Charles River Associates (NASDAQ:CRAI) Shares Gap Down - Here's What Happened

Key Points

• Charles River Associates shares fell sharply at the open, dropping from a prior close of $201.59 to $192.81 before last trading near $194.81.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and a $245 price target; the company recently exceeded quarterly earnings and revenue expectations.
• CRA pays a quarterly dividend of $0.57, equal to $2.28 annually and a 1.2% yield, while institutional investors own 84.13% of outstanding shares.

Charles River Associates (NASDAQ:CRAI - Get Free Report) shares gapped down before the market opened on Wednesday. The stock had previously closed at $201.59, but opened at $192.81. Charles River Associates shares last traded at $194.8110, with a volume of 5,381 shares.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings upgraded Charles River Associates from a "hold (c)" rating to a "hold (c+)" rating in a report on Friday, September 25th. One investment analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $245.00.

Charles River Associates Stock Performance

The stock has a market capitalization of $1.21 billion, a PE ratio of 25.80 and a beta of 0.70. The firm's 50 day moving average is $173.06 and its two-hundred day moving average is $166.86.

Charles River Associates (NASDAQ:CRAI - Get Free Report) last released its earnings results on Thursday, August 6th. The business services provider reported $2.16 earnings per share for the quarter, topping analysts' consensus estimates of $2.15 by $0.01. The firm had revenue of $210.81 million for the quarter, compared to analysts' expectations of $198.91 million. On average, analysts anticipate that Charles River Associates will post 8.43 EPS for the current year.

Charles River Associates Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 14th. Shareholders of record on Tuesday, August 25th were given a $0.57 dividend. The ex-dividend date of this dividend was Tuesday, August 25th. This represents a $2.28 dividend on an annualized basis and a dividend yield of 1.2%. Charles River Associates's dividend payout ratio is currently 30.36%.

Insiders Place Their Bets

In other news, EVP Jonathan Yellin sold 2,250 shares of the company's stock in a transaction dated Tuesday, August 25th. The stock was sold at an average price of $173.25, for a total transaction of $389,812.50. Following the completion of the transaction, the executive vice president directly owned 11,153 shares of the company's stock, valued at approximately $1,932,257.25. This represents a 16.79% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 4.50% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Charles River Associates

Several hedge funds and other institutional investors have recently made changes to their positions in CRAI. Sterling Capital Management LLC raised its holdings in Charles River Associates by 854.5% during the third quarter. Sterling Capital Management LLC now owns 210 shares of the business services provider's stock worth $34,000 after purchasing an additional 188 shares in the last quarter. United Capital Financial Advisors LLC acquired a new stake in Charles River Associates in the second quarter valued at about $5,959,000. Dearborn Partners LLC purchased a new stake in Charles River Associates in the 2nd quarter valued at approximately $357,000. Corient Private Wealth LP purchased a new stake in Charles River Associates in the 2nd quarter valued at approximately $890,000. Finally, Bank of America Corp DE purchased a new stake in Charles River Associates in the 2nd quarter valued at approximately $3,046,000. Institutional investors and hedge funds own 84.13% of the company's stock.

Charles River Associates Company Profile

Charles River Associates, operating as CRA International, Inc, is a global consulting firm that provides economic, financial, and management consulting services. The company advises corporations, law firms, government agencies, and other organizations on complex business, legal, regulatory, and strategic matters.

CRA's services include economic and financial analysis for litigation and regulatory proceedings, antitrust and competition consulting, corporate strategy, business performance improvement, and investigations.

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