Bunge Global (NYSE:BG) Shares Gap Down - Time to Sell?

Shares of Bunge Global SA (NYSE:BG - Get Free Report) gapped down before the market opened on Friday . The stock had previously closed at $95.60, but opened at $91.71. Bunge Global shares last traded at $90.61, with a volume of 938,546 shares.

Analyst Ratings Changes

Separately, Citigroup cut Bunge Global from a "buy" rating to a "neutral" rating and decreased their target price for the stock from $125.00 to $114.00 in a report on Thursday, August 1st. Four investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company's stock. According to data from MarketBeat, Bunge Global has an average rating of "Moderate Buy" and an average price target of $118.00.

Bunge Global Stock Down 6.3 %

The firm has a 50 day simple moving average of $97.41 and a two-hundred day simple moving average of $102.91. The company has a debt-to-equity ratio of 0.37, a current ratio of 2.03 and a quick ratio of 0.97. The stock has a market cap of $12.68 billion, a price-to-earnings ratio of 7.21 and a beta of 0.64.

Bunge Global (NYSE:BG - Get Free Report) last released its earnings results on Wednesday, July 31st. The basic materials company reported $1.73 earnings per share for the quarter, missing the consensus estimate of $1.79 by ($0.06). Bunge Global had a net margin of 2.33% and a return on equity of 14.84%. The company had revenue of $13.24 billion during the quarter, compared to analyst estimates of $14.30 billion. During the same period in the previous year, the company posted $3.72 EPS. The company's quarterly revenue was down 12.0% compared to the same quarter last year. As a group, sell-side analysts expect that Bunge Global SA will post 9.3 EPS for the current year.

Institutional Investors Weigh In On Bunge Global

A number of hedge funds have recently modified their holdings of BG. Pacer Advisors Inc. raised its position in shares of Bunge Global by 26.5% during the second quarter. Pacer Advisors Inc. now owns 4,211,052 shares of the basic materials company's stock worth $449,614,000 after purchasing an additional 883,127 shares during the period. Millennium Management LLC raised its position in shares of Bunge Global by 12,617.1% during the second quarter. Millennium Management LLC now owns 885,617 shares of the basic materials company's stock worth $94,557,000 after purchasing an additional 878,653 shares during the period. LSV Asset Management raised its position in shares of Bunge Global by 33.4% during the first quarter. LSV Asset Management now owns 1,909,319 shares of the basic materials company's stock worth $195,743,000 after purchasing an additional 478,559 shares during the period. BNP Paribas Financial Markets acquired a new stake in shares of Bunge Global during the first quarter worth about $26,817,000. Finally, AQR Capital Management LLC grew its holdings in shares of Bunge Global by 23.4% during the second quarter. AQR Capital Management LLC now owns 970,083 shares of the basic materials company's stock worth $103,576,000 after buying an additional 184,245 shares in the last quarter. Institutional investors and hedge funds own 86.23% of the company's stock.

About Bunge Global

Bunge Global SA operates as an agribusiness and food company worldwide. It operates through four segments: Agribusiness, Refined and Specialty Oils, Milling, and Sugar and Bioenergy. The Agribusiness segment purchases, stores, transports, processes, and sells agricultural commodities and commodity products, including oilseeds primarily soybeans, rapeseed, canola, and sunflower seeds, as well as grains comprising wheat and corn; and processes oilseeds into vegetable oils and protein meals.