Black Rock Coffee Bar (NASDAQ:BRCB) Shares Cross Below Two Hundred Day Moving Average - Here's What Happened

Key Points

• Black Rock Coffee Bar fell below its 200-day moving average of $10.56, trading as low as $9.78 before last changing hands at $9.88; the article reports a 6.9% decline.
• Analyst sentiment is mixed: three analysts rate the stock Buy, three Hold and two Sell, for an overall Hold consensus and an average price target of $11.50. Morgan Stanley cut its target to $9, while other firms also lowered targets.
• The company reported quarterly earnings of $0.06 per share, missing the $0.07 consensus estimate, on revenue of $63 million. Its net margin was 0.69%.

Black Rock Coffee Bar, Inc. (NASDAQ:BRCB - Get Free Report) passed below its two hundred day moving average during trading on Tuesday. The stock has a two hundred day moving average of $10.56 and traded as low as $9.78. Black Rock Coffee Bar shares last traded at $9.88, with a volume of 450,379 shares.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the company. Weiss Ratings upgraded Black Rock Coffee Bar from a "sell (d-)" rating to a "sell (d)" rating in a research note on Friday, October 2nd. Morgan Stanley downgraded Black Rock Coffee Bar from an "overweight" rating to an "equal weight" rating and lowered their price target for the company from $22.00 to $9.00 in a report on Wednesday, July 15th. Raymond James Financial set a $13.00 price target on shares of Black Rock Coffee Bar in a research note on Wednesday, August 12th. Robert W. Baird cut shares of Black Rock Coffee Bar from an "outperform" rating to a "neutral" rating and cut their price objective for the stock from $12.00 to $10.00 in a report on Monday, August 24th. Finally, DA Davidson reduced their price objective on shares of Black Rock Coffee Bar from $15.00 to $10.00 and set a "buy" rating for the company in a research report on Wednesday, August 12th. Three research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $11.50.

Black Rock Coffee Bar Trading Down 6.9%

The firm has a market cap of $494.69 million, a price-to-earnings ratio of 141.16 and a beta of -0.92. The company has a quick ratio of 0.62, a current ratio of 0.71 and a debt-to-equity ratio of 0.27. The business has a 50 day moving average of $8.37 and a 200 day moving average of $10.56.

Black Rock Coffee Bar (NASDAQ:BRCB - Get Free Report) last released its earnings results on Tuesday, August 11th. The company reported $0.06 EPS for the quarter, missing the consensus estimate of $0.07 by ($0.01). Black Rock Coffee Bar had a net margin of 0.69% and a return on equity of 1.46%. The business had revenue of $63.00 million during the quarter. On average, research analysts forecast that Black Rock Coffee Bar, Inc. will post 0.20 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of BRCB. Alkeme Wealth LLC bought a new position in Black Rock Coffee Bar during the 3rd quarter worth approximately $214,000. BlueCrest Capital Management Ltd acquired a new position in shares of Black Rock Coffee Bar in the 2nd quarter worth approximately $166,000. Engineers Gate Manager LP increased its holdings in shares of Black Rock Coffee Bar by 172.0% in the 2nd quarter. Engineers Gate Manager LP now owns 59,909 shares of the company's stock valued at $497,000 after acquiring an additional 37,880 shares during the last quarter. Bank of America Corp DE increased its holdings in shares of Black Rock Coffee Bar by 1.9% in the 1st quarter. Bank of America Corp DE now owns 143,896 shares of the company's stock valued at $1,859,000 after acquiring an additional 2,631 shares during the last quarter. Finally, Renaissance Technologies LLC raised its position in shares of Black Rock Coffee Bar by 179.4% during the 1st quarter. Renaissance Technologies LLC now owns 207,600 shares of the company's stock valued at $2,682,000 after acquiring an additional 133,296 shares in the last quarter.

About Black Rock Coffee Bar

Black Rock Coffee Bar is a specialty coffee company that operates a network of primarily drive-thru coffee shops in the United States. Founded in 2008 and headquartered in Portland, Oregon, the company focuses on convenient service, beverage customization and a digitally connected customer experience.

Its menu includes brewed coffee, espresso-based beverages, cold and iced drinks, teas, smoothies and energy drinks, along with a selection of food and snack items. Black Rock also offers branded merchandise and customer loyalty services through its digital platforms.

The company serves customers through locations across several U.S.

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.