Resources Connection (NASDAQ:RGP) Stock Rating Lowered by Wall Street Zen

Key Points

• Resources Connection (NASDAQ:RGP) was downgraded from a "hold" to a "sell" rating by Wall Street Zen, reflecting increasing concerns among analysts about the company's performance.
• The stock recently closed at $4.35, down by 5.2%, with an average target price of $6.00, indicating a bearish sentiment in the market.
• Insider activity showed CEO Kate W. Duchene bought shares worth around $100,000, while another director sold shares, presenting mixed signals on insider confidence in the company.

Resources Connection (NASDAQ:RGP - Get Free Report) was downgraded by stock analysts at Wall Street Zen from a "hold" rating to a "sell" rating in a report released on Saturday.

A number of other analysts have also recently issued reports on RGP. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Resources Connection in a research report on Wednesday, October 8th. Noble Financial reaffirmed an "outperform" rating on shares of Resources Connection in a research report on Monday. Finally, Northcoast Research started coverage on Resources Connection in a research report on Wednesday, September 24th. They issued a "buy" rating and a $7.00 price objective for the company. Two investment analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $6.00.

Resources Connection Stock Down 5.2%

RGP stock opened at $4.35 on Friday. Resources Connection has a twelve month low of $4.23 and a twelve month high of $9.96. The company has a market cap of $145.25 million, a price-to-earnings ratio of -0.76 and a beta of 0.62. The business has a 50 day moving average price of $4.92 and a two-hundred day moving average price of $5.22.

Insider Activity at Resources Connection

In related news, CEO Kate W. Duchene acquired 23,015 shares of the stock in a transaction on Wednesday, October 15th. The shares were purchased at an average price of $4.36 per share, for a total transaction of $100,345.40. Following the purchase, the chief executive officer directly owned 590,234 shares in the company, valued at approximately $2,573,420.24. The trade was a 4.06% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Anthony Cherbak sold 10,000 shares of the firm's stock in a transaction on Friday, October 10th. The stock was sold at an average price of $4.50, for a total value of $45,000.00. Following the transaction, the director owned 15,000 shares in the company, valued at approximately $67,500. This trade represents a 40.00% decrease in their position. The disclosure for this sale can be found here. Company insiders own 7.91% of the company's stock.

Hedge Funds Weigh In On Resources Connection

A number of hedge funds have recently added to or reduced their stakes in the stock. SummerHaven Investment Management LLC increased its stake in Resources Connection by 3.3% during the 2nd quarter. SummerHaven Investment Management LLC now owns 81,689 shares of the company's stock worth $439,000 after acquiring an additional 2,582 shares during the period. MetLife Investment Management LLC increased its stake in Resources Connection by 19.4% during the 1st quarter. MetLife Investment Management LLC now owns 18,249 shares of the company's stock worth $119,000 after acquiring an additional 2,969 shares during the period. CWM LLC increased its stake in Resources Connection by 38.0% during the 1st quarter. CWM LLC now owns 15,243 shares of the company's stock worth $100,000 after acquiring an additional 4,199 shares during the period. Petrus Trust Company LTA increased its stake in Resources Connection by 14.6% during the 1st quarter. Petrus Trust Company LTA now owns 33,759 shares of the company's stock worth $221,000 after acquiring an additional 4,300 shares during the period. Finally, GAMMA Investing LLC increased its stake in Resources Connection by 3,712.9% during the 1st quarter. GAMMA Investing LLC now owns 4,728 shares of the company's stock worth $31,000 after acquiring an additional 4,604 shares during the period. Institutional investors own 93.23% of the company's stock.

Resources Connection Company Profile

Resources Connection, Inc provides consulting services to business customers under the Resources Global Professionals name in North America, Europe, and the Asia Pacific. The company offers services in the areas of transactions, including integration and divestitures, bankruptcy/restructuring, going public readiness and support, financial process optimization, and system implementation; and regulations, such as accounting regulations, internal audit and compliance, data privacy and security, healthcare compliance, and regulatory compliance.

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