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

Titan Machinery Inc. (NASDAQ:TITN - Get Free Report) passed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $17.22 and traded as high as $21.75. Titan Machinery shares last traded at $21.60, with a volume of 96,792 shares.

Analyst Ratings Changes

Several research firms recently issued reports on TITN. Northland Capmk raised Titan Machinery from a "hold" rating to a "strong-buy" rating in a research note on Friday, April 11th. Wall Street Zen raised Titan Machinery from a "sell" rating to a "hold" rating in a research note on Saturday, June 21st. Northland Securities raised Titan Machinery from a "market perform" rating to an "outperform" rating and set a $25.00 target price on the stock in a research note on Friday, April 11th. Robert W. Baird cut their price objective on Titan Machinery from $25.00 to $24.00 and set an "outperform" rating on the stock in a research report on Friday, March 21st. Finally, B. Riley lifted their price objective on Titan Machinery from $19.00 to $22.00 and gave the company a "neutral" rating in a research report on Tuesday, May 27th. Three investment analysts have rated the stock with a hold rating, three have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $21.00.

Titan Machinery Stock Performance

The company has a 50-day simple moving average of $19.44 and a two-hundred day simple moving average of $17.27. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.18 and a current ratio of 1.33. The firm has a market capitalization of $498.53 million, a P/E ratio of -8.21 and a beta of 1.35.

Titan Machinery (NASDAQ:TITN - Get Free Report) last posted 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. Titan Machinery had a negative return on equity of 8.22% and a negative net margin of 2.23%. The business had revenue of $594.34 million for the quarter, compared to analysts' expectations of $445.76 million.

Hedge Funds Weigh In On Titan Machinery

Several large investors have recently made changes to their positions in TITN. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of Titan Machinery by 109.2% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,817,108 shares of the company's stock valued at $30,964,000 after purchasing an additional 948,707 shares during the last quarter. Bessemer Group Inc. purchased a new position in shares of Titan Machinery during the first quarter valued at approximately $10,716,000. Voss Capital LP lifted its holdings in shares of Titan Machinery by 141.7% during the fourth quarter. Voss Capital LP now owns 684,459 shares of the company's stock valued at $9,671,000 after purchasing an additional 401,302 shares during the last quarter. Royce & Associates LP lifted its holdings in shares of Titan Machinery by 500.2% during the first quarter. Royce & Associates LP now owns 452,570 shares of the company's stock valued at $7,712,000 after purchasing an additional 377,170 shares during the last quarter. Finally, Driehaus Capital Management LLC purchased a new position in shares of Titan Machinery during the first quarter valued at approximately $4,969,000. 78.38% of the stock is currently owned by hedge funds and other institutional investors.

Titan Machinery Company Profile

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.