Suncrete (NASDAQ:RMIX) Stock Price Down 5.7% - Here's What Happened

Key Points

• Suncrete shares fell 5.7% to about $16.18 in midday trading, while volume dropped 79% below the average session level.
• The company reported a quarterly loss of $0.72 per share, far below the $0.02 loss analysts expected, and revenue of $97.23 million missed estimates despite growing 146.2% year over year.
• Analysts maintain a consensus “Buy” rating with an average price target of $22.25, while institutional investors—including Alyeska Investment Group and Bank of New York Mellon—built new positions; institutions now own 71.07% of the stock.

Suncrete (NASDAQ:RMIX - Get Free Report) was down 5.7% on Tuesday . The stock traded as low as $16.17 and last traded at $16.1750. 71,872 shares changed hands during mid-day trading, a decline of 79% from the average session volume of 345,144 shares. The stock had previously closed at $17.15.

Wall Street Analysts Forecast Growth

RMIX has been the subject of a number of research analyst reports. Weiss Ratings upgraded shares of Suncrete from a "sell (d+)" rating to a "hold (c-)" rating in a report on Friday, August 14th. Roth Capital began coverage on shares of Suncrete in a report on Thursday, May 14th. They set a "buy" rating and a $21.00 price objective for the company. William Blair began coverage on shares of Suncrete in a report on Monday, May 4th. They set an "outperform" rating on the stock. Jefferies Financial Group restated a "buy" rating and issued a $22.00 price objective on shares of Suncrete in a report on Tuesday, August 18th. Finally, B. Riley Financial reaffirmed a "buy" rating and set a $25.00 price target (down from $26.00) on shares of Suncrete in a research report on Wednesday, August 19th. Two equities research analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average price target of $22.25.

Suncrete Trading Down 5.1%

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 market cap of $1.20 billion, a price-to-earnings ratio of -116.25 and a beta of 0.72. The company's 50 day moving average price is $19.02.

Suncrete (NASDAQ:RMIX - Get Free Report) last released its quarterly earnings results 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 business had revenue of $97.23 million for the quarter, compared to the consensus estimate of $104.93 million. Suncrete's revenue was up 146.2% compared to the same quarter last year. Equities analysts forecast that Suncrete will post -0.01 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Suncrete

A number of institutional investors have recently modified their holdings of the business. Bank of New York Mellon Corp bought a new stake in Suncrete during the 2nd quarter worth approximately $27,360,000. Alyeska Investment Group L.P. acquired a new position in Suncrete in the 2nd quarter valued at $78,044,000. Susquehanna International Group LLP purchased a new position in shares of Suncrete in the 2nd quarter valued at $285,000. Finally, Harraden Circle Investments LLC acquired a new position in shares of Suncrete during the 2nd quarter worth approximately $17,647,000. Institutional investors own 71.07% of the company's stock.

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.

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.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source