Titan Machinery (NASDAQ:TITN) Stock Crosses Above 200 Day Moving Average - Here's What Happened

Key Points

• Titan Machinery's stock price has recently crossed above the 200-day moving average, trading at $19.03, with a high of $19.17 during the session.
• Analysts have upgraded Titan Machinery's stock ratings, with Northland Capital Markets moving it from "hold" to "strong-buy" and B. Riley increasing the target price from $19.00 to $22.00.
• Recent quarterly earnings showed Titan Machinery reported ($0.58) EPS, exceeding estimates of ($0.79), with revenues reaching $594.34 million, well above the $445.76 million forecasted.

Titan Machinery Inc. (NASDAQ:TITN - Get Free Report)'s share price passed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $18.15 and traded as high as $19.17. Titan Machinery shares last traded at $19.03, with a volume of 103,805 shares changing hands.

Wall Street Analyst Weigh In

TITN has been the subject of a number of analyst reports. Lake Street Capital reaffirmed a "hold" rating and set a $18.00 price objective (up from $15.00) on shares of Titan Machinery in a report on Friday, May 23rd. Wall Street Zen cut Titan Machinery from a "hold" rating to a "sell" rating in a report on Saturday. Finally, B. Riley boosted their price objective on Titan Machinery from $19.00 to $22.00 and gave the stock a "neutral" rating in a report on Tuesday, May 27th. One analyst has rated the stock with a sell rating, two have issued a hold rating, three have issued a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, Titan Machinery has an average rating of "Moderate Buy" and a consensus target price of $21.00.

Titan Machinery Price Performance

The company has a debt-to-equity ratio of 0.33, a current ratio of 1.33 and a quick ratio of 0.18. The company has a market capitalization of $449.16 million, a P/E ratio of -7.41 and a beta of 1.37. The company's 50-day moving average price is $19.66 and its two-hundred day moving average price is $18.23.

Titan Machinery (NASDAQ:TITN - Get Free Report) last announced its quarterly earnings data on Thursday, May 22nd. The company reported ($0.58) earnings per share for the quarter, beating the consensus estimate of ($0.79) by $0.21. The firm had revenue of $594.34 million during the quarter, compared to analysts' expectations of $445.76 million. Titan Machinery had a negative return on equity of 8.22% and a negative net margin of 2.23%.

Institutional Investors Weigh In On Titan Machinery

Hedge funds have recently modified their holdings of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of Titan Machinery by 109.2% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,817,108 shares of the company's stock worth $30,964,000 after purchasing an additional 948,707 shares during the last quarter. Bessemer Group Inc. bought a new stake in shares of Titan Machinery in the first quarter worth $10,716,000. Voss Capital LP grew its stake in shares of Titan Machinery by 141.7% in the fourth quarter. Voss Capital LP now owns 684,459 shares of the company's stock worth $9,671,000 after purchasing an additional 401,302 shares during the last quarter. Stephens Investment Management Group LLC bought a new stake in shares of Titan Machinery in the second quarter worth $7,606,000. Finally, Royce & Associates LP grew its stake in shares of Titan Machinery by 500.2% in the first quarter. Royce & Associates LP now owns 452,570 shares of the company's stock worth $7,712,000 after purchasing an additional 377,170 shares during the last quarter. Institutional investors and hedge funds own 78.38% of the company's stock.

About Titan Machinery

Titan Machinery Inc owns and operates a network of full service agricultural and construction equipment stores in the United States, Europe, and Australia. It operates through four segments: Agriculture, Construction, Europe, and Australia. The company sells new and used equipment, including agricultural and construction equipment manufactured under the CNH Industrial family of brands, as well as equipment from various other manufacturers.