TrueBlue (NYSE:TBI) Stock Price Passes Above Two Hundred Day Moving Average – Here’s Why

TrueBlue, Inc. (NYSE:TBI)’s stock price passed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $5.06 and traded as high as $8.35. TrueBlue shares last traded at $7.9980, with a volume of 369,016 shares changing hands.

Analysts Set New Price Targets

TBI has been the topic of several analyst reports. Wall Street Zen raised shares of TrueBlue from a “sell” rating to a “hold” rating in a research report on Saturday, June 20th. Weiss Ratings upgraded shares of TrueBlue from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Thursday, July 2nd. Finally, Zacks Research raised shares of TrueBlue from a “strong sell” rating to a “hold” rating in a report on Monday, April 20th. One equities research analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, TrueBlue currently has a consensus rating of “Hold” and a consensus target price of $5.75.

TrueBlue Stock Down 2.1%

The company has a debt-to-equity ratio of 0.29, a quick ratio of 2.09 and a current ratio of 2.09. The firm has a fifty day simple moving average of $6.27 and a 200-day simple moving average of $5.06. The firm has a market cap of $243.14 million, a price-to-earnings ratio of -4.49 and a beta of 1.60.

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

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in TBI. Fifth Third Bancorp bought a new stake in shares of TrueBlue in the first quarter valued at about $41,000. Dynamic Technology Lab Private Ltd bought a new stake in TrueBlue in the 4th quarter valued at about $48,000. Federated Hermes Inc. acquired a new position in shares of TrueBlue during the 2nd quarter worth approximately $69,000. Simplex Trading LLC increased its holdings in shares of TrueBlue by 56.9% during the fourth quarter. Simplex Trading LLC now owns 11,018 shares of the business services provider’s stock worth $50,000 after purchasing an additional 3,995 shares during the period. Finally, Balyasny Asset Management L.P. acquired a new stake in shares of TrueBlue in the fourth quarter valued at approximately $53,000. 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.