Charles River Associates (NASDAQ:CRAI) Shares Gap Down – Here’s What Happened

Charles River Associates (NASDAQ:CRAI)’s share price gapped down prior to trading on Wednesday. The stock had previously closed at $201.59, but opened at $192.81. Charles River Associates shares last traded at $194.8110, with a volume of 5,381 shares changing hands.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings raised shares of Charles River Associates from a “hold (c)” rating to a “hold (c+)” rating in a research note on Friday, September 25th. One analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $245.00.

Charles River Associates Stock Performance

The stock’s 50-day moving average price is $173.06 and its 200-day moving average price is $166.86. The company has a market capitalization of $1.21 billion, a price-to-earnings ratio of 25.80 and a beta of 0.70.

Charles River Associates (NASDAQ:CRAI) last released its quarterly earnings results on Thursday, August 6th. The business services provider reported $2.16 earnings per share for the quarter, topping analysts’ consensus estimates of $2.15 by $0.01. The firm had revenue of $210.81 million during the quarter, compared to analyst estimates of $198.91 million. Analysts anticipate that Charles River Associates will post 8.43 earnings per share for the current year.

Charles River Associates Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 14th. Stockholders of record on Tuesday, August 25th were paid a dividend of $0.57 per share. This represents a $2.28 annualized dividend and a dividend yield of 1.2%. The ex-dividend date of this dividend was Tuesday, August 25th. Charles River Associates’s payout ratio is 30.36%.

Insider Activity

In other Charles River Associates news, EVP Jonathan Yellin sold 2,250 shares of Charles River Associates stock in a transaction dated Tuesday, August 25th. The shares were sold at an average price of $173.25, for a total transaction of $389,812.50. Following the completion of the transaction, the executive vice president owned 11,153 shares in the company, valued at approximately $1,932,257.25. The trade was a 16.79% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 4.50% of the stock is owned by company insiders.

Hedge Funds Weigh In On Charles River Associates

A number of institutional investors have recently made changes to their positions in the stock. Sterling Capital Management LLC lifted its holdings in Charles River Associates by 854.5% in the 3rd quarter. Sterling Capital Management LLC now owns 210 shares of the business services provider’s stock valued at $34,000 after purchasing an additional 188 shares in the last quarter. United Capital Financial Advisors LLC purchased a new stake in shares of Charles River Associates during the second quarter worth about $5,959,000. Dearborn Partners LLC acquired a new stake in Charles River Associates during the second quarter worth approximately $357,000. Corient Private Wealth LP acquired a new stake in Charles River Associates during the second quarter worth approximately $890,000. Finally, Bank of America Corp DE purchased a new stake in Charles River Associates in the 2nd quarter worth approximately $3,046,000. 84.13% of the stock is owned by institutional investors and hedge funds.

About Charles River Associates

Charles River Associates, operating as CRA International, Inc, is a global consulting firm that provides economic, financial, and management consulting services. The company advises corporations, law firms, government agencies, and other organizations on complex business, legal, regulatory, and strategic matters.

CRA’s services include economic and financial analysis for litigation and regulatory proceedings, antitrust and competition consulting, corporate strategy, business performance improvement, and investigations.