Black Rock Coffee Bar (NASDAQ:BRCB) Releases Earnings Results

Black Rock Coffee Bar (NASDAQ:BRCB) announced its quarterly earnings data on Tuesday. The company reported $0.05 earnings per share for the quarter, FiscalAI reports. The firm had revenue of $66.75 million for the quarter. Black Rock Coffee Bar had a net margin of 0.69% and a return on equity of 1.46%.

Black Rock Coffee Bar Trading Down 4.8%

Shares of BRCB stock traded down $0.53 during trading hours on Tuesday, reaching $10.57. The company’s stock had a trading volume of 619,933 shares, compared to its average volume of 503,642. The firm’s fifty day simple moving average is $8.51 and its 200 day simple moving average is $10.40. The stock has a market capitalization of $529.24 million, a P/E ratio of 151.02 and a beta of -0.92. The company has a current ratio of 0.71, a quick ratio of 0.62 and a debt-to-equity ratio of 0.27. Black Rock Coffee Bar has a one year low of $6.11 and a one year high of $25.19.

Institutional Trading of Black Rock Coffee Bar

A number of hedge funds have recently modified their holdings of BRCB. PNC Financial Services Group Inc. increased its position in shares of Black Rock Coffee Bar by 106.7% during the first quarter. PNC Financial Services Group Inc. now owns 8,219 shares of the company’s stock valued at $106,000 after acquiring an additional 4,243 shares in the last quarter. BlueCrest Capital Management Ltd purchased a new stake in Black Rock Coffee Bar in the 2nd quarter worth $166,000. Alkeme Wealth LLC purchased a new stake in shares of Black Rock Coffee Bar during the 3rd quarter worth approximately $214,000. Engineers Gate Manager LP raised its position in shares of Black Rock Coffee Bar by 172.0% during the 2nd quarter. Engineers Gate Manager LP now owns 59,909 shares of the company’s stock valued at $497,000 after buying an additional 37,880 shares in the last quarter. Finally, Sei Investments Co. lifted its stake in shares of Black Rock Coffee Bar by 58.2% in the 1st quarter. Sei Investments Co. now owns 62,607 shares of the company’s stock valued at $809,000 after purchasing an additional 23,040 shares during the last quarter.

Wall Street Analyst Weigh In

BRCB has been the topic of several research reports. DA Davidson lowered their price objective on shares of Black Rock Coffee Bar from $15.00 to $10.00 and set a “buy” rating on the stock in a report on Wednesday, August 12th. Weiss Ratings upgraded shares of Black Rock Coffee Bar from a “sell (d-)” rating to a “sell (d)” rating in a research note on Friday, October 2nd. Morgan Stanley downgraded Black Rock Coffee Bar from an “overweight” rating to an “equal weight” rating and dropped their price objective for the company from $22.00 to $9.00 in a research note on Wednesday, July 15th. Raymond James Financial set a $13.00 price objective on Black Rock Coffee Bar in a report on Wednesday, August 12th. Finally, Robert W. Baird cut shares of Black Rock Coffee Bar from an “outperform” rating to a “neutral” rating and reduced their price objective for the company from $12.00 to $10.00 in a research note on Monday, August 24th. Two analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, Black Rock Coffee Bar presently has an average rating of “Hold” and a consensus price target of $10.50.

About Black Rock Coffee Bar

Black Rock Coffee Bar is a specialty coffee company that operates a network of primarily drive-thru coffee shops in the United States. Founded in 2008 and headquartered in Portland, Oregon, the company focuses on convenient service, beverage customization and a digitally connected customer experience. Its menu includes brewed coffee, espresso-based beverages, cold and iced drinks, teas, smoothies and energy drinks, along with a selection of food and snack items. Black Rock also offers branded merchandise and customer loyalty services through its digital platforms.