Ramaco Resources (NASDAQ:METC) Trading 4.9% Higher – Here’s What Happened

Ramaco Resources, Inc. (NASDAQ:METC) shot up 4.9% during mid-day trading on Monday . The stock traded as high as $12.54 and last traded at $12.4880. Approximately 252,592 shares were traded during mid-day trading, a decline of 88% from the average daily volume of 2,043,677 shares. The stock had previously closed at $11.90.

Wall Street Analyst Weigh In

METC has been the subject of several research analyst reports. Morgan Stanley dropped their price objective on Ramaco Resources from $13.00 to $11.00 and set an “equal weight” rating for the company in a report on Tuesday, August 18th. Wall Street Zen cut Ramaco Resources from a “sell” rating to a “strong sell” rating in a research note on Saturday. Weiss Ratings downgraded Ramaco Resources from a “sell (d)” rating to a “sell (d-)” rating in a report on Thursday, August 6th. Robert W. Baird reaffirmed a “neutral” rating and issued a $13.00 price target on shares of Ramaco Resources in a research note on Tuesday, August 18th. Finally, The Goldman Sachs Group cut their price target on shares of Ramaco Resources from $13.00 to $11.00 and set a “neutral” rating on the stock in a report on Thursday, August 6th. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, three have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $22.43.

Ramaco Resources Price Performance

The stock has a market cap of $779.48 million, a P/E ratio of -11.53 and a beta of 1.37. The company has a debt-to-equity ratio of 1.23, a quick ratio of 3.31 and a current ratio of 4.23. The firm has a 50-day moving average price of $11.80 and a 200-day moving average price of $14.04.

Ramaco Resources (NASDAQ:METC) last posted its quarterly earnings data on Tuesday, August 4th. The energy company reported ($0.26) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.26). The business had revenue of $122.32 million during the quarter, compared to the consensus estimate of $133.11 million. Ramaco Resources had a negative return on equity of 13.54% and a negative net margin of 11.98%. On average, analysts forecast that Ramaco Resources, Inc. will post -1.02 earnings per share for the current fiscal year.

Insider Buying and Selling at Ramaco Resources

In related news, major shareholder Discovery Capital Management, sold 500,000 shares of the stock in a transaction dated Thursday, August 6th. The shares were sold at an average price of $9.57, for a total value of $4,785,000.00. Following the completion of the transaction, the insider directly owned 4,811,360 shares in the company, valued at $46,044,715.20. This trade represents a 9.41% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 46.07% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Ramaco Resources

Several hedge funds have recently bought and sold shares of METC. California State Teachers Retirement System grew its holdings in Ramaco Resources by 1,370.4% in the second quarter. California State Teachers Retirement System now owns 527,387 shares of the energy company’s stock worth $6,977,000 after purchasing an additional 491,521 shares during the period. AlphaGrep UK Ltd lifted its holdings in shares of Ramaco Resources by 19.5% during the second quarter. AlphaGrep UK Ltd now owns 18,620 shares of the energy company’s stock valued at $246,000 after purchasing an additional 3,044 shares during the last quarter. Van ECK Associates Corp lifted its holdings in shares of Ramaco Resources by 8.4% during the second quarter. Van ECK Associates Corp now owns 38,894 shares of the energy company’s stock valued at $515,000 after purchasing an additional 3,028 shares during the last quarter. Hsbc Holdings PLC boosted its position in shares of Ramaco Resources by 134.7% in the 2nd quarter. Hsbc Holdings PLC now owns 29,899 shares of the energy company’s stock worth $388,000 after purchasing an additional 17,158 shares in the last quarter. Finally, Jupiter Topco LLC bought a new stake in shares of Ramaco Resources in the 2nd quarter worth approximately $195,000. Institutional investors own 74.49% of the company’s stock.

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.