TrueBlue (NYSE:TBI) Stock Price Crosses Above 200-Day Moving Average - Here's Why

Key Points

• TrueBlue shares rose above their 200-day moving average on Wednesday, trading as high as $8.90 versus a 200-day average of $5.21 and last changing hands around $8.07.
• Analyst sentiment remains cautious, with the stock carrying an average "Hold" rating and a consensus price target of $5.75 despite recent rating upgrades from some firms.
• Latest earnings topped expectations: TrueBlue reported a smaller-than-expected loss of $0.41 per share and revenue of $398.6 million, while analysts expect a full-year loss of $0.09 per share.

TrueBlue, Inc. (NYSE:TBI - Get Free Report)'s stock price crossed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $5.21 and traded as high as $8.90. TrueBlue shares last traded at $8.0740, with a volume of 232,126 shares traded.

Analyst Upgrades and Downgrades

A number of research analysts have commented on TBI shares. Wall Street Zen upgraded shares of TrueBlue from a "sell" rating to a "hold" rating in a research note on Saturday, June 20th. Zacks Research upgraded shares of TrueBlue from a "strong sell" rating to a "hold" rating in a research note on Monday, April 20th. Finally, Weiss Ratings raised TrueBlue from a "sell (e+)" rating to a "sell (d-)" rating in a report on Thursday, July 2nd. One research analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $5.75.

TrueBlue Price Performance

The company has a debt-to-equity ratio of 0.29, a quick ratio of 2.09 and a current ratio of 2.09. The company has a 50-day simple moving average of $6.62 and a 200-day simple moving average of $5.21. The company has a market cap of $245.45 million, a price-to-earnings ratio of -4.54 and a beta of 1.60.

TrueBlue (NYSE:TBI - Get Free Report) last posted its quarterly earnings results on Tuesday, May 5th. The business services provider reported ($0.41) earnings per share for the quarter, beating analysts' consensus estimates of ($0.45) by $0.04. TrueBlue had a negative return on equity of 7.37% and a negative net margin of 3.25%.The firm had revenue of $398.57 million for the quarter, compared to the consensus estimate of $390.51 million. As a group, research analysts predict that TrueBlue, Inc. will post -0.09 earnings per share for the current year.

Hedge Funds Weigh In On TrueBlue

A number of large investors have recently made changes to their positions in TBI. Fifth Third Bancorp purchased a new stake in TrueBlue during the first quarter worth about $41,000. Dynamic Technology Lab Private Ltd acquired a new stake in shares of TrueBlue during the 4th quarter valued at approximately $48,000. Simplex Trading LLC boosted its stake in shares of TrueBlue by 56.9% during the 4th quarter. Simplex Trading LLC now owns 11,018 shares of the business services provider's stock worth $50,000 after acquiring an additional 3,995 shares in the last quarter. Glenmede Trust Co. NA purchased a new stake in shares of TrueBlue during the 1st quarter worth approximately $53,000. Finally, Balyasny Asset Management L.P. acquired a new stake in shares of TrueBlue in the 4th quarter worth approximately $53,000. Hedge funds and other institutional investors own 97.15% of the company's stock.

TrueBlue Company Profile

TrueBlue, Inc is a Tacoma, Washington–based workforce solutions provider specializing in temporary staffing, permanent placement and managed service solutions. Operating through its subsidiaries and brands, TrueBlue connects clients across manufacturing, logistics, retail, construction and public sector markets with skilled professionals for both short-term and long-term engagements. The company's offerings encompass on-demand blue-collar labor, specialized industrial staffing, recruitment process outsourcing (RPO) and contingent workforce management.

TrueBlue's primary service lines include PeopleReady, which supplies general labor for construction, hospitality and event services; PeopleManagement, which focuses on technical and industrial professionals; PeopleScout, a global RPO business offering end-to-end talent acquisition and consulting; and Staff Management | SMX, which delivers seasonal staffing for large-scale events, amusement parks and federal workforce contracts.

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