BRC Inc. (NYSE:BRCC) Sees Large Drop in Short Interest

BRC Inc. (NYSE:BRCC) was the target of a significant decline in short interest in August. As of August 31st, there was short interest totaling 439,232 shares, a decline of 88.7% from the August 15th total of 3,890,502 shares. Currently, 3.9% of the company’s shares are short sold. Based on an average daily trading volume, of 188,952 shares, the days-to-cover ratio is presently 2.3 days.

Insider Buying and Selling

In other BRC news, Director Stephen Kadenacy sold 10,500 shares of BRC stock in a transaction that occurred on Monday, August 17th. The shares were sold at an average price of $8.20, for a total value of $86,100.00. Following the completion of the sale, the director directly owned 23,495 shares of the company’s stock, valued at approximately $192,659. The trade was a 30.89% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 54.87% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in BRCC. Alyeska Investment Group L.P. acquired a new stake in shares of BRC in the 3rd quarter worth approximately $16,206,000. Nantahala Capital Management LLC acquired a new stake in shares of BRC during the third quarter worth $4,104,000. Zazove Associates LLC raised its holdings in BRC by 270.7% during the 1st quarter. Zazove Associates LLC now owns 2,000,000 shares of the company’s stock worth $1,552,000 after buying an additional 1,460,546 shares during the period. Vanguard Group Inc. lifted its position in shares of BRC by 50.9% in the 3rd quarter. Vanguard Group Inc. now owns 4,152,681 shares of the company’s stock valued at $6,478,000 after acquiring an additional 1,399,833 shares in the last quarter. Finally, Millennium Management LLC lifted its holdings in shares of BRC by 71.5% in the third quarter. Millennium Management LLC now owns 1,900,439 shares of the company’s stock valued at $2,965,000 after purchasing an additional 792,458 shares in the last quarter. Institutional investors and hedge funds own 16.29% of the company’s stock.

BRC Stock Performance

BRCC stock traded down $0.06 during midday trading on Thursday, reaching $8.38. The company had a trading volume of 68,798 shares, compared to its average volume of 145,933. The firm has a market capitalization of $209.63 million, a PE ratio of -27.92 and a beta of 1.22. The stock has a 50 day moving average price of $9.92 and a 200 day moving average price of $10.68. The company has a quick ratio of 0.80, a current ratio of 1.42 and a debt-to-equity ratio of 0.40. BRC has a fifty-two week low of $6.00 and a fifty-two week high of $18.55.

Analyst Ratings Changes

Several analysts have commented on the company. Craig Hallum began coverage on BRC in a report on Monday, August 3rd. They issued a “buy” rating and a $17.50 price target for the company. Wall Street Zen raised BRC from a “hold” rating to a “buy” rating in a research report on Saturday, May 23rd. DA Davidson boosted their target price on shares of BRC from $2.50 to $25.00 and gave the stock a “buy” rating in a research report on Monday, August 31st. Finally, Weiss Ratings downgraded BRC from a “sell (d-)” rating to a “sell (e+)” rating in a report on Tuesday, August 4th. Three analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $22.50.

About BRC

Black Rifle Coffee Company, Inc is a veteran-owned specialty coffee roaster and retailer that offers a range of coffee products, merchandise and subscription services. The company sources, roasts and distributes its own blends and single-origin coffees, as well as ready-to-drink beverages and branded apparel. Its product lineup includes whole-bean and ground coffees, cold brew concentrates, K-cup pods and limited-edition small-batch offerings designed to appeal to active lifestyle and patriotic consumers.

Founded in 2014 by U.S.