Tetra Tech (NASDAQ:TTEK) Shares Gap Down - Here's Why

Tetra Tech, Inc. (NASDAQ:TTEK - Get Free Report) shares gapped down prior to trading on Thursday . The stock had previously closed at $47.35, but opened at $43.10. Tetra Tech shares last traded at $43.92, with a volume of 1,328,776 shares.

Wall Street Analysts Forecast Growth

A number of analysts have commented on TTEK shares. KeyCorp upped their price objective on shares of Tetra Tech from $49.00 to $56.00 and gave the company an "overweight" rating in a research note on Tuesday, October 8th. StockNews.com raised Tetra Tech from a "hold" rating to a "buy" rating in a research report on Tuesday, October 15th. Royal Bank of Canada upped their price target on Tetra Tech from $46.60 to $51.80 and gave the company an "outperform" rating in a research report on Friday, August 2nd. Finally, Robert W. Baird upped their target price on Tetra Tech from $46.00 to $47.00 and gave the company a "neutral" rating in a report on Thursday. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $50.68.

Tetra Tech Stock Performance

The company has a market cap of $10.96 billion, a P/E ratio of 37.86 and a beta of 0.94. The firm's fifty day moving average price is $47.82 and its 200-day moving average price is $44.55. The company has a current ratio of 1.21, a quick ratio of 1.21 and a debt-to-equity ratio of 0.52.

Insiders Place Their Bets

In related news, EVP Leslie L. Shoemaker sold 78,420 shares of the stock in a transaction that occurred on Tuesday, September 10th. The shares were sold at an average price of $46.11, for a total value of $3,615,946.20. Following the sale, the executive vice president now directly owns 296,015 shares in the company, valued at $13,649,251.65. This trade represents a 20.94 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Kimberly E. Ritrievi sold 6,500 shares of the stock in a transaction dated Wednesday, September 11th. The stock was sold at an average price of $46.48, for a total value of $302,120.00. Following the completion of the sale, the director now owns 143,200 shares of the company's stock, valued at $6,655,936. This trade represents a 4.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 121,750 shares of company stock worth $5,633,239. 0.61% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the stock. Edgestream Partners L.P. boosted its holdings in Tetra Tech by 74.5% in the 3rd quarter. Edgestream Partners L.P. now owns 16,010 shares of the industrial products company's stock valued at $755,000 after purchasing an additional 6,835 shares during the period. Progeny 3 Inc. acquired a new stake in shares of Tetra Tech during the third quarter valued at about $7,645,000. PDT Partners LLC bought a new stake in shares of Tetra Tech in the third quarter worth $458,000. Fred Alger Management LLC increased its position in Tetra Tech by 400.0% during the 3rd quarter. Fred Alger Management LLC now owns 53,145 shares of the industrial products company's stock valued at $2,506,000 after purchasing an additional 42,516 shares during the period. Finally, Captrust Financial Advisors lifted its stake in shares of Tetra Tech by 463.7% in the 3rd quarter. Captrust Financial Advisors now owns 24,724 shares of the industrial products company's stock valued at $1,166,000 after purchasing an additional 20,338 shares during the period. Institutional investors and hedge funds own 93.89% of the company's stock.

Tetra Tech Company Profile

Tetra Tech, Inc provides consulting and engineering services in the United States and internationally. The company operates through two segments, Government Services Group (GSG) and Commercial/International Services Group (CIG). The GSG segment offers early data collection and monitoring, data analysis and information management, science and engineering applied research, engineering design, project management, and operations and maintenance services; and climate change and energy management consulting, as well as greenhouse gas inventory assessment, certification, reduction, and management services.