TrueBlue (NYSE:TBI) Share Price Crosses Above Two Hundred Day Moving Average - What's Next?

Key Points

• TrueBlue shares moved above their 200-day moving average, reaching $9.26 before closing at $8.7250, compared with the long-term average of $6.52.
• Analyst sentiment remains mixed: the stock has a consensus “Hold” rating and a $7.75 price target, although one firm upgraded it to “Buy” and Robert W. Baird set a $9.50 target.
• TrueBlue exceeded quarterly expectations, reporting $0.06 EPS versus a projected $0.10 loss and $443 million in revenue versus the $417.84 million consensus estimate. Institutional investors own 97.15% of the shares.

TrueBlue, Inc. (NYSE:TBI - Get Free Report)'s stock price crossed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $6.52 and traded as high as $9.26. TrueBlue shares last traded at $8.7250, with a volume of 298,634 shares traded.

Analysts Set New Price Targets

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

TrueBlue Price Performance

The stock's 50 day moving average price is $9.17 and its two-hundred day moving average price is $6.52. The stock has a market cap of $265.59 million, a price-to-earnings ratio of -4.64, a price-to-earnings-growth ratio of 10.79 and a beta of 1.67. The company has a quick ratio of 2.28, a current ratio of 2.28 and a debt-to-equity ratio of 0.32.

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

Institutional Investors Weigh In On TrueBlue

Hedge funds have recently modified their holdings of the company. Pzena Investment Management LLC purchased a new position in shares of TrueBlue in the 2nd quarter valued at about $21,543,000. BlackRock Inc. purchased a new position in TrueBlue during the second quarter worth approximately $15,550,000. Boston Partners boosted its position in TrueBlue by 37.6% during the fourth quarter. Boston Partners now owns 2,220,850 shares of the business services provider's stock worth $10,106,000 after purchasing an additional 606,446 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in TrueBlue by 32.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,012,217 shares of the business services provider's stock valued at $9,156,000 after purchasing an additional 492,984 shares during the period. Finally, Azarias Capital Management L.P. grew its holdings in TrueBlue by 1.3% in the first quarter. Azarias Capital Management L.P. now owns 1,001,950 shares of the business services provider's stock valued at $3,918,000 after purchasing an additional 13,070 shares during the period. 97.15% of the stock is owned by hedge funds and other institutional investors.

About TrueBlue

TrueBlue, Inc is a Tacoma, Washington–based workforce solutions provider specializing in temporary staffing, permanent placement and managed service solutions. Operating through its subsidiaries and brands, TrueBlue connects clients across manufacturing, logistics, retail, construction and public sector markets with skilled professionals for both short-term and long-term engagements. The company's offerings encompass on-demand blue-collar labor, specialized industrial staffing, recruitment process outsourcing (RPO) and contingent workforce management.

TrueBlue's primary service lines include PeopleReady, which supplies general labor for construction, hospitality and event services; PeopleManagement, which focuses on technical and industrial professionals; PeopleScout, a global RPO business offering end-to-end talent acquisition and consulting; and Staff Management | SMX, which delivers seasonal staffing for large-scale events, amusement parks and federal workforce contracts.

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