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

Key Points

• Suncrete shares opened at $8.49, above the prior close of $8.12, but later fell to $6.966, down about 15.2%.
• The company reported quarterly EPS of negative $0.01, missing the $0.10 consensus estimate; revenue was $140.96 million.
• Analyst views are mixed: the consensus rating is “Buy” with a $22.25 price target, despite recent downgrades. Institutional investors own 71.07% of shares.

Suncrete (NASDAQ:RMIX - Get Free Report) shares gapped up before the market opened on Friday. The stock had previously closed at $8.12, but opened at $8.49. Suncrete shares last traded at $6.9660, with a volume of 119,519 shares traded.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the company. Wall Street Zen downgraded Suncrete from a "sell" rating to a "strong sell" rating in a research note on Saturday, October 3rd. Weiss Ratings cut shares of Suncrete from a "sell (d+)" rating to a "sell (d)" rating in a research note on Friday, October 23rd. Jefferies Financial Group reaffirmed a "buy" rating and set a $22.00 target price on shares of Suncrete in a research note on Tuesday, August 18th. Finally, B. Riley Financial reaffirmed a "buy" rating and set a $25.00 target price (down from $26.00) on shares of Suncrete in a report on Wednesday, August 19th. Two research analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus price target of $22.25.

Suncrete Trading Down 15.2%

The company has a current ratio of 1.40, a quick ratio of 1.15 and a debt-to-equity ratio of 0.56. The company has a fifty day moving average price of $11.53 and a two-hundred day moving average price of $15.78. The firm has a market capitalization of $506.10 million, a price-to-earnings ratio of -49.00 and a beta of 0.93.

Suncrete (NASDAQ:RMIX - Get Free Report) last posted its quarterly earnings results on Friday, November 13th. The company reported ($0.01) EPS for the quarter, missing the consensus estimate of $0.10 by ($0.11). The company had revenue of $140.96 million during the quarter. As a group, research analysts forecast that Suncrete will post -0.01 earnings per share for the current fiscal year.

Institutional Trading of Suncrete

Several large investors have recently added to or reduced their stakes in the stock. Alyeska Investment Group L.P. purchased a new position in shares of Suncrete during the 2nd quarter worth $78,044,000. Bank of New York Mellon Corp acquired a new position in shares of Suncrete during the 2nd quarter valued at about $27,360,000. Harraden Circle Investments LLC acquired a new position in shares of Suncrete during the 2nd quarter valued at about $17,647,000. Royce & Associates LP acquired a new position in shares of Suncrete during the 3rd quarter valued at about $5,512,000. Finally, Barrow Hanley Mewhinney & Strauss LLC purchased a new stake in shares of Suncrete in the third quarter valued at about $3,707,000. 71.07% of the stock is currently owned by hedge funds and other institutional investors.

About Suncrete

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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