BRC (NYSE:BRCC) Shares Break Above Fifty Day Moving Average – Here’s Why

BRC Inc. (NYSE:BRCC) crossed above its fifty day moving average during trading on Wednesday. The stock has a fifty day moving average of $9.85 and traded as high as $10.17. BRC shares last traded at $10.09, with a volume of 123,596 shares trading hands.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the company. DA Davidson boosted their target price on BRC from $2.50 to $25.00 and gave the stock a “buy” rating in a report on Monday, August 31st. Craig Hallum initiated coverage on BRC in a research note on Monday, August 3rd. They set a “buy” rating and a $17.50 price target for the company. Weiss Ratings reiterated a “sell (e+)” rating on shares of BRC in a research report on Monday, November 2nd. Finally, Wall Street Zen downgraded BRC from a “buy” rating to a “hold” rating in a research note on Saturday, November 7th. Three research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, BRC has a consensus rating of “Moderate Buy” and an average target price of $22.50.

BRC Stock Performance

The company’s 50-day moving average price is $9.85 and its two-hundred day moving average price is $10.23. The company has a market cap of $252.96 million, a P/E ratio of -17.40 and a beta of 1.21. The company has a current ratio of 1.59, a quick ratio of 1.02 and a debt-to-equity ratio of 0.31.

BRC (NYSE:BRCC) last released its earnings results on Monday, November 2nd. The company reported ($0.28) EPS for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.34). BRC had a negative return on equity of 9.55% and a negative net margin of 1.53%. The business had revenue of $108.04 million during the quarter, compared to the consensus estimate of $105.89 million.

Insider Activity at BRC

In other news, insider Evan Hafer sold 15,304 shares of the stock in a transaction on Thursday, October 15th. The stock was sold at an average price of $10.62, for a total transaction of $162,528.48. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Stephen M. Kadenacy sold 10,500 shares of the stock in a transaction on Monday, August 17th. The shares were sold at an average price of $8.20, for a total value of $86,100.00. Following the sale, the director owned 23,495 shares of the company’s stock, valued at $192,659. This trade represents a 30.89% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 46,300 shares of company stock worth $474,943. 54.87% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On BRC

A number of hedge funds have recently modified their holdings of the stock. Zazove Associates LLC raised its position in shares of BRC by 270.7% during the first quarter. Zazove Associates LLC now owns 2,000,000 shares of the company’s stock worth $1,552,000 after purchasing an additional 1,460,546 shares during the period. Renaissance Technologies LLC acquired a new position in shares of BRC in the 1st quarter valued at $232,000. Bank of America Corp DE boosted its position in shares of BRC by 9.2% in the 1st quarter. Bank of America Corp DE now owns 142,209 shares of the company’s stock valued at $110,000 after purchasing an additional 11,933 shares during the period. Squarepoint Ops LLC increased its stake in BRC by 53.8% in the 2nd quarter. Squarepoint Ops LLC now owns 72,944 shares of the company’s stock worth $81,000 after purchasing an additional 25,519 shares in the last quarter. Finally, Modera Wealth Management LLC purchased a new position in BRC in the 1st quarter worth about $78,000. 16.29% of the stock is currently owned by institutional investors and hedge funds.

About BRC

Black Rifle Coffee Company (NYSE: BRCC) is a veteran-founded coffee and lifestyle company focused on producing, marketing and selling premium coffee products. Its offerings include whole-bean and ground coffee, single-serve options, ready-to-drink beverages, tea, brewing equipment, apparel and other branded merchandise. The company distributes its products through direct-to-consumer channels, including its online store and coffee subscription programs, as well as wholesale and retail partners. It also operates branded coffee shops and serves customers primarily in the United States, with its products available through a range of retail and e-commerce channels.