TrueBlue, Inc. (NYSE:TBI) Shares Shorted: Short Interest Down 34.9% in October

Key Points

• TrueBlue’s short interest fell 34.9% to 424,240 shares as of October 15, representing 1.5% of shares outstanding and 2.1 days to cover.
• Institutional investors own 97.15% of the company, with several firms—including Deutsche Bank, HSBC and Fifth Third Bancorp—recently initiating positions.
• TrueBlue reported quarterly EPS of $0.06, beating estimates by $0.16, while revenue of $443 million exceeded expectations; analysts maintain a consensus “Hold” rating with a $7.75 price target.

TrueBlue, Inc. (NYSE:TBI - Get Free Report) saw a significant decline in short interest in the month of October. As of October 15th, there was short interest totaling 424,240 shares, a decline of 34.9% from the September 30th total of 651,528 shares. Based on an average trading volume of 199,903 shares, the days-to-cover ratio is presently 2.1 days. Currently, 1.5% of the shares of the company are sold short.

Institutional Trading of TrueBlue

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Fifth Third Bancorp bought a new position in shares of TrueBlue in the first quarter valued at approximately $41,000. Ieq Capital LLC acquired a new position in shares of TrueBlue during the second quarter valued at approximately $78,000. Glenmede Trust Co. NA bought a new stake in TrueBlue during the first quarter worth approximately $53,000. Hsbc Holdings PLC bought a new stake in TrueBlue during the second quarter worth approximately $105,000. Finally, Deutsche Bank AG acquired a new stake in TrueBlue in the second quarter worth approximately $195,000. 97.15% of the stock is currently owned by institutional investors.

TrueBlue Trading Down 0.2%

NYSE:TBI opened at $9.75 on Monday. TrueBlue has a 1 year low of $3.18 and a 1 year high of $11.03. The stock has a market cap of $296.79 million, a price-to-earnings ratio of -5.19, a PEG ratio of 11.63 and a beta of 1.74. The business has a fifty day moving average of $9.41 and a 200-day moving average of $6.77. The company has a debt-to-equity ratio of 0.32, a quick ratio of 2.28 and a current ratio of 2.28.

TrueBlue (NYSE:TBI - Get Free Report) last issued its quarterly earnings data on Tuesday, August 4th. The business services provider reported $0.06 earnings per share for the quarter, beating analysts' consensus estimates of ($0.10) by $0.16. The business had revenue of $443.00 million for the quarter, compared to analysts' expectations of $417.84 million. TrueBlue had a negative net margin of 3.35% and a negative return on equity of 6.26%. Equities analysts predict that TrueBlue will post 0.06 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the stock. Wall Street Zen upgraded shares of TrueBlue from a "hold" rating to a "buy" rating in a research report on Saturday, August 8th. Weiss Ratings reiterated a "sell (d-)" rating on shares of TrueBlue in a research report on Tuesday, September 29th. Finally, Robert W. Baird set a $9.50 price objective on shares of TrueBlue in a research report on Wednesday, August 5th. One equities research analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, TrueBlue has a consensus rating of "Hold" and a consensus price target of $7.75.

About TrueBlue

TrueBlue, Inc NYSE: TBI is a workforce solutions company that connects businesses with employees and provides staffing, recruiting and workforce management services. Its offerings support employers seeking temporary, contingent and permanent workers across a range of industries, including manufacturing, logistics, retail, hospitality, construction and other commercial sectors.

The company operates through several specialized brands. PeopleReady provides industrial and general labor staffing, while PeopleManagement offers on-site workforce management and contingent labor solutions.

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