TIC Solutions (NYSE:TIC) Stock Price Down 7.8% – Here’s Why

TIC Solutions, Inc (NYSE:TIC)’s stock price fell 7.8% during trading on Wednesday . The company traded as low as $9.18 and last traded at $8.8620. 873,550 shares changed hands during mid-day trading, a decline of 63% from the average session volume of 2,383,464 shares. The stock had previously closed at $9.61.

Analyst Upgrades and Downgrades

TIC has been the subject of a number of analyst reports. UBS Group raised shares of TIC Solutions from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $11.00 to $12.50 in a research note on Tuesday, August 11th. Robert W. Baird set a $10.00 price target on shares of TIC Solutions in a research report on Friday, August 7th. Zacks Research upgraded TIC Solutions from a “strong sell” rating to a “hold” rating in a report on Wednesday, July 15th. Weiss Ratings reiterated a “sell (d-)” rating on shares of TIC Solutions in a report on Friday, September 4th. Finally, JPMorgan Chase & Co. raised TIC Solutions from an “underweight” rating to a “neutral” rating and lifted their price objective for the stock from $9.00 to $11.00 in a research report on Friday, August 21st. Three investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $12.00.

TIC Solutions Price Performance

The stock has a market capitalization of $1.94 billion, a P/E ratio of -15.32 and a beta of 2.96. The business has a fifty day simple moving average of $8.62 and a 200-day simple moving average of $8.41. The company has a debt-to-equity ratio of 0.76, a quick ratio of 2.91 and a current ratio of 2.91.

TIC Solutions (NYSE:TIC) last released its quarterly earnings data on Thursday, August 6th. The company reported $0.14 earnings per share for the quarter, beating the consensus estimate of $0.10 by $0.04. TIC Solutions had a negative net margin of 5.64% and a negative return on equity of 2.30%. The company had revenue of $584.35 million during the quarter. Sell-side analysts expect that TIC Solutions, Inc will post 0.29 earnings per share for the current fiscal year.

Institutional Investors Weigh In On TIC Solutions

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. NewEdge Advisors LLC raised its position in shares of TIC Solutions by 9.2% during the second quarter. NewEdge Advisors LLC now owns 28,210 shares of the company’s stock worth $228,000 after purchasing an additional 2,365 shares during the period. IFP Advisors Inc grew its position in TIC Solutions by 137.5% in the 2nd quarter. IFP Advisors Inc now owns 3,441 shares of the company’s stock valued at $28,000 after purchasing an additional 1,992 shares during the period. Squarepoint Ops LLC grew its position in TIC Solutions by 522.5% in the 2nd quarter. Squarepoint Ops LLC now owns 302,249 shares of the company’s stock valued at $2,445,000 after purchasing an additional 253,697 shares during the period. Range Advisory LLC bought a new stake in TIC Solutions during the 2nd quarter valued at $139,000. Finally, HB Wealth Management LLC increased its stake in TIC Solutions by 14.8% during the 2nd quarter. HB Wealth Management LLC now owns 21,260 shares of the company’s stock valued at $172,000 after purchasing an additional 2,739 shares in the last quarter.

About TIC Solutions

Acuren Corporation provides critical asset integrity services in North America. Its activities include various nondestructive testing (NDT) solutions, such as radiography, ultrasonic testing, magnetic particle inspection, penetrant testing, and visual inspection. Its NDT activities include inspection and evaluation of industrial equipment through various technology-enabled methods to ensure asset integrity, avoid accidents, and comply with regulatory requirements without destroying the asset or component.