GMR Solutions (NYSE:GMRS) Shares Gap Up Following Earnings Beat

Key Points

• GMR Solutions beat earnings expectations, reporting quarterly EPS of $0.64 versus the $0.47 consensus, on revenue of $1.60 billion.
• Shares opened at $12.01, above the prior close of $11.27, but were last reported at $11.24. Analysts’ consensus rating is “Moderate Buy,” with an average price target of $18.78.
• Company insiders sold a combined 2.35 million shares worth about $28.7 million last quarter; the reported CEO and COO sales were to cover tax withholding on vested equity awards.

GMR Solutions Inc. (NYSE:GMRS - Get Free Report)'s share price gapped up before the market opened on Tuesday after the company announced better than expected quarterly earnings. The stock had previously closed at $11.27, but opened at $12.01. GMR Solutions shares last traded at $11.24, with a volume of 589,622 shares changing hands.

The company reported $0.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.47 by $0.17. The business had revenue of $1.60 billion during the quarter.

Analysts Set New Price Targets

A number of brokerages recently commented on GMRS. JPMorgan Chase & Co. lifted their price objective on GMR Solutions from $15.00 to $16.00 and gave the stock an "overweight" rating in a research report on Friday, September 11th. Weiss Ratings assumed coverage on GMR Solutions in a report on Friday, August 14th. They issued a "sell (d)" rating for the company. Finally, The Goldman Sachs Group set a $30.00 price objective on shares of GMR Solutions in a report on Tuesday, August 18th. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $18.78.

Insider Buying and Selling at GMR Solutions

In related news, CEO Nicola Loporcaro sold 1,457,102 shares of the business's stock in a transaction that occurred on Monday, September 14th. The stock was sold at an average price of $12.20, for a total value of $17,776,644.40. Following the completion of the sale, the chief executive officer directly owned 2,855,580 shares in the company, valued at approximately $34,838,076. The trade was a 33.79% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO Horne Edward Van sold 262,278 shares of the business's stock in a transaction that occurred on Monday, September 14th. The shares were sold at an average price of $12.20, for a total transaction of $3,199,791.60. Following the completion of the transaction, the chief operating officer owned 575,004 shares of the company's stock, valued at $7,015,048.80. The trade was a 31.32% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 2,353,423 shares of company stock valued at $28,711,761 in the last quarter.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in GMRS. Two Sigma Securities LLC bought a new position in shares of GMR Solutions during the 2nd quarter worth about $169,000. Royce & Associates LP acquired a new position in GMR Solutions during the 3rd quarter worth approximately $123,000. State of Wyoming bought a new position in GMR Solutions in the third quarter worth approximately $137,000. Premier Path Wealth Partners LLC acquired a new stake in GMR Solutions in the second quarter valued at approximately $348,000. Finally, Squarepoint Ops LLC acquired a new stake in GMR Solutions in the second quarter valued at approximately $801,000.

GMR Solutions Stock Down 1.2%

The stock has a market capitalization of $601.24 million and a PE ratio of -7.13. The business's 50 day moving average is $11.35. The company has a current ratio of 2.01, a quick ratio of 2.01 and a debt-to-equity ratio of 5.50.

GMR Solutions Company Profile

GMR Solutions Inc is a provider of emergency medical services delivering EMS and other essential out-of-hospital care in rural and urban communities. GMR Solutions Inc is based in Lewisville, Texas.

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