Suncrete (NASDAQ:RMIX) Shares Climb 6.1% – Time to Buy?

Suncrete (NASDAQ:RMIX) shares shot up 6.1% during mid-day trading on Friday. The company traded as high as $13.28 and last traded at $13.1460. Approximately 234,898 shares changed hands during mid-day trading, a decline of 35% from the average daily volume of 362,496 shares. The stock had previously closed at $12.39.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on RMIX shares. B. Riley Financial reissued a “buy” rating and set a $25.00 price objective (down from $26.00) on shares of Suncrete in a research report on Wednesday, August 19th. Jefferies Financial Group reiterated a “buy” rating and set a $22.00 target price on shares of Suncrete in a research report on Tuesday, August 18th. Weiss Ratings raised Suncrete from a “sell (d+)” rating to a “hold (c-)” rating in a report on Friday, August 14th. Finally, Wall Street Zen upgraded Suncrete to a “sell” rating in a research report on Saturday, June 13th. Two equities research analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $22.25.

Suncrete Stock Performance

The company has a market capitalization of $957.60 million, a price-to-earnings ratio of -93.10 and a beta of 0.71. The company’s fifty day moving average price is $16.71. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.15 and a current ratio of 1.40.

Suncrete (NASDAQ:RMIX) last released its quarterly earnings data on Friday, August 14th. The company reported ($0.72) EPS for the quarter, missing the consensus estimate of ($0.02) by ($0.70). The business had revenue of $97.23 million for the quarter, compared to analyst estimates of $104.93 million. Suncrete’s revenue for the quarter was up 146.2% on a year-over-year basis. On average, equities research analysts predict that Suncrete will post -0.01 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in RMIX. State Street Corp bought a new stake in shares of Suncrete during the second quarter valued at approximately $4,358,000. NewEdge Advisors LLC purchased a new position in Suncrete during the 2nd quarter worth $29,000. Harraden Circle Investments LLC purchased a new stake in shares of Suncrete in the 2nd quarter worth $17,647,000. Susquehanna International Group LLP bought a new position in shares of Suncrete during the 2nd quarter worth $285,000. Finally, Alyeska Investment Group L.P. bought a new position in shares of Suncrete during the 2nd quarter worth $78,044,000. 71.07% of the stock is currently owned by institutional investors.

About Suncrete

Suncrete, Inc is a construction materials company that manufactures and supplies ready-mixed concrete and related concrete products. Its materials are used in residential, commercial and infrastructure construction projects.

The company serves construction contractors, developers and other customers through its operating facilities and delivery network. Its business is focused on producing concrete to meet project-specific requirements and transporting it to job sites.

Publicly available information about Suncrete’s corporate history, geographic footprint and leadership is limited.