Atlas Technical Consultants (NASDAQ:ATCX) Lowered to “Sell” at Zacks Investment Research

Zacks Investment Research cut shares of Atlas Technical Consultants (NASDAQ:ATCX) from a hold rating to a sell rating in a report released on Tuesday morning, Zacks.com reports.

According to Zacks, “Atlas Technical Consultants Inc. provides technical testing, inspection engineering and consulting services. It serves transportation, commercial, water, government, education and industrial markets. Atlas Technical Consultants Inc., formerly known as Boxwood Merger Corp., is based in Austin, Texas. “

Separately, Johnson Rice initiated coverage on shares of Atlas Technical Consultants in a research note on Tuesday, September 21st. They set a buy rating and a $13.00 price objective on the stock.

NASDAQ ATCX opened at $8.50 on Tuesday. The firm’s 50 day moving average price is $9.02 and its 200-day moving average price is $9.82. Atlas Technical Consultants has a 52-week low of $7.50 and a 52-week high of $15.40.

Atlas Technical Consultants (NASDAQ:ATCX) last released its quarterly earnings data on Monday, November 15th. The company reported ($0.07) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.07 by ($0.14). Atlas Technical Consultants had a negative net margin of 1.45% and a negative return on equity of 18.44%. The business had revenue of $138.72 million for the quarter, compared to the consensus estimate of $134.60 million. During the same quarter in the prior year, the business posted ($0.16) earnings per share. On average, equities analysts predict that Atlas Technical Consultants will post 0.4 earnings per share for the current year.

In other Atlas Technical Consultants news, Director Brian K. Ferraioli bought 4,911 shares of Atlas Technical Consultants stock in a transaction that occurred on Monday, November 22nd. The stock was purchased at an average price of $10.00 per share, with a total value of $49,110.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Walter George Powell bought 9,000 shares of Atlas Technical Consultants stock in a transaction that occurred on Friday, November 19th. The shares were acquired at an average cost of $10.13 per share, with a total value of $91,170.00. The disclosure for this purchase can be found here. Insiders have bought 31,063 shares of company stock valued at $274,509 over the last quarter. Insiders own 18.30% of the company’s stock.

Institutional investors have recently modified their holdings of the stock. Penbrook Management LLC increased its holdings in Atlas Technical Consultants by 2.5% in the fourth quarter. Penbrook Management LLC now owns 122,395 shares of the company’s stock valued at $1,031,000 after buying an additional 3,000 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in Atlas Technical Consultants by 62.5% in the third quarter. Bank of New York Mellon Corp now owns 40,310 shares of the company’s stock valued at $410,000 after buying an additional 15,508 shares in the last quarter. Royal Bank of Canada increased its holdings in Atlas Technical Consultants by 167.2% in the third quarter. Royal Bank of Canada now owns 2,464 shares of the company’s stock valued at $25,000 after buying an additional 1,542 shares in the last quarter. Morgan Stanley increased its holdings in Atlas Technical Consultants by 119.3% in the third quarter. Morgan Stanley now owns 34,558 shares of the company’s stock valued at $351,000 after buying an additional 18,802 shares in the last quarter. Finally, Penserra Capital Management LLC purchased a new position in Atlas Technical Consultants in the third quarter valued at $45,000. 22.51% of the stock is owned by hedge funds and other institutional investors.

About Atlas Technical Consultants

Atlas Technical Consultants, Inc provides professional testing, inspection, engineering, environmental, and program management and consulting services in the United States. The company provides a range of technical services, helping its clients test, inspect, plan, design, certify, and manage various projects across various end markets.

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