TrueBlue (NYSE:TBI) Stock Crosses Above Two Hundred Day Moving Average – Here’s What Happened

TrueBlue, Inc. (NYSE:TBI) crossed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $4.75 and traded as high as $6.92. TrueBlue shares last traded at $6.61, with a volume of 177,121 shares traded.

Wall Street Analysts Forecast Growth

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

TrueBlue Price Performance

The company has a quick ratio of 2.09, a current ratio of 2.09 and a debt-to-equity ratio of 0.29. The firm’s 50-day moving average is $5.00 and its 200-day moving average is $4.75. The company has a market cap of $200.94 million, a PE ratio of -3.71 and a beta of 1.64.

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Boston Partners lifted its position in TrueBlue by 107.7% during the third quarter. Boston Partners now owns 1,614,404 shares of the business services provider’s stock valued at $9,895,000 after purchasing an additional 837,123 shares during the period. Charles Schwab Investment Management Inc. lifted its position in TrueBlue by 32.4% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,012,217 shares of the business services provider’s stock valued at $9,156,000 after purchasing an additional 492,984 shares during the period. Prosight Management LP lifted its position in TrueBlue by 456.8% during the fourth quarter. Prosight Management LP now owns 442,554 shares of the business services provider’s stock valued at $2,014,000 after purchasing an additional 363,078 shares during the period. Russell Investments Group Ltd. lifted its position in TrueBlue by 80.8% during the fourth quarter. Russell Investments Group Ltd. now owns 656,233 shares of the business services provider’s stock valued at $2,986,000 after purchasing an additional 293,363 shares during the period. Finally, Invenomic Capital Management LP lifted its position in TrueBlue by 60.5% during the fourth quarter. Invenomic Capital Management LP now owns 442,225 shares of the business services provider’s stock valued at $2,012,000 after purchasing an additional 166,660 shares during the period. Institutional investors own 97.15% of the company’s stock.

TrueBlue Company Profile

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.