Ramaco Resources (NASDAQ:METC) Shares Gap Up – Here’s What Happened

Shares of Ramaco Resources, Inc. (NASDAQ:METC) gapped up prior to trading on Friday . The stock had previously closed at $12.35, but opened at $13.18. Ramaco Resources shares last traded at $13.2350, with a volume of 397,390 shares changing hands.

Wall Street Analysts Forecast Growth

Several research firms have commented on METC. B. Riley Financial reissued a “buy” rating on shares of Ramaco Resources in a research report on Tuesday, August 18th. Robert W. Baird reaffirmed a “neutral” rating and issued a $13.00 price target on shares of Ramaco Resources in a research report on Tuesday, August 18th. Wall Street Zen lowered Ramaco Resources from a “sell” rating to a “strong sell” rating in a report on Saturday, August 22nd. Morgan Stanley cut their price objective on Ramaco Resources from $13.00 to $11.00 and set an “equal weight” rating on the stock in a research note on Tuesday, August 18th. Finally, Zacks Research lowered Ramaco Resources from a “hold” rating to a “strong sell” rating in a report on Friday, July 17th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, three have issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $22.43.

Ramaco Resources Price Performance

The company has a debt-to-equity ratio of 1.23, a current ratio of 4.23 and a quick ratio of 3.31. The stock’s fifty day simple moving average is $11.76 and its 200-day simple moving average is $13.76. The company has a market capitalization of $857.48 million, a P/E ratio of -12.74 and a beta of 1.39.

Ramaco Resources (NASDAQ:METC) last issued its quarterly earnings results on Tuesday, August 4th. The energy company reported ($0.26) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.26). The company had revenue of $122.32 million for the quarter, compared to the consensus estimate of $133.11 million. Ramaco Resources had a negative return on equity of 13.54% and a negative net margin of 11.98%. On average, equities analysts forecast that Ramaco Resources, Inc. will post -1.02 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Ramaco Resources news, major shareholder Discovery Capital Management, sold 500,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 6th. The stock was sold at an average price of $9.57, for a total value of $4,785,000.00. Following the sale, the insider owned 4,811,360 shares of the company’s stock, valued at $46,044,715.20. This trade represents a 9.41% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. 46.07% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Ramaco Resources

Several hedge funds have recently modified their holdings of the business. California State Teachers Retirement System grew its stake in shares of Ramaco Resources by 1,370.4% in the second quarter. California State Teachers Retirement System now owns 527,387 shares of the energy company’s stock worth $6,977,000 after acquiring an additional 491,521 shares during the last quarter. AlphaGrep UK Ltd raised its stake in Ramaco Resources by 19.5% during the 2nd quarter. AlphaGrep UK Ltd now owns 18,620 shares of the energy company’s stock valued at $246,000 after purchasing an additional 3,044 shares during the last quarter. Van ECK Associates Corp raised its stake in Ramaco Resources by 8.4% during the 2nd quarter. Van ECK Associates Corp now owns 38,894 shares of the energy company’s stock valued at $515,000 after purchasing an additional 3,028 shares during the last quarter. Hsbc Holdings PLC boosted its holdings in Ramaco Resources by 134.7% in the 2nd quarter. Hsbc Holdings PLC now owns 29,899 shares of the energy company’s stock valued at $388,000 after purchasing an additional 17,158 shares during the period. Finally, Jupiter Topco LLC bought a new stake in Ramaco Resources in the 2nd quarter valued at $195,000. 74.49% of the stock is owned by institutional investors.

About Ramaco Resources

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.