BRC (NYSE:BRCC) Shares Up 11.1% Following Strong Earnings

BRC Inc. (NYSE:BRCC - Get Free Report)'s stock price traded up 11.1% during mid-day trading on Tuesday after the company announced better than expected quarterly earnings. The stock traded as high as $3.52 and last traded at $3.51. 251,396 shares were traded during mid-day trading, a decline of 72% from the average session volume of 889,688 shares. The stock had previously closed at $3.16.

The company reported ($0.01) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.02) by $0.01. The company had revenue of $98.20 million for the quarter, compared to analyst estimates of $95.06 million. BRC had a negative net margin of 1.88% and a positive return on equity of 17.53%. During the same period last year, the company posted ($0.05) earnings per share.

Analysts Set New Price Targets

BRCC has been the topic of several analyst reports. Telsey Advisory Group reiterated an "outperform" rating and issued a $6.00 target price on shares of BRC in a research note on Thursday, October 31st. DA Davidson reiterated a "buy" rating and set a $5.50 price objective on shares of BRC in a research note on Wednesday, September 18th. Roth Mkm downgraded shares of BRC from a "buy" rating to a "neutral" rating and lowered their target price for the company from $8.00 to $4.00 in a research note on Friday, August 9th. Finally, Roth Capital downgraded BRC from a "strong-buy" rating to a "hold" rating in a research report on Friday, August 9th. Three equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat, BRC has a consensus rating of "Moderate Buy" and a consensus price target of $6.63.

Insider Buying and Selling

In related news, Director Evan Hafer sold 1,000,000 shares of the company's stock in a transaction on Friday, September 13th. The stock was sold at an average price of $3.17, for a total value of $3,170,000.00. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other BRC news, Director Thomas E. Davin sold 10,884 shares of the firm's stock in a transaction that occurred on Monday, September 9th. The shares were sold at an average price of $3.81, for a total transaction of $41,468.04. Following the completion of the transaction, the director now directly owns 15,851 shares of the company's stock, valued at approximately $60,392.31. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Evan Hafer sold 1,000,000 shares of the company's stock in a transaction on Friday, September 13th. The shares were sold at an average price of $3.17, for a total transaction of $3,170,000.00. The disclosure for this sale can be found here. Insiders sold 4,010,884 shares of company stock worth $12,811,468 in the last three months. Corporate insiders own 73.80% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in BRCC. Smith Thornton Advisors LLC purchased a new position in BRC during the third quarter valued at approximately $45,000. United Asset Strategies Inc. purchased a new position in shares of BRC during the 3rd quarter valued at approximately $50,000. Riverwater Partners LLC acquired a new position in shares of BRC in the 3rd quarter valued at $1,091,000. Creative Planning purchased a new stake in BRC during the third quarter worth $192,000. Finally, The Manufacturers Life Insurance Company grew its position in BRC by 32.9% during the second quarter. The Manufacturers Life Insurance Company now owns 20,464 shares of the company's stock valued at $125,000 after buying an additional 5,064 shares during the period. Hedge funds and other institutional investors own 16.29% of the company's stock.

BRC Stock Up 3.2 %

The business's fifty day simple moving average is $3.50 and its two-hundred day simple moving average is $4.66. The company has a debt-to-equity ratio of 1.01, a current ratio of 1.07 and a quick ratio of 0.59. The company has a market cap of $692.82 million, a PE ratio of -27.16 and a beta of 1.16.

About BRC

BRC Inc, through its subsidiaries, purchases, roasts, and sells coffee, coffee accessories, and branded apparel in the United States. The company also produces media content, as well as sells coffee brewing equipment, and outdoor and lifestyle gear. It supports active military, veterans, and first responders.