Northcoast Research Initiates Coverage on Resources Connection (NASDAQ:RGP)

Key Points

• Northcoast Research has initiated coverage on Resources Connection (NASDAQ:RGP) with a "buy" rating and a price target of $7.00, indicating a potential upside of 37.52% from its current price.
• In a separate assessment, Wall Street Zen upgraded the stock from a "strong sell" to a "hold" rating, while the average rating remains a "hold" with a consensus price target of $6.00.
• Recent institutional investments have increased significantly in Resources Connection, with hedge funds owning 93.23% of the stock, highlighting substantial interest in the company.

Equities research analysts at Northcoast Research began coverage on shares of Resources Connection (NASDAQ:RGP - Get Free Report) in a research note issued to investors on Wednesday,Briefing.com Automated Import reports. The firm set a "buy" rating and a $7.00 price target on the stock. Northcoast Research's target price points to a potential upside of 37.52% from the company's current price.

Separately, Wall Street Zen upgraded shares of Resources Connection from a "strong sell" rating to a "hold" rating in a research report on Saturday, July 26th. One equities research analyst has rated the stock with a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of "Hold" and a consensus price target of $6.00.

Resources Connection Trading Down 4.1%

Resources Connection stock opened at $5.09 on Wednesday. The stock has a 50-day moving average price of $5.02 and a two-hundred day moving average price of $5.46. Resources Connection has a 12 month low of $4.44 and a 12 month high of $9.96. The company has a market capitalization of $169.85 million, a PE ratio of -0.87, a P/E/G ratio of 2.95 and a beta of 0.63.

Institutional Investors Weigh In On Resources Connection

A number of institutional investors and hedge funds have recently bought and sold shares of RGP. GAMMA Investing LLC lifted its stake in Resources Connection by 3,712.9% during the 1st quarter. GAMMA Investing LLC now owns 4,728 shares of the company's stock valued at $31,000 after acquiring an additional 4,604 shares in the last quarter. Nisa Investment Advisors LLC boosted its stake in shares of Resources Connection by 171.2% in the 2nd quarter. Nisa Investment Advisors LLC now owns 8,466 shares of the company's stock worth $45,000 after buying an additional 5,344 shares during the last quarter. Strs Ohio bought a new position in shares of Resources Connection in the first quarter valued at approximately $48,000. R Squared Ltd bought a new stake in Resources Connection during the second quarter worth $57,000. Finally, PNC Financial Services Group Inc. grew its stake in Resources Connection by 398.6% in the 2nd quarter. PNC Financial Services Group Inc. now owns 11,602 shares of the company's stock valued at $62,000 after purchasing an additional 9,275 shares during the period. 93.23% of the stock is owned by hedge funds and other institutional investors.

Resources Connection Company Profile

Resources Connection, Inc provides consulting services to business customers under the Resources Global Professionals name in North America, Europe, and the Asia Pacific. The company offers services in the areas of transactions, including integration and divestitures, bankruptcy/restructuring, going public readiness and support, financial process optimization, and system implementation; and regulations, such as accounting regulations, internal audit and compliance, data privacy and security, healthcare compliance, and regulatory compliance.

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