BRC (NYSE:BRCC) Shares Down 5.3% After Analyst Downgrade

Posted by on Mar 18th, 2023

BRC Inc. (NYSE:BRCC – Get Rating) shares were down 5.3% during mid-day trading on Friday after Deutsche Bank Aktiengesellschaft lowered their price target on the stock from $9.00 to $8.00. The stock traded as low as $5.21 and last traded at $5.22. Approximately 212,122 shares traded hands during trading, a decline of 66% from the average daily volume of 622,021 shares. The stock had previously closed at $5.51.

BRCC has been the topic of several other reports. Truist Financial lowered their price objective on BRC from $10.00 to $5.00 in a research note on Thursday. Telsey Advisory Group reiterated an “outperform” rating and issued a $12.00 price objective on shares of BRC in a research note on Monday, March 13th. Citigroup lowered their price objective on BRC from $8.00 to $6.50 and set a “neutral” rating on the stock in a research note on Thursday. Tigress Financial reiterated a “buy” rating and issued a $19.00 price objective on shares of BRC in a research note on Friday, January 20th. Finally, DA Davidson lowered their price objective on BRC from $12.00 to $10.00 in a research note on Thursday. Five research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $10.08.

Insider Buying and Selling

In related news, CFO Gregory James Iverson sold 50,000 shares of the stock in a transaction that occurred on Wednesday, February 15th. The stock was sold at an average price of $8.03, for a total transaction of $401,500.00. Following the sale, the chief financial officer now directly owns 1,417,535 shares in the company, valued at approximately $11,382,806.05. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 66.17% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On BRC

A number of large investors have recently bought and sold shares of the business. Engaged Capital LLC grew its position in BRC by 0.8% during the 4th quarter. Engaged Capital LLC now owns 13,351,450 shares of the company’s stock worth $81,577,000 after acquiring an additional 100,000 shares during the last quarter. Vanguard Group Inc. lifted its holdings in BRC by 220.3% during the 3rd quarter. Vanguard Group Inc. now owns 3,484,625 shares of the company’s stock worth $26,937,000 after buying an additional 2,396,808 shares in the last quarter. BlackRock Inc. lifted its holdings in BRC by 1.6% during the 3rd quarter. BlackRock Inc. now owns 1,704,844 shares of the company’s stock worth $13,179,000 after buying an additional 26,227 shares in the last quarter. Fayez Sarofim & Co lifted its holdings in BRC by 2.6% during the 3rd quarter. Fayez Sarofim & Co now owns 1,696,030 shares of the company’s stock worth $13,110,000 after buying an additional 42,520 shares in the last quarter. Finally, Point72 Asset Management L.P. acquired a new position in BRC during the 3rd quarter worth $6,131,000. 12.98% of the stock is currently owned by institutional investors.

BRC Stock Performance

The firm has a fifty day simple moving average of $6.56 and a 200-day simple moving average of $6.86. The company has a current ratio of 2.35, a quick ratio of 1.68 and a debt-to-equity ratio of 0.15.

About BRC

(Get Rating)

BRC Inc, through its subsidiaries, purchases, roasts, and sells coffee, coffee accessories, and branded apparel. The company also produces media content; podcasts; and digital and print journals, as well as sells coffee brewing equipment, and outdoor and lifestyle gear. It supports active military, veterans, and first responders.

Recommended Stories

Receive News & Ratings for BRC Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for BRC and related companies with MarketBeat.com's FREE daily email newsletter.