BRC (NYSE:BRCC) Downgraded by Wall Street Zen to Hold

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

Other equities analysts have also issued research reports about the stock. DA Davidson raised their price objective on shares of BRC from $2.50 to $25.00 and gave the company a “buy” rating in a research report on Monday, August 31st. Weiss Ratings reiterated a “sell (e+)” rating on shares of BRC in a report on Monday, November 2nd. Finally, Craig Hallum began coverage on shares of BRC in a research note on Monday, August 3rd. They set a “buy” rating and a $17.50 target price for the company. Three equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat, BRC presently has an average rating of “Moderate Buy” and an average target price of $22.50.

BRC Trading Down 0.6%

Shares of BRC stock opened at $9.68 on Friday. The company has a quick ratio of 0.80, a current ratio of 1.59 and a debt-to-equity ratio of 0.31. The firm has a market cap of $242.26 million, a price-to-earnings ratio of -16.69 and a beta of 1.21. The business has a fifty day simple moving average of $9.75 and a 200-day simple moving average of $10.23. BRC has a fifty-two week low of $6.00 and a fifty-two week high of $18.55.

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

Insiders Place Their Bets

In other news, Director Stephen Kadenacy sold 10,500 shares of the business’s stock in a transaction on Monday, August 17th. The stock was sold at an average price of $8.20, for a total transaction of $86,100.00. Following the sale, the director directly owned 23,495 shares of the company’s stock, valued at $192,659. The trade was a 30.89% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Evan Hafer sold 15,304 shares of the business’s stock in a transaction on Thursday, October 15th. The stock was sold at an average price of $10.62, for a total value of $162,528.48. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 46,300 shares of company stock worth $474,943 over the last 90 days. Insiders own 54.87% of the company’s stock.

Institutional Inflows and Outflows

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

About BRC

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.