Titan Machinery (NASDAQ:TITN) Stock Price Passes Above 200-Day Moving Average – Here’s Why

Titan Machinery Inc. (NASDAQ:TITN) crossed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $18.03 and traded as high as $24.36. Titan Machinery shares last traded at $23.18, with a volume of 173,008 shares.

Analysts Set New Price Targets

A number of analysts have issued reports on TITN shares. Wall Street Zen raised Titan Machinery from a “sell” rating to a “hold” rating in a report on Saturday. Robert W. Baird decreased their price target on Titan Machinery from $21.00 to $17.00 and set a “neutral” rating for the company in a report on Friday, March 20th. One analyst has rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, Titan Machinery has a consensus rating of “Reduce” and a consensus target price of $17.00.

Titan Machinery Price Performance

The stock has a 50-day moving average price of $20.00 and a 200 day moving average price of $18.03. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.41 and a quick ratio of 0.24. The firm has a market cap of $540.33 million, a price-to-earnings ratio of -9.74 and a beta of 1.38.

Titan Machinery (NASDAQ:TITN) last posted its earnings results on Thursday, March 19th. The company reported ($1.43) EPS for the quarter, missing analysts’ consensus estimates of ($0.99) by ($0.44). Titan Machinery had a negative return on equity of 8.40% and a negative net margin of 2.23%.The firm had revenue of $641.83 million for the quarter, compared to analyst estimates of $615.53 million. As a group, equities research analysts forecast that Titan Machinery Inc. will post -1.7 earnings per share for the current fiscal year.

Institutional Trading of Titan Machinery

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of Titan Machinery by 1.3% during the third quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,817,554 shares of the company’s stock worth $30,426,000 after purchasing an additional 23,272 shares in the last quarter. Nantahala Capital Management LLC increased its position in shares of Titan Machinery by 11.3% during the fourth quarter. Nantahala Capital Management LLC now owns 1,220,520 shares of the company’s stock worth $18,357,000 after purchasing an additional 124,288 shares in the last quarter. Vanguard Group Inc. increased its position in Titan Machinery by 4.1% in the 3rd quarter. Vanguard Group Inc. now owns 1,214,954 shares of the company’s stock valued at $20,338,000 after acquiring an additional 48,343 shares during the period. First Eagle Investment Management LLC increased its position in Titan Machinery by 0.3% in the 3rd quarter. First Eagle Investment Management LLC now owns 749,563 shares of the company’s stock valued at $12,548,000 after acquiring an additional 2,000 shares during the period. Finally, Royce & Associates LP increased its position in Titan Machinery by 18.7% in the 4th quarter. Royce & Associates LP now owns 743,175 shares of the company’s stock valued at $11,177,000 after acquiring an additional 117,108 shares during the period. Institutional investors and hedge funds own 78.38% of the company’s stock.

About Titan Machinery

Titan Machinery, Inc is a leading full-service dealer specializing in the sale, rental, and servicing of agricultural and construction equipment. The company represents major brands such as Caterpillar, Case IH and New Holland, offering new and pre-owned tractors, combines, excavators, loaders and other heavy machinery. In addition to equipment sales, Titan provides parts distribution, preventative maintenance and field service support to help customers maximize uptime and productivity.

Beyond equipment transactions, Titan Machinery offers a comprehensive suite of support services.