TrueBlue (NYSE:TBI) Stock Price Passes 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 $4.96 and traded as high as $7.16. TrueBlue shares last traded at $6.9940, with a volume of 340,303 shares traded.

Wall Street Analyst Weigh In

Several research analysts have weighed in on TBI shares. Weiss Ratings lowered shares of TrueBlue from a “sell (d-)” rating to a “sell (e+)” rating in a report on Tuesday, June 16th. Zacks Research upgraded TrueBlue from a “strong sell” rating to a “hold” rating in a research report on Monday, April 20th. Finally, Wall Street Zen raised TrueBlue from a “sell” rating to a “hold” rating in a research note on Saturday, June 20th. One investment analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $5.75.

TrueBlue Price Performance

The stock has a market capitalization of $217.09 million, a price-to-earnings ratio of -4.01 and a beta of 1.64. 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 company’s 50-day simple moving average is $6.04 and its 200 day simple moving average is $4.99.

TrueBlue (NYSE:TBI) last released its earnings results 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. TrueBlue had a negative net margin of 3.25% and a negative return on equity of 7.37%. The firm had revenue of $398.57 million during the quarter, compared to analyst estimates of $390.51 million. Equities research analysts forecast that TrueBlue, Inc. will post -0.09 EPS for the current year.

Institutional Investors Weigh In On TrueBlue

Large investors have recently bought and sold shares of the business. Boston Partners grew its stake in shares of 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 last quarter. Charles Schwab Investment Management Inc. raised its holdings in shares of TrueBlue by 32.4% in 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 last quarter. Prosight Management LP raised its holdings in TrueBlue by 456.8% during the fourth quarter. Prosight Management LP now owns 442,554 shares of the business services provider’s stock worth $2,014,000 after acquiring an additional 363,078 shares in the last quarter. Russell Investments Group Ltd. lifted its stake in TrueBlue by 80.8% in 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 acquiring an additional 293,363 shares during the last quarter. Finally, Invenomic Capital Management LP raised its stake in TrueBlue by 60.5% in the 4th quarter. Invenomic Capital Management LP now owns 442,225 shares of the business services provider’s stock valued at $2,012,000 after acquiring an additional 166,660 shares during the period. 97.15% of the stock is currently owned by institutional investors.

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.