Mastech Digital (NYSE:MHH) Shares Down 21.8% - Here's What Happened

Mastech Digital, Inc. (NYSE:MHH - Get Free Report)'s share price was down 21.8% during trading on Tuesday . The company traded as low as $13.33 and last traded at $10.60. Approximately 14,288 shares traded hands during trading, a decline of 27% from the average daily volume of 19,620 shares. The stock had previously closed at $13.55.

Wall Street Analysts Forecast Growth

Separately, StockNews.com upgraded Mastech Digital from a "buy" rating to a "strong-buy" rating in a report on Friday, January 3rd.

Mastech Digital Price Performance

The company's 50-day simple moving average is $12.15 and its 200-day simple moving average is $13.74. The stock has a market capitalization of $118.23 million, a price-to-earnings ratio of 34.83, a P/E/G ratio of 0.79 and a beta of 0.77.

Mastech Digital (NYSE:MHH - Get Free Report) last issued its quarterly earnings data on Wednesday, February 19th. The company reported $0.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.18 by $0.05. Mastech Digital had a net margin of 1.71% and a return on equity of 8.20%. During the same quarter in the prior year, the firm earned $0.11 earnings per share. Research analysts expect that Mastech Digital, Inc. will post 0.84 earnings per share for the current year.

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Institutional Investors Weigh In On Mastech Digital

Hedge funds have recently bought and sold shares of the stock. HighTower Advisors LLC lifted its position in Mastech Digital by 19.5% during the third quarter. HighTower Advisors LLC now owns 41,815 shares of the company's stock worth $417,000 after acquiring an additional 6,809 shares during the last quarter. Barclays PLC raised its position in shares of Mastech Digital by 86.9% in the third quarter. Barclays PLC now owns 6,544 shares of the company's stock valued at $65,000 after buying an additional 3,042 shares in the last quarter. Geode Capital Management LLC raised its position in shares of Mastech Digital by 15.9% in the third quarter. Geode Capital Management LLC now owns 47,753 shares of the company's stock valued at $478,000 after buying an additional 6,544 shares in the last quarter. Virtu Financial LLC acquired a new stake in shares of Mastech Digital in the third quarter valued at approximately $101,000. Finally, Truvestments Capital LLC acquired a new stake in shares of Mastech Digital in the third quarter valued at approximately $29,000. 18.43% of the stock is currently owned by institutional investors and hedge funds.

About Mastech Digital

Mastech Digital, Inc, together with its subsidiaries, provides digital transformation IT services to large, medium-sized, and small companies in the United States. The company operates through Data and Analytics Services and IT Staffing Services segments. It offers data management and analytics services, including project-based consulting services in the areas of master data management, enterprise data integration, big data and analytics, and digital transformation by using onsite and offshore resources.