TrueBlue (NYSE:TBI) Share Price Crosses Above Two Hundred Day Moving Average – Here’s Why

TrueBlue, Inc. (NYSE:TBI)’s share price passed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $5.37 and traded as high as $8.23. TrueBlue shares last traded at $7.6040, with a volume of 235,609 shares.

Analysts Set New Price Targets

Several brokerages recently issued reports on TBI. Weiss Ratings raised TrueBlue from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Thursday, July 2nd. Wall Street Zen upgraded TrueBlue from a “sell” rating to a “hold” rating in a research report on Saturday, June 20th. Finally, Zacks Research raised TrueBlue from a “strong sell” rating to a “hold” rating in a research note on Monday, April 20th. One analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $5.75.

TrueBlue Stock Up 0.5%

The stock’s 50-day moving average price is $6.97 and its 200-day moving average price is $5.38. The company has a current ratio of 2.09, a quick ratio of 2.09 and a debt-to-equity ratio of 0.29. The stock has a market cap of $233.20 million, a price-to-earnings ratio of -4.31 and a beta of 1.60.

TrueBlue (NYSE:TBI) last posted its quarterly earnings data on Tuesday, May 5th. The business services provider reported ($0.41) earnings per share for the quarter, topping the consensus estimate 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 company had revenue of $398.57 million during the quarter, compared to analysts’ expectations of $390.51 million. On average, sell-side analysts expect that TrueBlue, Inc. will post -0.09 earnings per share for the current year.

Institutional Trading of TrueBlue

A number of large investors have recently bought and sold shares of TBI. Boston Partners lifted its stake in shares of TrueBlue by 107.7% in the 3rd 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 period. Charles Schwab Investment Management Inc. grew its stake in TrueBlue by 32.4% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,012,217 shares of the business services provider’s stock worth $9,156,000 after purchasing an additional 492,984 shares during the period. Prosight Management LP increased its holdings in TrueBlue by 456.8% in the fourth quarter. Prosight Management LP now owns 442,554 shares of the business services provider’s stock worth $2,014,000 after purchasing an additional 363,078 shares in the last quarter. Russell Investments Group Ltd. increased its holdings 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 worth $2,986,000 after purchasing an additional 293,363 shares in the last quarter. Finally, Invenomic Capital Management LP boosted its holdings in shares of TrueBlue by 60.5% during the 4th quarter. Invenomic Capital Management LP now owns 442,225 shares of the business services provider’s stock worth $2,012,000 after buying an additional 166,660 shares in the last quarter. 97.15% of the stock is currently owned by institutional investors and hedge funds.

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.