350,802 Shares of Target Hospitality Corp. $TH Acquired by Bank of America Corp DE

Key Points

• Bank of America acquired 350,802 shares of Target Hospitality in the second quarter, worth approximately $7.14 million and representing a 0.35% stake. Institutional investors collectively own 32.40% of the company.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $25.20. Target Hospitality recently exceeded quarterly earnings and revenue expectations.
• Insider sentiment was also positive: CEO James Archer and insider Troy Schrenk purchased shares in September. The stock opened at $20.58, near its 52-week high of $21.76.

Bank of America Corp DE bought a new position in shares of Target Hospitality Corp. (NASDAQ:TH - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 350,802 shares of the company's stock, valued at approximately $7,142,000. Bank of America Corp DE owned 0.35% of Target Hospitality at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Quantbot Technologies LP acquired a new stake in shares of Target Hospitality during the 2nd quarter worth approximately $27,000. AdvisorShares Investments LLC lifted its position in shares of Target Hospitality by 17.9% during the 4th quarter. AdvisorShares Investments LLC now owns 11,820 shares of the company's stock valued at $95,000 after acquiring an additional 1,798 shares during the period. Galaxy Digital Capital Management GP LLC acquired a new position in shares of Target Hospitality during the 1st quarter valued at $67,000. State of Wyoming bought a new position in Target Hospitality during the second quarter worth $191,000. Finally, Amundi bought a new position in Target Hospitality during the first quarter worth $101,000. 32.40% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on TH shares. Northland Securities set a $25.00 price target on shares of Target Hospitality in a research note on Thursday, August 27th. Weiss Ratings raised shares of Target Hospitality from a "sell (d)" rating to a "sell (d+)" rating in a research report on Friday, August 21st. Deutsche Bank Aktiengesellschaft restated a "buy" rating and issued a $23.00 target price on shares of Target Hospitality in a research note on Thursday, August 27th. Morgan Stanley boosted their target price on Target Hospitality from $22.00 to $25.00 and gave the company an "overweight" rating in a research report on Monday, September 14th. Finally, Stifel Nicolaus set a $26.00 price target on Target Hospitality in a research note on Thursday, August 27th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $25.20.

Target Hospitality Stock Performance

TH opened at $20.58 on Monday. The company has a debt-to-equity ratio of 0.11, a current ratio of 0.65 and a quick ratio of 0.65. Target Hospitality Corp. has a fifty-two week low of $5.97 and a fifty-two week high of $21.76. The firm has a market capitalization of $2.05 billion, a PE ratio of -54.16 and a beta of 1.51. The company's 50-day moving average is $17.83 and its 200 day moving average is $16.41.

Target Hospitality (NASDAQ:TH - Get Free Report) last announced its quarterly earnings results on Monday, August 10th. The company reported ($0.09) earnings per share for the quarter, beating the consensus estimate of ($0.11) by $0.02. The business had revenue of $85.45 million for the quarter, compared to analysts' expectations of $79.30 million. Target Hospitality had a negative net margin of 10.85% and a negative return on equity of 9.80%. As a group, research analysts predict that Target Hospitality Corp. will post -0.05 earnings per share for the current fiscal year.

Insider Activity at Target Hospitality

In related news, insider Troy Schrenk purchased 5,907 shares of the firm's stock in a transaction that occurred on Friday, September 18th. The stock was acquired at an average price of $21.16 per share, for a total transaction of $124,992.12. Following the completion of the acquisition, the insider owned 216,995 shares of the company's stock, valued at $4,591,614.20. This represents a 2.80% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO James Archer purchased 13,385 shares of the stock in a transaction that occurred on Tuesday, September 15th. The stock was bought at an average cost of $18.69 per share, with a total value of $250,165.65. Following the completion of the transaction, the chief executive officer directly owned 1,845,441 shares in the company, valued at $34,491,292.29. The trade was a 0.73% increase in their position. The SEC filing for this purchase provides additional information. 3.80% of the stock is owned by insiders.

About Target Hospitality

Target Hospitality Corp. NASDAQ: TH provides specialty hospitality and workforce accommodation services in North America. The company supports organizations that require temporary or long-term housing and related services in remote, industrial, government, and other challenging operating environments.

Its offerings include modular and prefabricated accommodations, lodging management, food and catering services, housekeeping, maintenance, transportation, security, and other on-site support.

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