TrueBlue (NYSE:TBI) Share Price Breaks Above 200 Day Moving Average - Here's Why

Key Points

• TrueBlue shares moved above their 200-day moving average, reaching $9.60 before closing at $9.3180, compared with a 200-day average of $6.99.
• The company exceeded quarterly expectations, reporting adjusted EPS of $0.06 versus estimates of a $0.10 loss and revenue of $443 million versus the $417.84 million consensus estimate.
• Analyst sentiment remains mixed, with a consensus Hold rating and a $7.75 target price—below the latest share price—while institutional investors own 97.15% of the stock.

TrueBlue, Inc. (NYSE:TBI - Get Free Report)'s share price crossed above its two hundred day moving average during trading on Tuesday. The stock has a two hundred day moving average of $6.99 and traded as high as $9.60. TrueBlue shares last traded at $9.3180, with a volume of 225,843 shares.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on TBI shares. Robert W. Baird set a $9.50 price objective on TrueBlue in a report on Wednesday, August 5th. Weiss Ratings raised shares of TrueBlue from a "sell (e+)" rating to a "sell (d-)" rating in a report on Thursday, July 2nd. Finally, Wall Street Zen raised shares of TrueBlue from a "hold" rating to a "buy" rating in a report on Saturday, August 8th. One research analyst has rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $7.75.

TrueBlue Price Performance

The stock has a fifty day moving average of $9.44 and a two-hundred day moving average of $6.99. The company has a current ratio of 2.28, a quick ratio of 2.28 and a debt-to-equity ratio of 0.32. The stock has a market capitalization of $283.64 million, a price-to-earnings ratio of -4.96, a PEG ratio of 11.46 and a beta of 1.67.

TrueBlue (NYSE:TBI - Get Free Report) last posted its quarterly earnings data on Tuesday, August 4th. The business services provider reported $0.06 EPS for the quarter, topping analysts' consensus estimates of ($0.10) by $0.16. The company had revenue of $443.00 million for the quarter, compared to analyst estimates of $417.84 million. TrueBlue had a negative return on equity of 6.26% and a negative net margin of 3.35%. As a group, equities research analysts forecast that TrueBlue, Inc. will post 0.06 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in TBI. Susquehanna Fundamental Investments LLC bought a new stake in TrueBlue during the 2nd quarter worth about $225,000. Bank of America Corp DE bought a new position in shares of TrueBlue in the second quarter worth about $2,225,000. Hsbc Holdings PLC bought a new position in shares of TrueBlue in the second quarter worth about $105,000. Manatuck Hill Partners LLC acquired a new position in shares of TrueBlue during the second quarter worth approximately $1,115,000. Finally, Algert Global LLC acquired a new position in shares of TrueBlue during the second quarter worth approximately $581,000. Institutional investors and hedge funds own 97.15% of the company's stock.

About TrueBlue

TrueBlue, Inc is a workforce solutions company that connects businesses with workers and provides staffing, recruiting and workforce management services. The company serves organizations across a range of industries, including manufacturing, logistics, construction, hospitality, retail and healthcare.

TrueBlue operates through brands that have included PeopleReady, which provides industrial and skilled staffing; PeopleManagement, which delivers on-site workforce management and contingent labor solutions; and PeopleScout, which provides recruitment process outsourcing and talent acquisition services.

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.