

Analyst Upgrades and Downgrades

ECG has been the subject of several research analyst reports. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Everus Construction Group in a research note on Tuesday, April 21st. Guggenheim raised shares of Everus Construction Group from a "neutral" rating to a "buy" rating and set a $160.00 target price for the company in a research note on Thursday. Stifel Nicolaus raised their target price on shares of Everus Construction Group to $153.00 and gave the company a "buy" rating in a research note on Wednesday, April 15th. DA Davidson reaffirmed a "neutral" rating and set a $102.00 target price on shares of Everus Construction Group in a research note on Wednesday, February 25th. Finally, Cantor Fitzgerald initiated coverage on shares of Everus Construction Group in a research note on Friday, January 23rd. They set a "neutral" rating and a $97.00 target price for the company. Three investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $126.33.

Hedge Funds Weigh In On Everus Construction Group

A number of large investors have recently added to or reduced their stakes in ECG. Royal Bank of Canada raised its position in Everus Construction Group by 155.0% during the first quarter. Royal Bank of Canada now owns 48,839 shares of the company's stock worth $1,811,000 after acquiring an additional 29,689 shares during the period. Millennium Management LLC raised its position in shares of Everus Construction Group by 42.7% in the first quarter. Millennium Management LLC now owns 244,421 shares of the company's stock valued at $9,066,000 after buying an additional 73,128 shares during the last quarter. Goldman Sachs Group Inc. increased its position in Everus Construction Group by 74.4% during the first quarter. Goldman Sachs Group Inc. now owns 178,790 shares of the company's stock worth $6,631,000 after purchasing an additional 76,252 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in Everus Construction Group by 33.0% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 140,397 shares of the company's stock worth $5,207,000 after purchasing an additional 34,868 shares during the last quarter. Finally, Jane Street Group LLC increased its position in Everus Construction Group by 184.4% during the first quarter. Jane Street Group LLC now owns 71,323 shares of the company's stock worth $2,645,000 after purchasing an additional 46,247 shares during the last quarter.

Everus Construction Group Stock Performance

Shares of ECG stock traded up $12.18 during trading hours on Thursday, hitting $146.27. The company's stock had a trading volume of 224,232 shares, compared to its average volume of 644,280. The company has a 50 day moving average of $121.55 and a 200 day moving average of $101.86. The stock has a market cap of $7.47 billion, a PE ratio of 37.16 and a beta of 2.88. The company has a current ratio of 1.76, a quick ratio of 1.70 and a debt-to-equity ratio of 0.42. Everus Construction Group has a 12-month low of $40.72 and a 12-month high of $146.50.

Everus Construction Group (NYSE:ECG - Get Free Report) last released its quarterly earnings data on Tuesday, February 24th. The company reported $1.08 EPS for the quarter, beating the consensus estimate of $0.72 by $0.36. Everus Construction Group had a net margin of 5.39% and a return on equity of 37.06%. The business had revenue of $1.01 billion for the quarter, compared to the consensus estimate of $879.57 million. During the same period in the prior year, the firm earned $0.67 EPS. The business's revenue for the quarter was up 33.0% on a year-over-year basis. On average, sell-side analysts forecast that Everus Construction Group will post 4.1 EPS for the current fiscal year.

About Everus Construction Group

Everus Construction Group is providing a full spectrum of construction services through its electrical and mechanical and transmission and distribution specialty contracting services principally in United States. Its specialty contracting services are provided to utility, transportation, commercial, industrial, institutional, renewable and other customers. Everus Construction Group is based in BISMARCK, N.D.

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