Construction Partners (NASDAQ:ROAD) Shares Gap Down – Here’s Why

Construction Partners, Inc. (NASDAQ:ROAD) shares gapped down prior to trading on Thursday . The stock had previously closed at $104.19, but opened at $100.15. Construction Partners shares last traded at $101.7350, with a volume of 176,795 shares trading hands.

Analyst Ratings Changes

A number of analysts recently weighed in on the company. Raymond James Financial restated a “strong-buy” rating and issued a $135.00 price target (up from $120.00) on shares of Construction Partners in a research note on Tuesday, October 21st. Weiss Ratings reissued a “hold (c)” rating on shares of Construction Partners in a report on Tuesday. Robert W. Baird set a $122.00 price target on shares of Construction Partners and gave the stock an “outperform” rating in a research note on Friday, August 8th. DA Davidson increased their price target on shares of Construction Partners from $110.00 to $120.00 and gave the company a “neutral” rating in a report on Thursday, October 23rd. Finally, Zacks Research cut shares of Construction Partners from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, November 4th. Two analysts have rated the stock with a Strong Buy rating, one has given a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $125.67.

Construction Partners Stock Down 6.7%

The firm has a market cap of $5.45 billion, a price-to-earnings ratio of 70.71, a P/E/G ratio of 0.93 and a beta of 1.02. The company has a current ratio of 1.47, a quick ratio of 1.20 and a debt-to-equity ratio of 1.63. The firm has a 50 day moving average price of $119.73 and a 200-day moving average price of $111.32.

Hedge Funds Weigh In On Construction Partners

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. MAI Capital Management grew its position in shares of Construction Partners by 21.7% in the third quarter. MAI Capital Management now owns 505 shares of the company’s stock valued at $64,000 after purchasing an additional 90 shares during the last quarter. Handelsbanken Fonder AB lifted its stake in Construction Partners by 0.8% in the 2nd quarter. Handelsbanken Fonder AB now owns 12,000 shares of the company’s stock valued at $1,275,000 after buying an additional 100 shares in the last quarter. Ameritas Investment Partners Inc. grew its holdings in Construction Partners by 2.5% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 4,794 shares of the company’s stock valued at $510,000 after buying an additional 118 shares during the last quarter. Manchester Capital Management LLC grew its holdings in Construction Partners by 9.2% during the 1st quarter. Manchester Capital Management LLC now owns 1,461 shares of the company’s stock valued at $105,000 after buying an additional 123 shares during the last quarter. Finally, GAMMA Investing LLC increased its position in Construction Partners by 10.7% during the third quarter. GAMMA Investing LLC now owns 1,288 shares of the company’s stock worth $164,000 after buying an additional 124 shares in the last quarter. Institutional investors and hedge funds own 94.83% of the company’s stock.

About Construction Partners

Construction Partners, Inc, a civil infrastructure company, constructs and maintains roadways in Alabama, Florida, Georgia, North Carolina, South Carolina, and Tennessee. The company provides various products and services to public and private infrastructure projects, such as highways, roads, bridges, airports, and commercial and residential developments.