TrueBlue (NYSE:TBI) Shares Gap Up to $16.04

TrueBlue, Inc. (NYSE:TBI – Get Rating)’s share price gapped up before the market opened on Monday . The stock had previously closed at $16.04, but opened at $16.90. TrueBlue shares last traded at $17.53, with a volume of 34,747 shares traded.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the stock. BMO Capital Markets raised shares of TrueBlue from a “market perform” rating to an “outperform” rating and raised their price objective for the stock from $18.00 to $20.00 in a research report on Monday. StockNews.com assumed coverage on shares of TrueBlue in a research report on Thursday, May 18th. They set a “hold” rating for the company. Finally, Robert W. Baird reduced their price objective on shares of TrueBlue from $21.00 to $20.00 in a research report on Tuesday, April 25th.

TrueBlue Stock Performance

The company has a market capitalization of $541.61 million, a P/E ratio of 12.21 and a beta of 1.44. The stock has a 50 day moving average price of $16.73 and a 200 day moving average price of $18.58.

TrueBlue (NYSE:TBI – Get Rating) last released its earnings results on Monday, April 24th. The business services provider reported ($0.06) EPS for the quarter, topping analysts’ consensus estimates of ($0.11) by $0.05. TrueBlue had a return on equity of 13.39% and a net margin of 2.19%. The company had revenue of $465.29 million for the quarter, compared to analysts’ expectations of $465.30 million. During the same period in the previous year, the business posted $0.44 EPS. The business’s revenue for the quarter was down 15.6% compared to the same quarter last year.

Insider Buying and Selling at TrueBlue

In other TrueBlue news, EVP Garrett Ferencz acquired 4,944 shares of the business’s stock in a transaction dated Monday, May 1st. The stock was bought at an average price of $15.17 per share, with a total value of $75,000.48. Following the completion of the acquisition, the executive vice president now owns 67,566 shares of the company’s stock, valued at $1,024,976.22. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders own 4.00% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of TBI. Quarry LP grew its holdings in shares of TrueBlue by 327.2% during the first quarter. Quarry LP now owns 1,713 shares of the business services provider’s stock worth $30,000 after purchasing an additional 1,312 shares in the last quarter. Point72 Hong Kong Ltd purchased a new stake in TrueBlue in the second quarter worth approximately $58,000. Tower Research Capital LLC TRC boosted its stake in TrueBlue by 181.6% in the third quarter. Tower Research Capital LLC TRC now owns 3,405 shares of the business services provider’s stock worth $65,000 after buying an additional 2,196 shares in the last quarter. Lazard Asset Management LLC boosted its stake in TrueBlue by 14.4% in the third quarter. Lazard Asset Management LLC now owns 4,404 shares of the business services provider’s stock worth $84,000 after buying an additional 553 shares in the last quarter. Finally, Robeco Institutional Asset Management B.V. purchased a new stake in TrueBlue in the first quarter worth approximately $88,000. Hedge funds and other institutional investors own 96.65% of the company’s stock.

TrueBlue Company Profile

(Get Rating)

TrueBlue, Inc engages in the provision of staffing, recruitment process outsourcing and managed service provider solutions. It operates through the following segments: PeopleReady, PeopleManagement and PeopleScout. The PeopleReady segment offers staffing solutions for blue-collar, contingent on-demand and skilled labor to a broad range of industries that include retail, manufacturing, warehousing, logistics, energy, construction, hospitality and others.