Zazove Associates LLC Purchases 1,460,546 Shares of BRC Inc. $BRCC

Key Points

• Zazove Associates significantly increased its BRC Inc. position by purchasing 1.46 million additional shares, bringing its total to 2 million shares, or about 0.8% of the company.
• Analyst sentiment remains mixed: two analysts rate BRC a Buy and one rates it Sell, resulting in a consensus “Hold” rating and a $2.50 price target.
• BRC reported quarterly revenue of $109.23 million and break-even EPS, exceeding analysts’ expectations, while insider Evan Hafer sold 2 million shares for approximately $2.98 million.

Zazove Associates LLC lifted its position in shares of BRC Inc. (NYSE:BRCC - Free Report) by 270.7% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,000,000 shares of the company's stock after purchasing an additional 1,460,546 shares during the period. Zazove Associates LLC owned 0.80% of BRC worth $1,552,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Kestra Private Wealth Services LLC bought a new position in BRC during the 4th quarter valued at approximately $26,000. Engineers Gate Manager LP bought a new stake in shares of BRC in the 2nd quarter worth approximately $27,000. Invesco Ltd. increased its stake in shares of BRC by 96.1% during the fourth quarter. Invesco Ltd. now owns 30,140 shares of the company's stock valued at $33,000 after buying an additional 14,769 shares during the period. Virtu Financial LLC increased its stake in shares of BRC by 82.2% during the third quarter. Virtu Financial LLC now owns 21,037 shares of the company's stock valued at $33,000 after buying an additional 9,492 shares during the period. Finally, BNP Paribas Financial Markets raised its holdings in shares of BRC by 312.6% during the third quarter. BNP Paribas Financial Markets now owns 27,016 shares of the company's stock valued at $42,000 after acquiring an additional 20,469 shares in the last quarter. 16.29% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the company. Weiss Ratings raised BRC from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Tuesday, July 21st. Wall Street Zen raised shares of BRC from a "hold" rating to a "buy" rating in a research report on Saturday, May 23rd. Finally, DA Davidson restated a "buy" rating and issued a $2.50 price objective on shares of BRC in a report on Thursday, July 2nd. Two analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $2.50.

BRC Stock Up 1.5%

BRCC stock opened at $1.04 on Monday. BRC Inc. has a fifty-two week low of $0.60 and a fifty-two week high of $1.85. The company has a market capitalization of $260.73 million, a price-to-earnings ratio of -10.45 and a beta of 1.25. The business's 50 day moving average price is $1.27 and its two-hundred day moving average price is $1.06. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.74 and a current ratio of 1.36.

BRC (NYSE:BRCC - Get Free Report) last released its earnings results on Monday, May 4th. The company reported $0.00 EPS for the quarter, beating analysts' consensus estimates of ($0.01) by $0.01. The company had revenue of $109.23 million during the quarter, compared to analysts' expectations of $96.95 million. BRC had a negative return on equity of 14.55% and a negative net margin of 2.17%.

Insider Buying and Selling

In other news, insider Evan Hafer sold 2,000,000 shares of the business's stock in a transaction on Monday, June 1st. The shares were sold at an average price of $1.49, for a total transaction of $2,980,000.00. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Corporate insiders own 54.87% of the company's stock.

BRC Company Profile

Black Rifle Coffee Company, Inc is a veteran-owned specialty coffee roaster and retailer that offers a range of coffee products, merchandise and subscription services. The company sources, roasts and distributes its own blends and single-origin coffees, as well as ready-to-drink beverages and branded apparel. Its product lineup includes whole-bean and ground coffees, cold brew concentrates, K-cup pods and limited-edition small-batch offerings designed to appeal to active lifestyle and patriotic consumers.

Founded in 2014 by U.S.

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