Resources Connection (NASDAQ:RGP) Shares Down 2.3% – Here’s What Happened

Resources Connection, Inc. (NASDAQ:RGP)’s share price was down 2.3% during trading on Wednesday . The company traded as low as $4.23 and last traded at $4.24. Approximately 355,949 shares were traded during trading, a decline of 16% from the average daily volume of 422,247 shares. The stock had previously closed at $4.34.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on RGP shares. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Resources Connection in a research report on Wednesday, October 8th. Wall Street Zen upgraded Resources Connection from a “sell” rating to a “hold” rating in a research note on Saturday, December 6th. Finally, Noble Financial reaffirmed an “outperform” rating on shares of Resources Connection in a report on Monday, October 13th. Two investment analysts have rated the stock with a Buy rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $6.00.

Resources Connection Price Performance

The company has a market cap of $142.04 million, a price-to-earnings ratio of -1.05 and a beta of 0.49. The firm has a 50-day moving average price of $4.88 and a 200 day moving average price of $4.87.

Resources Connection (NASDAQ:RGP) last released its quarterly earnings results on Wednesday, January 7th. The company reported $0.06 earnings per share for the quarter, topping the consensus estimate of ($0.02) by $0.08. Resources Connection had a positive return on equity of 0.62% and a negative net margin of 26.13%.The business had revenue of $117.73 million during the quarter, compared to analysts’ expectations of $119.97 million.

Insider Activity

In other Resources Connection news, Director Core Value Fund L.P. Cg bought 10,000 shares of Resources Connection stock in a transaction dated Wednesday, November 12th. The stock was bought at an average price of $4.53 per share, with a total value of $45,300.00. Following the completion of the transaction, the director owned 1,389,243 shares in the company, valued at $6,293,270.79. The trade was a 0.73% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 7.91% of the company’s stock.

Institutional Trading of Resources Connection

Several hedge funds and other institutional investors have recently bought and sold shares of the business. AE Wealth Management LLC increased its stake in Resources Connection by 46.6% during the 2nd quarter. AE Wealth Management LLC now owns 41,988 shares of the company’s stock worth $225,000 after acquiring an additional 13,343 shares during the period. Vanguard Personalized Indexing Management LLC acquired a new stake in shares of Resources Connection during the 2nd quarter worth $99,000. R Squared Ltd acquired a new stake in shares of Resources Connection during the 2nd quarter worth $57,000. Savant Capital LLC bought a new position in shares of Resources Connection in the second quarter worth $88,000. Finally, Nisa Investment Advisors LLC raised its stake in Resources Connection by 171.2% in the second quarter. Nisa Investment Advisors LLC now owns 8,466 shares of the company’s stock valued at $45,000 after purchasing an additional 5,344 shares in the last quarter. Institutional investors and hedge funds own 93.23% of the company’s stock.

About Resources Connection

Resources Connection, Inc (NASDAQ: RGP) is a publicly traded professional services firm that specializes in providing independent consulting and project-based teams to help organizations manage critical business challenges. Operating under the RGP brand, the company connects highly skilled consultants with clients seeking support in areas such as finance and accounting, legal and risk management, supply chain optimization, technology implementation, and digital transformation.

RGP’s consultants bring specific industry and functional expertise to engagements, working on a flexible basis that allows clients to scale resources up or down as needed.