RCM Technologies (NASDAQ:RCMT) Share Price Passes Above Two Hundred Day Moving Average - Here's Why

Key Points

• RCM Technologies' stock price surpassed its 200-day moving average of $21.59, reaching a high of $27.32 before trading at $26.56.
• Analysts have recently downgraded RCM Technologies from a "strong-buy" to a "buy" rating, but the consensus rating remains a strong buy, with a target price of $33.50.
• Insiders sold a total of 22,393 shares of RCM Technologies worth approximately $615,940 over the last ninety days, with significant sales occurring on August 26th.

RCM Technologies, Inc. (NASDAQ:RCMT - Get Free Report) crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $21.59 and traded as high as $27.32. RCM Technologies shares last traded at $26.56, with a volume of 23,241 shares trading hands.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen lowered RCM Technologies from a "strong-buy" rating to a "buy" rating in a report on Saturday, August 30th. One research analyst has rated the stock with a Strong Buy rating and one has assigned a Buy rating to the stock. Based on data from MarketBeat, RCM Technologies has an average rating of "Strong Buy" and a consensus target price of $33.50.

RCM Technologies Trading Down 0.3%

The firm has a market cap of $203.03 million, a P/E ratio of 15.57 and a beta of 0.27. The company has a 50 day moving average of $25.53 and a 200 day moving average of $21.79. The company has a debt-to-equity ratio of 0.92, a quick ratio of 1.85 and a current ratio of 1.85.

Insider Activity at RCM Technologies

In related news, insider Michael Saks sold 5,000 shares of the business's stock in a transaction that occurred on Tuesday, August 26th. The stock was sold at an average price of $27.50, for a total value of $137,500.00. Following the completion of the sale, the insider owned 109,547 shares of the company's stock, valued at approximately $3,012,542.50. The trade was a 4.37% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Chairman Bradley Vizi sold 3,825 shares of the business's stock in a transaction that occurred on Friday, September 19th. The shares were sold at an average price of $27.50, for a total value of $105,187.50. Following the completion of the sale, the chairman directly owned 1,512,591 shares of the company's stock, valued at approximately $41,596,252.50. The trade was a 0.25% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 31,649 shares of company stock valued at $870,508. 26.40% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On RCM Technologies

Several institutional investors and hedge funds have recently added to or reduced their stakes in RCMT. Police & Firemen s Retirement System of New Jersey acquired a new stake in RCM Technologies in the 2nd quarter worth approximately $29,000. BNP Paribas Financial Markets lifted its holdings in 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 during the last quarter. JPMorgan Chase & Co. lifted its holdings in RCM Technologies by 1,241.0% in the 2nd quarter. JPMorgan Chase & Co. now owns 2,320 shares of the business services provider's stock worth $55,000 after purchasing an additional 2,147 shares during the last quarter. Lazard Asset Management LLC acquired a new stake in RCM Technologies in the 2nd quarter worth approximately $77,000. Finally, New York State Common Retirement Fund acquired a new stake in RCM Technologies in the 2nd quarter worth approximately $101,000. 43.20% of the stock is currently owned by institutional investors and hedge funds.

RCM Technologies Company Profile

RCM Technologies, Inc provides business and technology solutions in the United States, Canada, Puerto Rico, and Europe. It operates through three segments: Engineering, Specialty Health Care, and Life Sciences and Information Technology. The Engineering segment offers a range of engineering services, including project management engineering and design, engineering analysis, engineer-procure-construct, configuration management, hardware/software validation and verification, quality assurance, technical writing and publications, manufacturing process planning and improvement, and 3D/BIM integrated design.