APi Group (NYSE:APG) Stock Breaks Below 200 Day Moving Average – Here’s What Happened

Shares of APi Group Corporation (NYSE:APG) crossed below its two hundred day moving average during trading on Thursday. The stock has a two hundred day moving average of $41.95 and traded as low as $39.77. APi Group shares last traded at $40.3150, with a volume of 6,943,588 shares.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on APG. JPMorgan Chase & Co. lifted their price objective on APi Group from $50.00 to $55.00 and gave the stock an “overweight” rating in a report on Friday, October 30th. Wall Street Zen downgraded shares of APi Group from a “buy” rating to a “hold” rating in a report on Saturday, August 1st. Citigroup increased their target price on shares of APi Group from $55.00 to $57.00 and gave the stock a “buy” rating in a research report on Friday, October 30th. Jefferies Financial Group reiterated a “buy” rating and set a $56.00 target price on shares of APi Group in a research report on Friday, October 30th. Finally, Truist Financial set a $58.00 target price on shares of APi Group and gave the stock a “buy” rating in a research note on Friday, October 30th. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of “Buy” and an average price target of $54.67.

APi Group Stock Down 8.4%

The firm has a market capitalization of $17.14 billion, a PE ratio of -63.99, a PEG ratio of 1.86 and a beta of 1.57. The company’s 50 day simple moving average is $39.88 and its 200-day simple moving average is $41.95. The company has a debt-to-equity ratio of 0.92, a quick ratio of 1.12 and a current ratio of 1.18.

APi Group (NYSE:APG) last announced its earnings results on Thursday, October 29th. The company reported $0.50 earnings per share for the quarter, topping analysts’ consensus estimates of $0.47 by $0.03. APi Group had a return on equity of 38.31% and a net margin of 4.12%. The business had revenue of $2.55 billion for the quarter, compared to analyst estimates of $2.40 billion. During the same period in the prior year, the company earned $0.41 EPS. The company’s quarterly revenue was up 22.5% compared to the same quarter last year. On average, analysts forecast that APi Group Corporation will post 1.77 EPS for the current fiscal year.

Hedge Funds Weigh In On APi Group

A number of hedge funds and other institutional investors have recently modified their holdings of APG. Bank of New York Mellon Corp bought a new position in APi Group during the second quarter valued at approximately $93,030,000. Pictet Asset Management Holding SA boosted its position in APi Group by 11.2% during the 3rd quarter. Pictet Asset Management Holding SA now owns 11,457,638 shares of the company’s stock valued at $442,284,000 after buying an additional 1,154,344 shares during the period. Squarepoint Ops LLC grew its holdings in APi Group by 125.4% in the 2nd quarter. Squarepoint Ops LLC now owns 967,869 shares of the company’s stock worth $40,989,000 after acquiring an additional 538,508 shares during the last quarter. Ancora Advisors LLC bought a new stake in APi Group in the 2nd quarter worth $14,448,000. Finally, JNBA Financial Advisors grew its holdings in APi Group by 66.6% in the 2nd quarter. JNBA Financial Advisors now owns 699,242 shares of the company’s stock worth $29,613,000 after acquiring an additional 279,448 shares during the last quarter. 86.62% of the stock is currently owned by hedge funds and other institutional investors.

About APi Group

APi Group Corporation (NYSE: APG) is a global provider of safety, specialty and industrial services. The company serves commercial, industrial and infrastructure customers through a network of operating businesses that provide services designed to protect people, property and critical assets.

APi Group’s offerings include fire protection and life-safety systems, security services, heating, ventilation and air-conditioning services, industrial maintenance, specialty contracting and infrastructure services.