Monro (NASDAQ:MNRO) Shares Gap Up - Here's What Happened

Monro, Inc. (NASDAQ:MNRO - Get Free Report) shares gapped up before the market opened on Wednesday . The stock had previously closed at $12.77, but opened at $16.70. Monro shares last traded at $17.24, with a volume of 1,473,084 shares traded.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on MNRO shares. Wedbush reduced their price objective on Monro from $27.00 to $19.00 and set an "outperform" rating on the stock in a research report on Tuesday, April 1st. Stephens upgraded Monro from an "equal weight" rating to an "overweight" rating and reduced their price objective for the stock from $21.00 to $18.00 in a research report on Friday, April 4th. Finally, Wells Fargo & Company reduced their price objective on Monro from $20.00 to $15.00 and set an "equal weight" rating on the stock in a research report on Monday, April 28th.

Monro Stock Up 30.9%

The company has a current ratio of 0.54, a quick ratio of 0.19 and a debt-to-equity ratio of 0.45. The company has a market capitalization of $500.75 million, a price-to-earnings ratio of 26.22, a price-to-earnings-growth ratio of 2.05 and a beta of 0.95. The firm's fifty day simple moving average is $14.23 and its two-hundred day simple moving average is $19.68.

Monro (NASDAQ:MNRO - Get Free Report) last posted its earnings results on Wednesday, May 28th. The auto parts company reported ($0.09) earnings per share for the quarter, missing the consensus estimate of $0.09 by ($0.18). The firm had revenue of $294.99 million during the quarter, compared to analyst estimates of $288.60 million. Monro had a net margin of 1.64% and a return on equity of 3.76%. The business's revenue for the quarter was down 4.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.21 earnings per share. Sell-side analysts anticipate that Monro, Inc. will post 0.63 EPS for the current year.

Hedge Funds Weigh In On Monro

Large investors have recently made changes to their positions in the stock. Versant Capital Management Inc lifted its holdings in shares of Monro by 964.8% in the 1st quarter. Versant Capital Management Inc now owns 1,938 shares of the auto parts company's stock worth $28,000 after acquiring an additional 1,756 shares during the last quarter. Wealthfront Advisers LLC acquired a new position in shares of Monro in the 4th quarter worth approximately $52,000. CWM LLC lifted its holdings in shares of Monro by 132.3% in the 1st quarter. CWM LLC now owns 3,067 shares of the auto parts company's stock worth $44,000 after acquiring an additional 1,747 shares during the last quarter. Caitong International Asset Management Co. Ltd acquired a new stake in shares of Monro in the first quarter valued at $65,000. Finally, Quarry LP grew its stake in shares of Monro by 84.5% in the fourth quarter. Quarry LP now owns 4,918 shares of the auto parts company's stock valued at $122,000 after buying an additional 2,252 shares in the last quarter.

About Monro

Monro, Inc provides automotive undercar repair, and tire sales and services in the United States. It offers replacement tires and tire related services, automotive undercar repair services, and routine maintenance services primarily to passenger cars, light trucks, and vans. The company also provides other products and services for brakes; mufflers and exhaust systems; and steering, drive train, suspension, and wheel alignment.

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