TrueBlue (NYSE:TBI) Stock Passes Above 200 Day Moving Average - Here's Why

Key Points

• TrueBlue shares rose above their 200-day moving average, reaching $9.40 and last trading at $9.22, compared with the average of $6.76.
• Analyst sentiment remains mixed: the stock has an overall “Hold” rating and an average price target of $7.75, although one firm recently upgraded it to “Buy.”
• TrueBlue exceeded quarterly expectations, reporting $0.06 in adjusted earnings per share versus a $0.10 loss estimate and revenue of $443 million versus a $417.84 million forecast. Institutional investors own 97.15% of the company.

TrueBlue, Inc. (NYSE:TBI - Get Free Report)'s stock price crossed above its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of $6.76 and traded as high as $9.40. TrueBlue shares last traded at $9.22, with a volume of 306,881 shares changing hands.

Analyst Upgrades and Downgrades

TBI has been the topic of a number of analyst reports. Weiss Ratings upgraded shares of TrueBlue from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Thursday, July 2nd. Robert W. Baird set a $9.50 price target on shares of TrueBlue in a report on Wednesday, August 5th. Finally, Wall Street Zen raised shares of 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 assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $7.75.

TrueBlue Trading Up 3.1%

The stock has a market capitalization of $280.66 million, a P/E ratio of -4.90, a PEG ratio of 10.64 and a beta of 1.67. The stock's fifty day moving average price is $9.29 and its 200 day moving average price is $6.76. The company has a debt-to-equity ratio of 0.32, a current ratio of 2.28 and a quick ratio of 2.28.

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

Hedge Funds Weigh In On TrueBlue

Large investors have recently bought and sold shares of the business. Pzena Investment Management LLC bought a new stake in TrueBlue during the second quarter valued at about $21,543,000. BlackRock Inc. bought a new position in TrueBlue in the second quarter worth about $15,550,000. Bank of America Corp DE bought a new position in TrueBlue in the second quarter worth about $2,225,000. Manatuck Hill Partners LLC purchased a new stake in shares of TrueBlue during the second quarter valued at about $1,115,000. Finally, Renaissance Technologies LLC lifted its position in shares of TrueBlue by 128.7% during the first quarter. Renaissance Technologies LLC now owns 220,934 shares of the business services provider's stock valued at $864,000 after buying an additional 124,334 shares during the last quarter. Institutional investors 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.

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