Concrete Pumping (NASDAQ:BBCP) Shares Down 3.9% – Here’s What Happened

Concrete Pumping Holdings, Inc. (NASDAQ:BBCP)’s stock price dropped 3.9% on Wednesday . The company traded as low as $6.67 and last traded at $6.71. Approximately 58,873 shares traded hands during trading, a decline of 26% from the average daily volume of 79,092 shares. The stock had previously closed at $6.98.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the stock. DA Davidson lifted their target price on shares of Concrete Pumping from $8.00 to $8.50 and gave the company a “buy” rating in a research report on Monday, September 8th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Concrete Pumping in a research note on Monday. Finally, Robert W. Baird lifted their price objective on Concrete Pumping from $6.00 to $6.50 and gave the stock a “neutral” rating in a report on Friday, September 5th. One research analyst has rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $7.50.

Concrete Pumping Price Performance

The stock’s fifty day moving average price is $6.52 and its 200-day moving average price is $6.71. The firm has a market cap of $345.36 million, a PE ratio of 41.94 and a beta of 1.04. The company has a debt-to-equity ratio of 1.60, a current ratio of 1.75 and a quick ratio of 1.64.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in BBCP. Nuveen LLC purchased a new stake in shares of Concrete Pumping in the first quarter valued at approximately $258,000. American Century Companies Inc. boosted its stake in Concrete Pumping by 273.5% during the first quarter. American Century Companies Inc. now owns 94,573 shares of the company’s stock worth $516,000 after buying an additional 69,249 shares during the last quarter. MetLife Investment Management LLC grew its holdings in Concrete Pumping by 31.9% in the 1st quarter. MetLife Investment Management LLC now owns 14,779 shares of the company’s stock valued at $81,000 after buying an additional 3,577 shares in the last quarter. Royal Bank of Canada grew its holdings in Concrete Pumping by 5.7% in the 1st quarter. Royal Bank of Canada now owns 161,031 shares of the company’s stock valued at $878,000 after buying an additional 8,620 shares in the last quarter. Finally, AQR Capital Management LLC acquired a new stake in shares of Concrete Pumping in the 1st quarter worth $78,000. 34.20% of the stock is currently owned by institutional investors and hedge funds.

About Concrete Pumping

Concrete Pumping Holdings, Inc (NASDAQ: BBCP) is a specialized provider of concrete placing and pumping solutions for commercial, residential and infrastructure construction projects. Through its network of regional operating subsidiaries, the company offers boom pumps, line pumps and volumetric concrete mixers, enabling contractors to efficiently deliver and place concrete on jobsites of varying scale and complexity. Concrete Pumping’s services are designed to streamline the concrete placement process, reduce project timelines and improve overall jobsite safety.

Since its formation through a series of strategic acquisitions beginning in 2020, Concrete Pumping Holdings has focused on consolidating regional operators under a unified platform.