RCM Technologies (NASDAQ:RCMT) Issues Earnings Results, Beats Expectations By $0.20 EPS

Key Points

• RCM Technologies beat quarterly expectations: The company reported $0.82 in earnings per share, $0.20 above the $0.62 consensus estimate, while revenue of $93.82 million exceeded forecasts of $81.75 million.
• Shares rose to $28.92 during Thursday trading, with the stock valued at approximately $205 million and trading below its 52-week high of $32.50.
• Analysts maintain an overall “Hold” rating, with one Buy and two Hold ratings and an average price target of $36.00; institutional investors own 43.2% of the company.

RCM Technologies (NASDAQ:RCMT - Get Free Report) issued its quarterly earnings data on Thursday. The business services provider reported $0.82 earnings per share for the quarter, beating analysts' consensus estimates of $0.62 by $0.20, FiscalAI reports. RCM Technologies had a return on equity of 37.76% and a net margin of 5.03%.The firm had revenue of $93.82 million during the quarter, compared to analyst estimates of $81.75 million.

RCM Technologies Price Performance

NASDAQ:RCMT traded up $0.40 during mid-day trading on Thursday, reaching $28.92. 27,298 shares of the stock were exchanged, compared to its average volume of 59,534. The company has a current ratio of 1.92, a quick ratio of 1.92 and a debt-to-equity ratio of 0.65. The business has a fifty day moving average price of $27.41 and a 200 day moving average price of $24.39. RCM Technologies has a 1-year low of $17.26 and a 1-year high of $32.50. The firm has a market capitalization of $205.04 million, a PE ratio of 13.64 and a beta of 0.29.

Hedge Funds Weigh In On RCM Technologies

Several large investors have recently made changes to their positions in the business. BNP Paribas Financial Markets raised its holdings in shares of RCM Technologies by 44.1% in the 2nd quarter. BNP Paribas Financial Markets now owns 1,892 shares of the business services provider's stock worth $45,000 after purchasing an additional 579 shares in the last quarter. JPMorgan Chase & Co. boosted its holdings in RCM Technologies by 1,241.0% during the second quarter. JPMorgan Chase & Co. now owns 2,320 shares of the business services provider's stock worth $55,000 after buying an additional 2,147 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new stake in RCM Technologies during the third quarter worth approximately $60,000. Lazard Asset Management LLC acquired a new position in RCM Technologies in the second quarter worth approximately $77,000. Finally, New York State Common Retirement Fund bought a new position in shares of RCM Technologies in the second quarter valued at $101,000. Institutional investors own 43.20% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on RCMT. Wall Street Zen downgraded shares of RCM Technologies from a "buy" rating to a "hold" rating in a research report on Saturday, August 8th. Zacks Research downgraded RCM Technologies from a "strong-buy" rating to a "hold" rating in a research note on Friday, June 5th. Finally, Weiss Ratings restated a "hold (c+)" rating on shares of RCM Technologies in a research report on Friday, July 17th. One analyst has rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to data from MarketBeat, RCM Technologies has an average rating of "Hold" and an average target price of $36.00.

RCM Technologies Company Profile

RCM Technologies, Inc NASDAQ: RCMT is an information technology consulting firm that specializes in delivering secure, enterprise-level technology solutions. The company's core offerings include IT infrastructure design and integration, data center modernization, cloud migration and management, cybersecurity services, and digital collaboration platforms. RCM Technologies serves clients across federal and commercial markets, tailoring its services to meet the strict security and compliance requirements of government agencies as well as the performance and scalability needs of private-sector organizations.

Founded in the mid-1980s and headquartered in Dresher, Pennsylvania, RCM Technologies has built a reputation for end-to-end project delivery, from initial assessment and design through implementation and ongoing managed support.

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