Stoneridge (NYSE:SRI) Stock Price Passes Above 200-Day Moving Average - Here's Why

Key Points

• Stoneridge shares passed above its 200-day moving average (200‑day = $6.45), trading as high as $6.75 and marking an intraday gain of about 3.3%.
• Fundamentals remain weak: the company reported (-$0.53 EPS) for the quarter, missing estimates and posting a revenue shortfall, while analysts have trimmed ratings to a consensus "Reduce" with an average target of $16.00.
• Several hedge funds have significantly increased stakes recently and institutional ownership is very high at 98.07%, showing strong institutional interest despite negative margins and ROE.

Stoneridge, Inc. (NYSE:SRI - Get Free Report) shares passed above its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of $6.45 and traded as high as $6.75. Stoneridge shares last traded at $6.7380, with a volume of 205,047 shares.

Analysts Set New Price Targets

Several research analysts recently weighed in on SRI shares. Barrington Research lowered Stoneridge from an "outperform" rating to a "market perform" rating in a research report on Monday, March 16th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Stoneridge in a research report on Friday, March 27th. Zacks Research raised Stoneridge to a "hold" rating in a research report on Wednesday, March 18th. Finally, Wall Street Zen lowered Stoneridge from a "buy" rating to a "hold" rating in a research report on Sunday, March 22nd. Two analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Reduce" and an average target price of $16.00.

Stoneridge Trading Up 3.3%

The business's 50-day moving average is $6.48 and its two-hundred day moving average is $6.45. The company has a current ratio of 2.30, a quick ratio of 1.45 and a debt-to-equity ratio of 1.01. The stock has a market capitalization of $190.28 million, a PE ratio of -1.82 and a beta of 1.60.

Stoneridge (NYSE:SRI - Get Free Report) last released its quarterly earnings data on Thursday, March 12th. The auto parts company reported ($0.53) EPS for the quarter, missing the consensus estimate of $0.02 by ($0.55). Stoneridge had a negative net margin of 11.94% and a negative return on equity of 13.49%. The company had revenue of $205.15 million during the quarter, compared to analysts' expectations of $211.70 million. On average, analysts predict that Stoneridge, Inc. will post -0.31 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Arrowstreet Capital Limited Partnership increased its position in shares of Stoneridge by 285.8% during the third quarter. Arrowstreet Capital Limited Partnership now owns 518,105 shares of the auto parts company's stock worth $3,948,000 after acquiring an additional 383,805 shares during the last quarter. AQR Capital Management LLC increased its holdings in Stoneridge by 213.7% in the first quarter. AQR Capital Management LLC now owns 533,470 shares of the auto parts company's stock valued at $2,449,000 after buying an additional 363,407 shares during the last quarter. Assenagon Asset Management S.A. increased its holdings in Stoneridge by 340.0% in the fourth quarter. Assenagon Asset Management S.A. now owns 256,791 shares of the auto parts company's stock valued at $1,487,000 after buying an additional 198,423 shares during the last quarter. Russell Investments Group Ltd. increased its holdings in Stoneridge by 50.0% in the fourth quarter. Russell Investments Group Ltd. now owns 575,670 shares of the auto parts company's stock valued at $3,333,000 after buying an additional 191,953 shares during the last quarter. Finally, Marshall Wace LLP boosted its stake in Stoneridge by 186.7% in the second quarter. Marshall Wace LLP now owns 293,987 shares of the auto parts company's stock valued at $2,070,000 after acquiring an additional 191,444 shares during the period. 98.07% of the stock is owned by hedge funds and other institutional investors.

About Stoneridge

Stoneridge, Inc NYSE: SRI is a global developer and manufacturer of highly engineered electrical and electronic components for the automotive and commercial vehicle markets. The company's product offerings span a range of safety, convenience and control systems, delivering tailored solutions that help original equipment manufacturers (OEMs) meet increasingly stringent regulatory and performance requirements.

Among Stoneridge's core products are rearview and side-view mirror systems, camera-based advanced driver assistance systems (ADAS) and interior and exterior lighting solutions.

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