Ramaco Resources (NASDAQ:METC) Stock Price Up 9.4% – Here’s What Happened

Ramaco Resources, Inc. (NASDAQ:METC)’s stock price was up 9.4% on Friday . The stock traded as high as $11.53 and last traded at $11.52. 349,145 shares traded hands during trading, a decline of 83% from the average session volume of 2,037,723 shares. The stock had previously closed at $10.53.

Analyst Ratings Changes

A number of equities analysts have issued reports on METC shares. Robert W. Baird set a $13.00 target price on shares of Ramaco Resources in a research report on Thursday, August 6th. The Goldman Sachs Group dropped their price objective on shares of Ramaco Resources from $13.00 to $11.00 and set a “neutral” rating for the company in a research note on Thursday, August 6th. B. Riley Financial cut their price objective on Ramaco Resources from $24.00 to $22.00 and set a “buy” rating for the company in a research report on Wednesday, May 13th. Morgan Stanley reduced their target price on Ramaco Resources from $17.00 to $13.00 and set an “equal weight” rating on the stock in a research note on Wednesday, July 8th. Finally, Wall Street Zen upgraded Ramaco Resources from a “strong sell” rating to a “sell” rating in a report on Saturday, August 8th. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, two have issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, Ramaco Resources presently has a consensus rating of “Hold” and a consensus target price of $22.71.

Ramaco Resources Stock Up 10.9%

The firm’s 50 day moving average is $12.18 and its two-hundred day moving average is $14.43. The stock has a market cap of $761.11 million, a price-to-earnings ratio of -10.83 and a beta of 1.37. The company has a current ratio of 4.23, a quick ratio of 3.31 and a debt-to-equity ratio of 1.23.

Ramaco Resources (NASDAQ:METC) last released its quarterly earnings results on Tuesday, August 4th. The energy company reported ($0.26) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.26). The company had revenue of $122.32 million for the quarter, compared to analysts’ expectations of $133.11 million. Ramaco Resources had a negative net margin of 11.98% and a negative return on equity of 13.54%. On average, sell-side analysts predict that Ramaco Resources, Inc. will post -0.76 EPS for the current year.

Insider Activity

In related news, major shareholder Discovery Capital Management, sold 500,000 shares of the company’s stock in a transaction that occurred on Thursday, August 6th. The shares were sold at an average price of $9.57, for a total transaction of $4,785,000.00. Following the transaction, the insider owned 4,811,360 shares of the company’s stock, valued at approximately $46,044,715.20. This represents a 9.41% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 46.07% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. Quarry LP purchased a new position in shares of Ramaco Resources during the 4th quarter worth $27,000. Caitong International Asset Management Co. Ltd grew its position in shares of Ramaco Resources by 14,250.0% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 1,722 shares of the energy company’s stock valued at $31,000 after purchasing an additional 1,710 shares during the period. Allworth Financial LP grew its position in shares of Ramaco Resources by 3,603.6% in the third quarter. Allworth Financial LP now owns 1,037 shares of the energy company’s stock valued at $34,000 after purchasing an additional 1,009 shares during the period. Advisory Services Network LLC purchased a new stake in shares of Ramaco Resources in the third quarter valued at $38,000. Finally, MidFirst Bank acquired a new position in Ramaco Resources in the fourth quarter valued at $54,000. 74.49% of the stock is currently owned by institutional investors and hedge funds.

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.