NewEdge Wealth LLC Invests $1.17 Million in HireQuest, Inc. $HQI

Key Points

• NewEdge Wealth LLC acquired 93,036 HireQuest shares worth approximately $1.17 million, representing a 0.67% stake. Institutional investors collectively own 12% of the company.
• Analysts maintain a positive outlook, with two Buy ratings and one Hold rating, an overall “Moderate Buy” consensus, and an average price target of $19.00.
• HireQuest reported quarterly EPS of $0.23, exceeding the $0.13 estimate, while revenue of $8.10 million surpassed the $7.10 million consensus. The company also declared a quarterly dividend of $0.06 per share, equivalent to a 1.4% annualized yield.

NewEdge Wealth LLC bought a new position in HireQuest, Inc. (NASDAQ:HQI - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm bought 93,036 shares of the company's stock, valued at approximately $1,169,000. NewEdge Wealth LLC owned 0.67% of HireQuest at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of HQI. Wells Fargo & Company MN grew its stake in HireQuest by 47.2% during the fourth quarter. Wells Fargo & Company MN now owns 6,333 shares of the company's stock worth $67,000 after buying an additional 2,031 shares during the period. Deutsche Bank AG purchased a new position in shares of HireQuest in the 2nd quarter valued at $68,000. Renaissance Technologies LLC acquired a new position in shares of HireQuest during the 4th quarter valued at $112,000. Bank of New York Mellon Corp acquired a new position in shares of HireQuest during the 2nd quarter valued at $157,000. Finally, Global Strategic Investment Solutions LLC purchased a new stake in HireQuest during the 2nd quarter worth $208,000. Hedge funds and other institutional investors own 12.00% of the company's stock.

Wall Street Analysts Forecast Growth

HQI has been the topic of several research reports. Weiss Ratings raised HireQuest from a "hold (c-)" rating to a "hold (c)" rating in a research report on Monday, July 13th. Barrington Research set a $19.00 target price on HireQuest in a research report on Wednesday, August 12th. Finally, DA Davidson increased their target price on HireQuest from $15.00 to $19.00 and gave the company a "buy" rating in a research note on Tuesday, August 11th. Two analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, HireQuest has an average rating of "Moderate Buy" and an average price target of $19.00.

HireQuest Trading Up 0.6%

Shares of HQI stock opened at $17.14 on Friday. The firm has a fifty day simple moving average of $13.58 and a 200-day simple moving average of $12.13. The company has a market capitalization of $238.25 million, a PE ratio of 30.07 and a beta of 1.11. HireQuest, Inc. has a twelve month low of $7.38 and a twelve month high of $19.01.

HireQuest (NASDAQ:HQI - Get Free Report) last released its quarterly earnings results on Monday, August 10th. The company reported $0.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.13 by $0.10. The firm had revenue of $8.10 million for the quarter, compared to the consensus estimate of $7.10 million. HireQuest had a net margin of 27.06% and a return on equity of 16.35%. Equities research analysts predict that HireQuest, Inc. will post 0.8 EPS for the current year.

HireQuest Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st will be issued a $0.06 dividend. The ex-dividend date of this dividend is Tuesday, September 1st. This represents a $0.24 dividend on an annualized basis and a yield of 1.4%. HireQuest's dividend payout ratio is currently 42.11%.

HireQuest Company Profile

HireQuest, Inc is a publicly traded holding company that provides equipment rental and workforce solutions across North America through two primary operating subsidiaries. Its Coast Equipment Rentals division offers a broad range of support equipment—such as pumps, trench safety systems, power and HVAC units, air compressors, light towers and generators—to the construction, industrial, municipal and environmental markets. Coast Equipment Rentals operates more than 135 branch locations in 36 U.S.

Want to see what other hedge funds are holding HQI? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for HireQuest, Inc. (NASDAQ:HQI - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source