Discovery Capital Management, Sells 500,000 Shares of Ramaco Resources (NASDAQ:METC) Stock

Ramaco Resources, Inc. (NASDAQ:METC) major shareholder Discovery Capital Management, sold 500,000 shares of Ramaco Resources stock in a transaction dated Thursday, August 6th. The shares were sold at an average price of $9.57, for a total value of $4,785,000.00. Following the completion of the transaction, the insider owned 4,811,360 shares of the company’s stock, valued at approximately $46,044,715.20. This represents a 9.41% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Large shareholders that own 10% or more of a company’s shares are required to disclose their transactions with the SEC.

Ramaco Resources Price Performance

Shares of METC stock traded down $0.06 during trading hours on Monday, hitting $10.18. 1,608,852 shares of the company’s stock were exchanged, compared to its average volume of 2,102,410. Ramaco Resources, Inc. has a fifty-two week low of $8.56 and a fifty-two week high of $57.80. The firm has a market cap of $663.53 million, a P/E ratio of -9.51 and a beta of 1.37. The company has a quick ratio of 3.31, a current ratio of 4.23 and a debt-to-equity ratio of 1.23. The firm has a 50 day moving average of $12.57 and a two-hundred day moving average of $14.74.

Ramaco Resources (NASDAQ:METC) last released its quarterly earnings results on Wednesday, August 5th. The energy company reported ($0.26) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.26). The firm had revenue of $122.32 million for the quarter, compared to analysts’ expectations of $133.11 million. Ramaco Resources had a negative net margin of 11.98% and a negative return on equity of 13.54%. Sell-side analysts forecast that Ramaco Resources, Inc. will post -0.76 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in METC. Bridgeway Capital Management LLC increased its position in shares of Ramaco Resources by 0.4% during the third quarter. Bridgeway Capital Management LLC now owns 122,998 shares of the energy company’s stock worth $4,082,000 after acquiring an additional 536 shares during the last quarter. Allworth Financial LP boosted its holdings in Ramaco Resources by 3,603.6% in the third quarter. Allworth Financial LP now owns 1,037 shares of the energy company’s stock valued at $34,000 after purchasing an additional 1,009 shares during the last quarter. Advisory Services Network LLC acquired a new stake in Ramaco Resources during the 3rd quarter valued at approximately $38,000. Police & Firemen s Retirement System of New Jersey increased its holdings in Ramaco Resources by 16.0% during the 4th quarter. Police & Firemen s Retirement System of New Jersey now owns 9,549 shares of the energy company’s stock worth $172,000 after purchasing an additional 1,317 shares during the last quarter. Finally, Russell Investments Group Ltd. increased its holdings in Ramaco Resources by 51.4% during the 4th quarter. Russell Investments Group Ltd. now owns 3,917 shares of the energy company’s stock worth $71,000 after purchasing an additional 1,330 shares during the last quarter. Hedge funds and other institutional investors own 74.49% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on METC. Morgan Stanley reduced their price objective on Ramaco Resources from $17.00 to $13.00 and set an “equal weight” rating on the stock in a research report on Wednesday, July 8th. Robert W. Baird set a $13.00 target price on Ramaco Resources in a report on Thursday. B. Riley Financial reduced their price target on Ramaco Resources from $24.00 to $22.00 and set a “buy” rating on the stock in a report on Wednesday, May 13th. Benchmark lowered their price target on shares of Ramaco Resources from $38.00 to $26.00 and set a “buy” rating on the stock in a research report on Thursday. Finally, Wall Street Zen raised shares of Ramaco Resources from a “strong sell” rating to a “sell” rating in a report on Saturday. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, two have given a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $22.71.

Ramaco Resources Company Profile

Ramaco Resources, Inc (NASDAQ:METC) is a U.S.-based producer of premium metallurgical coal and industrial minerals, focused on supplying the steel and allied industries. The company’s operations are centered in the Appalachian region of West Virginia, where it develops, mines and processes high-carbon coal products designed to meet the quality requirements of blast‐furnace and electric‐arc furnace steelmakers.

The firm’s flagship asset is the Elk Creek underground mine in Wyoming County, West Virginia, which began commercial production in 2019 and delivers a range of high‐grade metallurgical and anthracite coals.