Ramaco Resources (NASDAQ:METC) Stock Price Down 8.9% – Here’s What Happened

Shares of Ramaco Resources, Inc. (NASDAQ:METC) dropped 8.9% during trading on Thursday . The company traded as low as $11.36 and last traded at $11.33. 547,462 shares changed hands during trading, a decline of 73% from the average session volume of 2,002,051 shares. The stock had previously closed at $12.44.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the stock. Morgan Stanley dropped their price objective on shares of Ramaco Resources from $17.00 to $13.00 and set an “equal weight” rating on the stock in a research report on Wednesday, July 8th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Ramaco Resources in a report on Thursday, June 18th. Zacks Research lowered shares of Ramaco Resources from a “hold” rating to a “strong sell” rating in a research note on Friday, July 17th. B. Riley Financial reduced their price objective on Ramaco Resources from $24.00 to $22.00 and set a “buy” rating for the company in a report on Wednesday, May 13th. Finally, Robert W. Baird decreased their target price on Ramaco Resources from $30.00 to $25.00 and set an “outperform” rating on the stock in a research report on Wednesday, May 13th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, two have issued a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $26.43.

Ramaco Resources Trading Down 8.8%

The firm has a market capitalization of $739.34 million, a P/E ratio of -10.30 and a beta of 1.35. The business’s 50-day moving average is $13.84 and its 200 day moving average is $15.74. The company has a debt-to-equity ratio of 1.06, a current ratio of 4.88 and a quick ratio of 3.93.

Ramaco Resources (NASDAQ:METC) last posted its quarterly earnings data on Monday, May 11th. The energy company reported ($0.30) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.08). Ramaco Resources had a negative net margin of 11.52% and a negative return on equity of 13.44%. The business had revenue of $101.41 million during the quarter, compared to the consensus estimate of $129.72 million. During the same period in the prior year, the firm earned ($0.20) EPS. The business’s revenue for the quarter was down 9.7% on a year-over-year basis. As a group, analysts anticipate that Ramaco Resources, Inc. will post -0.58 EPS for the current fiscal year.

Insider Buying and Selling at Ramaco Resources

In related news, major shareholder Discovery Capital Management, sold 200,000 shares of the business’s stock in a transaction that occurred on Friday, May 1st. The stock was sold at an average price of $14.79, for a total value of $2,958,000.00. Following the completion of the sale, the insider directly owned 5,311,360 shares in the company, valued at approximately $78,555,014.40. The trade was a 3.63% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 46.07% of the company’s stock.

Hedge Funds Weigh In On Ramaco Resources

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. State Street Corp lifted its position in shares of Ramaco Resources by 10.2% during the 4th quarter. State Street Corp now owns 2,489,797 shares of the energy company’s stock valued at $44,816,000 after acquiring an additional 230,197 shares during the period. Renaissance Technologies LLC increased its position in shares of Ramaco Resources by 0.7% in the fourth quarter. Renaissance Technologies LLC now owns 1,526,164 shares of the energy company’s stock worth $27,471,000 after purchasing an additional 9,860 shares during the period. Dimensional Fund Advisors LP raised its stake in Ramaco Resources by 38.5% in the first quarter. Dimensional Fund Advisors LP now owns 1,435,059 shares of the energy company’s stock valued at $22,179,000 after purchasing an additional 398,626 shares in the last quarter. Goldman Sachs Group Inc. raised its stake in Ramaco Resources by 74.6% in the fourth quarter. Goldman Sachs Group Inc. now owns 1,160,898 shares of the energy company’s stock valued at $20,896,000 after purchasing an additional 496,150 shares in the last quarter. Finally, Geode Capital Management LLC lifted its position in Ramaco Resources by 20.1% during the fourth quarter. Geode Capital Management LLC now owns 978,950 shares of the energy company’s stock worth $17,625,000 after purchasing an additional 163,971 shares during the period. 74.49% of the stock is owned by institutional investors and hedge funds.

About Ramaco Resources

Ramaco Resources, Inc (NASDAQ:METC) is a U.S.-based producer of premium metallurgical coal and industrial minerals, focused on supplying the steel and allied industries. The company’s operations are centered in the Appalachian region of West Virginia, where it develops, mines and processes high-carbon coal products designed to meet the quality requirements of blast?furnace and electric?arc furnace steelmakers.

The firm’s flagship asset is the Elk Creek underground mine in Wyoming County, West Virginia, which began commercial production in 2019 and delivers a range of high?grade metallurgical and anthracite coals.