TrueBlue (NYSE:TBI) Shares Pass Above Two Hundred Day Moving Average – Here’s What Happened

TrueBlue, Inc. (NYSE:TBI)’s stock price passed 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 trading hands.

Analysts Set New Price Targets

TBI has been the topic of several recent research reports. Zacks Research raised shares of TrueBlue from a “strong sell” rating to a “hold” rating in a research report on Monday, April 20th. Wall Street Zen upgraded shares of TrueBlue from a “sell” rating to a “hold” rating in a research report on Saturday, June 20th. Finally, Weiss Ratings raised shares of TrueBlue from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Thursday, July 2nd. One equities research analyst has rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, TrueBlue currently has an average rating of “Hold” and a consensus price target of $5.75.

TrueBlue Price Performance

The company has a fifty day moving average of $6.67 and a 200-day moving average of $5.24. The company has a current ratio of 2.09, a quick ratio of 2.09 and a debt-to-equity ratio of 0.29. The stock has a market cap of $257.03 million, a PE ratio of -4.75 and a beta of 1.60.

TrueBlue (NYSE:TBI) last announced its earnings results on Tuesday, May 5th. The business services provider reported ($0.41) EPS for the quarter, beating analysts’ consensus estimates of ($0.45) by $0.04. The company had revenue of $398.57 million during the quarter, compared to analysts’ expectations of $390.51 million. TrueBlue had a negative return on equity of 7.37% and a negative net margin of 3.25%. Sell-side analysts expect that TrueBlue, Inc. will post -0.09 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Fifth Third Bancorp purchased a new stake in TrueBlue during the 1st quarter worth approximately $41,000. Dynamic Technology Lab Private Ltd purchased a new position in TrueBlue in the 4th quarter valued at approximately $48,000. Federated Hermes Inc. acquired a new position in shares of TrueBlue in the second quarter worth $69,000. Simplex Trading LLC grew its stake in shares of TrueBlue by 56.9% in the fourth 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. Finally, Balyasny Asset Management L.P. acquired a new position in shares of TrueBlue in the fourth quarter worth $53,000. Institutional investors and hedge funds 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.