BRC (NYSE:BRCC) Cut to “Hold” at Wall Street Zen

Wall Street Zen cut shares of BRC (NYSE:BRCC) from a buy rating to a hold rating in a report released on Saturday,Wall Street Zen reports.

BRCC has been the topic of a number of other research reports. Weiss Ratings restated a “sell (e+)” rating on shares of BRC in a report on Monday, November 2nd. Craig Hallum assumed coverage on BRC in a report on Monday, August 3rd. They set a “buy” rating and a $17.50 price target for the company. Finally, DA Davidson increased their price target on BRC from $2.50 to $25.00 and gave the company a “buy” rating in a research report on Monday, August 31st. Three equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, BRC has an average rating of “Moderate Buy” and a consensus target price of $22.50.

BRC Stock Performance

NYSE:BRCC opened at $10.08 on Friday. The company has a 50 day simple moving average of $9.78 and a two-hundred day simple moving average of $10.23. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.59 and a quick ratio of 0.80. BRC has a fifty-two week low of $6.00 and a fifty-two week high of $18.55.

BRC (NYSE:BRCC) last issued its earnings results on Monday, November 2nd. The company reported ($0.28) earnings per share for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.34). BRC had a negative return on equity of 9.55% and a negative net margin of 1.53%. The business had revenue of $108.04 million during the quarter, compared to the consensus estimate of $105.89 million.

Insiders Place Their Bets

In related news, Director Stephen Kadenacy sold 10,500 shares of the business’s stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $8.20, for a total value of $86,100.00. Following the sale, the director directly owned 23,495 shares in the company, valued at approximately $192,659. The trade was a 30.89% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Evan Hafer sold 12,000 shares of the business’s stock in a transaction that occurred on Tuesday, October 27th. The shares were sold at an average price of $11.37, for a total transaction of $136,440.00. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 46,300 shares of company stock valued at $474,943 over the last three months. Company insiders own 54.87% of the company’s stock.

Hedge Funds Weigh In On BRC

Several hedge funds and other institutional investors have recently added to or reduced their stakes in BRCC. Zazove Associates LLC increased its position in shares of BRC by 270.7% during the 1st quarter. Zazove Associates LLC now owns 2,000,000 shares of the company’s stock valued at $1,552,000 after purchasing an additional 1,460,546 shares during the last quarter. Renaissance Technologies LLC purchased a new stake in BRC in the first quarter worth approximately $232,000. Bank of America Corp DE boosted its stake in BRC by 9.2% in the first quarter. Bank of America Corp DE now owns 142,209 shares of the company’s stock worth $110,000 after buying an additional 11,933 shares in the last quarter. Squarepoint Ops LLC boosted its stake in BRC by 53.8% in the second quarter. Squarepoint Ops LLC now owns 72,944 shares of the company’s stock worth $81,000 after buying an additional 25,519 shares in the last quarter. Finally, Modera Wealth Management LLC bought a new position in BRC during the first quarter valued at approximately $78,000. 16.29% of the stock is currently owned by hedge funds and other institutional investors.

BRC Company Profile

Black Rifle Coffee Company (NYSE: BRCC) is a veteran-founded coffee and lifestyle company focused on producing, marketing and selling premium coffee products. Its offerings include whole-bean and ground coffee, single-serve options, ready-to-drink beverages, tea, brewing equipment, apparel and other branded merchandise.

The company distributes its products through direct-to-consumer channels, including its online store and coffee subscription programs, as well as wholesale and retail partners.