TrueBlue (NYSE:TBI) Stock Price Crosses Above 200 Day Moving Average – Here’s Why

TrueBlue, Inc. (NYSE:TBI) shares crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $4.84 and traded as high as $7.18. TrueBlue shares last traded at $6.8960, with a volume of 235,412 shares trading hands.

Analysts Set New Price Targets

TBI has been the subject of several research analyst reports. Wall Street Zen downgraded shares of TrueBlue from a “hold” rating to a “sell” rating in a research report on Saturday, May 9th. Weiss Ratings upgraded shares of TrueBlue from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Thursday, May 28th. Robert W. Baird set a $5.50 price objective on shares of TrueBlue in a research report on Thursday, February 19th. Finally, Zacks Research upgraded shares of TrueBlue from a “strong sell” rating to a “hold” rating in a research report on Monday, April 20th. One research analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $5.75.

TrueBlue Stock Down 1.2%

The firm has a market capitalization of $209.64 million, a price-to-earnings ratio of -3.87 and a beta of 1.64. The stock has a fifty day moving average of $5.36 and a two-hundred day moving average of $4.84. The company has a debt-to-equity ratio of 0.29, a current ratio of 2.09 and a quick ratio of 2.09.

TrueBlue (NYSE:TBI) last posted its quarterly earnings data on Tuesday, May 5th. The business services provider reported ($0.41) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.45) by $0.04. The business had revenue of $398.57 million during the quarter, compared to the consensus estimate of $390.51 million. TrueBlue had a negative return on equity of 7.37% and a negative net margin of 3.25%. Sell-side analysts anticipate that TrueBlue, Inc. will post -0.09 earnings per share for the current year.

Hedge Funds Weigh In On TrueBlue

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. XTX Topco Ltd boosted its position in shares of TrueBlue by 11.4% during the 2nd quarter. XTX Topco Ltd now owns 18,106 shares of the business services provider’s stock worth $117,000 after purchasing an additional 1,858 shares in the last quarter. Hsbc Holdings PLC lifted its position in TrueBlue by 6.5% in the 2nd quarter. Hsbc Holdings PLC now owns 43,259 shares of the business services provider’s stock valued at $288,000 after acquiring an additional 2,646 shares in the last quarter. Federated Hermes Inc. lifted its position in TrueBlue by 21.3% in the 4th quarter. Federated Hermes Inc. now owns 17,685 shares of the business services provider’s stock valued at $80,000 after acquiring an additional 3,111 shares in the last quarter. Geode Capital Management LLC lifted its position in TrueBlue by 0.5% in the 2nd quarter. Geode Capital Management LLC now owns 692,713 shares of the business services provider’s stock valued at $4,490,000 after acquiring an additional 3,269 shares in the last quarter. Finally, Pacific Ridge Capital Partners LLC raised its stake in shares of TrueBlue by 4.6% in the fourth quarter. Pacific Ridge Capital Partners LLC now owns 74,456 shares of the business services provider’s stock worth $339,000 after purchasing an additional 3,270 shares during the last quarter. Institutional investors own 97.15% of the company’s stock.

About TrueBlue

TrueBlue, Inc is a Tacoma, Washington–based workforce solutions provider specializing in temporary staffing, permanent placement and managed service solutions. Operating through its subsidiaries and brands, TrueBlue connects clients across manufacturing, logistics, retail, construction and public sector markets with skilled professionals for both short-term and long-term engagements. The company’s offerings encompass on-demand blue-collar labor, specialized industrial staffing, recruitment process outsourcing (RPO) and contingent workforce management.

TrueBlue’s primary service lines include PeopleReady, which supplies general labor for construction, hospitality and event services; PeopleManagement, which focuses on technical and industrial professionals; PeopleScout, a global RPO business offering end-to-end talent acquisition and consulting; and Staff Management | SMX, which delivers seasonal staffing for large-scale events, amusement parks and federal workforce contracts.