BRC Inc. (NYSE:BRCC – Get Rating) saw a large growth in short interest during the month of December. As of December 15th, there was short interest totalling 4,520,000 shares, a growth of 8.1% from the November 30th total of 4,180,000 shares. Approximately 8.3% of the company's shares are sold short. Based on an average daily volume of 400,300 shares, the days-to-cover ratio is currently 11.3 days.
Insider Buying and Selling at BRC
In related news, Director Glenn W. Welling acquired 20,000 shares of the firm's stock in a transaction dated Friday, December 16th. The shares were purchased at an average cost of $6.76 per share, for a total transaction of $135,200.00. Following the acquisition, the director now owns 900,432 shares in the company, valued at approximately $6,086,920.32. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, Director Glenn W. Welling acquired 20,000 shares of the company's stock in a transaction on Friday, December 16th. The shares were bought at an average cost of $6.76 per share, with a total value of $135,200.00. Following the transaction, the director now owns 900,432 shares in the company, valued at approximately $6,086,920.32. The purchase was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Glenn W. Welling acquired 15,000 shares of the company's stock in a transaction on Monday, December 12th. The stock was purchased at an average cost of $6.17 per share, for a total transaction of $92,550.00. Following the completion of the transaction, the director now owns 843,144 shares in the company, valued at approximately $5,202,198.48. The disclosure for this purchase can be found here. Insiders have bought 67,712 shares of company stock worth $430,991 in the last ninety days.
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Institutional Investors Weigh In On BRC
A number of hedge funds and other institutional investors have recently modified their holdings of the company. Engaged Capital LLC boosted its position in shares of BRC by 19.1% in the third quarter. Engaged Capital LLC now owns 13,251,450 shares of the company's stock worth $102,434,000 after acquiring an additional 2,126,450 shares during the last quarter. Vanguard Group Inc. lifted its position in BRC by 220.3% during the third quarter. Vanguard Group Inc. now owns 3,484,625 shares of the company's stock valued at $26,937,000 after buying an additional 2,396,808 shares in the last quarter. BlackRock Inc. lifted its position in BRC by 1.6% during the third quarter. BlackRock Inc. now owns 1,704,844 shares of the company's stock valued at $13,179,000 after buying an additional 26,227 shares in the last quarter. Fayez Sarofim & Co lifted its position in BRC by 2.6% during the third quarter. Fayez Sarofim & Co now owns 1,696,030 shares of the company's stock valued at $13,110,000 after buying an additional 42,520 shares in the last quarter. Finally, Point72 Asset Management L.P. acquired a new position in BRC during the third quarter valued at approximately $6,131,000. 12.98% of the stock is currently owned by hedge funds and other institutional investors.
BRC Stock Performance
Shares of BRCC stock traded up $0.17 during mid-day trading on Tuesday, hitting $6.28. The stock had a trading volume of 1,261 shares, compared to its average volume of 346,467. BRC has a fifty-two week low of $5.75 and a fifty-two week high of $34.00. The company has a quick ratio of 1.68, a current ratio of 2.35 and a debt-to-equity ratio of 0.15. The company's 50-day simple moving average is $6.45 and its 200-day simple moving average is $7.78.
BRC (NYSE:BRCC – Get Rating) last posted its earnings results on Thursday, November 10th. The company reported ($0.08) earnings per share for the quarter, missing the consensus estimate of ($0.06) by ($0.02). BRC had a negative net margin of 29.45% and a negative return on equity of 772.78%. The business had revenue of $75.49 million for the quarter, compared to analysts' expectations of $75.79 million. As a group, sell-side analysts anticipate that BRC will post 4.29 earnings per share for the current year.
Analysts Set New Price Targets
A number of research analysts recently commented on BRCC shares. Truist Financial dropped their target price on shares of BRC to $10.00 in a research report on Wednesday, November 16th. DA Davidson dropped their target price on shares of BRC from $19.00 to $15.00 in a research report on Friday, November 11th. Deutsche Bank Aktiengesellschaft decreased their price target on shares of BRC from $12.00 to $9.00 in a research note on Friday, November 11th. Finally, Telsey Advisory Group decreased their price target on shares of BRC from $18.00 to $12.00 and set an "outperform" rating for the company in a research note on Friday, November 11th. Five equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $13.86.
About BRC
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BRC Inc, through its subsidiaries, purchases, roasts, and sells coffee, coffee accessories, and branded apparel. The company also produces media content; podcasts; and digital and print journals, as well as sells coffee brewing equipment, and outdoor and lifestyle gear. It supports active military, veterans, and first responders.
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