Suncrete (NASDAQ:RMIX) Shares Gap Down - Here's Why

Key Points

• Suncrete shares gapped down from $12.22 to $11.70 and recently traded near $11.66, well below the 50-day moving average of $15.90.
• Analyst opinions are mixed, but the overall consensus remains “Buy” with a $22.25 price target; Jefferies and B. Riley maintained buy ratings, while other firms downgraded the stock.
• Suncrete reported a significant quarterly EPS and revenue miss despite 146.2% year-over-year revenue growth. Institutional investors own 71.07% of the company’s shares.

Suncrete (NASDAQ:RMIX - Get Free Report)'s stock price gapped down before the market opened on Tuesday. The stock had previously closed at $12.22, but opened at $11.70. Suncrete shares last traded at $11.6630, with a volume of 10,851 shares traded.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the stock. Jefferies Financial Group restated a "buy" rating and set a $22.00 target price on shares of Suncrete in a report on Tuesday, August 18th. B. Riley Financial reaffirmed a "buy" rating and issued a $25.00 target price (down from $26.00) on shares of Suncrete in a report on Wednesday, August 19th. Wall Street Zen lowered Suncrete from a "sell" rating to a "strong sell" rating in a report on Saturday. Finally, Weiss Ratings downgraded Suncrete from a "hold (c-)" rating to a "sell (d+)" rating in a report on Thursday, September 24th. Two research analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Suncrete has a consensus rating of "Buy" and a consensus price target of $22.25.

Suncrete Price Performance

The business's 50-day moving average is $15.90. The company has a market cap of $868.28 million, a PE ratio of -84.39 and a beta of 0.83. The company has a current ratio of 1.40, a quick ratio of 1.15 and a debt-to-equity ratio of 0.56.

Suncrete (NASDAQ:RMIX - Get Free Report) last issued its quarterly earnings data on Friday, August 14th. The company reported ($0.72) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.02) by ($0.70). The company had revenue of $97.23 million for the quarter, compared to analyst estimates of $104.93 million. Suncrete's revenue for the quarter was up 146.2% on a year-over-year basis. Equities research analysts forecast that Suncrete will post -0.01 earnings per share for the current year.

Institutional Investors Weigh In On Suncrete

A number of institutional investors and hedge funds have recently bought and sold shares of RMIX. NewEdge Advisors LLC bought a new stake in shares of Suncrete in the second quarter valued at $29,000. Central Pacific Bank Trust Division bought a new position in Suncrete during the 3rd quarter valued at approximately $32,000. Susquehanna International Group LLP bought a new position in shares of Suncrete during the second quarter valued at approximately $285,000. State Street Corp bought a new stake in Suncrete in the second quarter valued at $4,358,000. Finally, Harraden Circle Investments LLC bought a new stake in Suncrete in the second quarter valued at $17,647,000. 71.07% of the stock is owned by hedge funds and other institutional investors.

Suncrete Company Profile

Haymaker Acquisition Corp. 4 is a blank check company. It focuses on effecting a merger, share exchange, asset acquisition, share purchase, reorganization, or other business combination with one or more businesses or entities. Haymaker Acquisition Corp. 4 is based in New York.

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