ARC Group Worldwide Inc. (ARCW) Downgraded to Hold at Zacks Investment Research
ARC Group Worldwide Inc. (NASDAQ:ARCW) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Friday.
According to Zacks, “ARC Group Worldwide, Inc. is a diversified manufacturing holding company with operations in Colorado, Florida, Pennsylvania, Texas, Minnesota, China and Hungary. It provides wireless network component and wireless network solutions. The Company designs and develops hardware, including antennas, radios, and related accessories, used in broadband and other wireless networks. It supplies its products to public and private carriers, wireless infrastructure providers, wireless equipment distributors, value added resellers and other original equipment manufacturers. ARC Group Worldwide, Inc., formerly known as ARC Wireless Solutions Inc., is based in Denver, Colorado. “
Several other research analysts also recently weighed in on the stock. Brean Capital reaffirmed a “buy” rating and issued a $7.00 target price on shares of ARC Group Worldwide in a report on Monday, September 12th. Imperial Capital upped their target price on shares of ARC Group Worldwide from $3.00 to $4.00 and gave the stock an “in-line” rating in a report on Tuesday, September 27th.
ARC Group Worldwide (NASDAQ:ARCW) traded down 1.57% on Friday, hitting $3.75. The stock had a trading volume of 8,786 shares. The firm’s market cap is $70.48 million. ARC Group Worldwide has a 52-week low of $1.05 and a 52-week high of $4.88. The company’s 50 day moving average price is $3.23 and its 200 day moving average price is $2.58.
ARC Group Worldwide (NASDAQ:ARCW) last issued its earnings results on Friday, September 9th. The company reported ($0.05) earnings per share for the quarter, missing the consensus estimate of ($0.01) by $0.04. The firm earned $27.80 million during the quarter. ARC Group Worldwide had a negative return on equity of 4.41% and a negative net margin of 2.23%. The business’s revenue for the quarter was down 3.5% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.04) earnings per share. Analysts expect that ARC Group Worldwide will post $0.02 EPS for the current year.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Renaissance Technologies LLC increased its position in ARC Group Worldwide by 34.1% in the first quarter. Renaissance Technologies LLC now owns 80,600 shares of the company’s stock valued at $202,000 after buying an additional 20,500 shares during the period. Coe Capital Management LLC increased its position in ARC Group Worldwide by 25.8% in the second quarter. Coe Capital Management LLC now owns 93,521 shares of the company’s stock valued at $215,000 after buying an additional 19,197 shares during the period. Finally, First Eagle Investment Management LLC increased its position in ARC Group Worldwide by 17.0% in the second quarter. First Eagle Investment Management LLC now owns 1,340,736 shares of the company’s stock valued at $3,057,000 after buying an additional 195,160 shares during the period. 9.93% of the stock is owned by institutional investors and hedge funds.
ARC Group Worldwide Company Profile
ARC Group Worldwide, Inc is a manufacturing company. The Company operates through four segments: Precision Components Group, 3DMT Group, Flanges and Fittings Group, and Wireless Group. The Precision Components Group companies provide fabricated metal components using processes consisting of metal injection molding, precision metal stamping and hermetic sealing.
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