TrueBlue (NYSE:TBI) Stock Price Crosses Above 200 Day Moving Average – Here’s What Happened

TrueBlue, Inc. (NYSE:TBI) passed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $5.06 and traded as high as $8.35. TrueBlue shares last traded at $7.9980, with a volume of 369,016 shares changing hands.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on TBI. Zacks Research upgraded TrueBlue from a “strong sell” rating to a “hold” rating in a research report on Monday, April 20th. Weiss Ratings upgraded shares of TrueBlue from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Thursday, July 2nd. Finally, Wall Street Zen raised shares of TrueBlue from a “sell” rating to a “hold” rating in a report on Saturday, June 20th. One equities research analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $5.75.

TrueBlue Trading Down 2.1%

The firm has a 50-day moving average of $6.27 and a two-hundred day moving average of $5.06. The firm has a market capitalization of $243.14 million, a P/E ratio of -4.49 and a beta of 1.60. The company has a current ratio of 2.09, a quick ratio of 2.09 and a debt-to-equity ratio of 0.29.

TrueBlue (NYSE:TBI) last released its earnings results on Tuesday, May 5th. The business services provider reported ($0.41) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.45) by $0.04. The firm had revenue of $398.57 million for the quarter, compared to analysts’ expectations of $390.51 million. TrueBlue had a negative return on equity of 7.37% and a negative net margin of 3.25%. On average, analysts anticipate that TrueBlue, Inc. will post -0.09 EPS for the current year.

Hedge Funds Weigh In On TrueBlue

Several institutional investors and hedge funds have recently added to or reduced their stakes in TBI. Fifth Third Bancorp acquired a new stake in TrueBlue in the first quarter valued at approximately $41,000. Dynamic Technology Lab Private Ltd acquired a new position in shares of TrueBlue during the fourth quarter worth $48,000. Simplex Trading LLC increased its holdings in shares of TrueBlue by 56.9% during the fourth quarter. Simplex Trading LLC now owns 11,018 shares of the business services provider’s stock worth $50,000 after buying an additional 3,995 shares in the last quarter. Glenmede Trust Co. NA bought a new position in shares of TrueBlue in the 1st quarter valued at $53,000. Finally, Balyasny Asset Management L.P. bought a new position in shares of TrueBlue in the 4th quarter valued at $53,000. Institutional investors own 97.15% of the company’s stock.

About TrueBlue

TrueBlue, Inc is a Tacoma, Washington–based workforce solutions provider specializing in temporary staffing, permanent placement and managed service solutions. Operating through its subsidiaries and brands, TrueBlue connects clients across manufacturing, logistics, retail, construction and public sector markets with skilled professionals for both short-term and long-term engagements. The company’s offerings encompass on-demand blue-collar labor, specialized industrial staffing, recruitment process outsourcing (RPO) and contingent workforce management.

TrueBlue’s primary service lines include PeopleReady, which supplies general labor for construction, hospitality and event services; PeopleManagement, which focuses on technical and industrial professionals; PeopleScout, a global RPO business offering end-to-end talent acquisition and consulting; and Staff Management | SMX, which delivers seasonal staffing for large-scale events, amusement parks and federal workforce contracts.