Tetra Tech (NASDAQ:TTEK) Stock Falls 7.7% - Time to Sell?

Key Points

• Tetra Tech shares fell 7.7% on Wednesday, closing at $37.529 after trading as low as $38.57; trading volume was roughly in line with its average.
• Analysts’ consensus remains “Moderate Buy,” with a $39 average price target. Recent target cuts included KeyCorp lowering its target to $41 and RBC to $44.
• Hedge funds and other institutional investors own 93.89% of the stock; the company’s market capitalization is about $9.61 billion.

Tetra Tech, Inc. (NASDAQ:TTEK - Get Free Report)'s share price dropped 7.7% during trading on Wednesday. The stock traded as low as $38.57 and last traded at $37.5290. Approximately 2,896,088 shares changed hands during mid-day trading, an increase of 0% from the average session volume of 2,895,236 shares. The stock had previously closed at $40.65.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on TTEK shares. Weiss Ratings raised Tetra Tech from a "hold (c)" rating to a "hold (c+)" rating in a report on Tuesday, October 27th. KeyCorp restated an "overweight" rating and issued a $41.00 target price (down from $43.00) on shares of Tetra Tech in a research note on Thursday, October 15th. Wall Street Zen cut Tetra Tech from a "buy" rating to a "hold" rating in a research report on Saturday, October 17th. Royal Bank Of Canada cut their price target on Tetra Tech from $46.00 to $44.00 and set an "outperform" rating for the company in a research note on Thursday, October 15th. Finally, Robert W. Baird set a $37.00 price target on Tetra Tech in a research note on Thursday, July 30th. Four analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, Tetra Tech currently has a consensus rating of "Moderate Buy" and a consensus price target of $39.00.

Tetra Tech Stock Performance

The company has a market capitalization of $9.61 billion, a P/E ratio of 22.76 and a beta of 0.86. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 0.43. The company's fifty day moving average is $35.90 and its 200 day moving average is $33.25.

Hedge Funds Weigh In On Tetra Tech

Several hedge funds have recently made changes to their positions in TTEK. Evelyn Partners Investment Management Services Ltd purchased a new stake in Tetra Tech during the 1st quarter worth about $35,000. Mather Group LLC. grew its holdings in Tetra Tech by 562.0% during the 3rd quarter. Mather Group LLC. now owns 1,377 shares of the industrial products company's stock valued at $45,000 after buying an additional 1,169 shares in the last quarter. Root Financial Partners LLC purchased a new position in Tetra Tech during the 3rd quarter valued at about $64,000. Signaturefd LLC grew its holdings in Tetra Tech by 65.0% during the 3rd quarter. Signaturefd LLC now owns 1,990 shares of the industrial products company's stock valued at $66,000 after buying an additional 784 shares in the last quarter. Finally, Globeflex Capital L P bought a new stake in shares of Tetra Tech during the second quarter valued at about $72,000. 93.89% of the stock is currently owned by hedge funds and other institutional investors.

About Tetra Tech

Tetra Tech, Inc. is a consulting and engineering services company founded in 1966. It works with government and commercial clients on projects involving water, the environment, infrastructure, energy, and resource management. The company provides services across the project lifecycle, including planning, consulting, engineering, design, and program and construction management. Its work includes water supply and wastewater systems, environmental assessment and remediation, infrastructure development, and climate resilience.

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