Resources Connection (NASDAQ:RGP) Trading Down 2.3% – Here’s What Happened

Resources Connection, Inc. (NASDAQ:RGP)’s stock price traded down 2.3% on Wednesday . The company traded as low as $4.23 and last traded at $4.24. 355,949 shares traded hands during mid-day trading, a decline of 16% from the average session volume of 422,247 shares. The stock had previously closed at $4.34.

Wall Street Analyst Weigh In

Several brokerages have commented on RGP. Wall Street Zen raised shares of Resources Connection from a “sell” rating to a “hold” rating in a research note on Saturday, December 6th. Noble Financial reaffirmed an “outperform” rating on shares of Resources Connection in a research note on Monday, October 13th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Resources Connection in a report on Wednesday, October 8th. Two analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Resources Connection has a consensus rating of “Hold” and an average price target of $6.00.

Resources Connection Stock Down 2.3%

The firm has a market capitalization of $142.04 million, a price-to-earnings ratio of -1.05 and a beta of 0.49. The business’s fifty day moving average is $4.88 and its 200 day moving average is $4.87.

Resources Connection (NASDAQ:RGP) last released its earnings results on Wednesday, January 7th. The company reported $0.06 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.02) by $0.08. The firm had revenue of $117.73 million during the quarter, compared to analysts’ expectations of $119.97 million. Resources Connection had a positive return on equity of 0.62% and a negative net margin of 26.13%.

Insider Transactions at Resources Connection

In other news, Director Core Value Fund L.P. Cg bought 10,000 shares of the business’s stock in a transaction on Wednesday, November 12th. The shares were purchased at an average price of $4.53 per share, for a total transaction of $45,300.00. Following the purchase, the director owned 1,389,243 shares of the company’s stock, valued at approximately $6,293,270.79. The trade was a 0.73% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 7.91% of the company’s stock.

Institutional Investors Weigh In On Resources Connection

Institutional investors and hedge funds have recently made changes to their positions in the stock. Nisa Investment Advisors LLC grew its stake in shares of Resources Connection by 171.2% in the second quarter. Nisa Investment Advisors LLC now owns 8,466 shares of the company’s stock valued at $45,000 after buying an additional 5,344 shares in the last quarter. Strs Ohio acquired a new stake in Resources Connection in the first quarter valued at $48,000. Quarry LP grew its position in shares of Resources Connection by 4,995.7% in the 3rd quarter. Quarry LP now owns 9,529 shares of the company’s stock valued at $48,000 after acquiring an additional 9,342 shares during the period. U.S. Capital Wealth Advisors LLC acquired a new position in shares of Resources Connection during the 4th quarter worth about $50,000. Finally, R Squared Ltd bought a new stake in shares of Resources Connection in the 2nd quarter valued at about $57,000. Institutional investors own 93.23% of the company’s stock.

About Resources Connection

Resources Connection, Inc (NASDAQ: RGP) is a publicly traded professional services firm that specializes in providing independent consulting and project-based teams to help organizations manage critical business challenges. Operating under the RGP brand, the company connects highly skilled consultants with clients seeking support in areas such as finance and accounting, legal and risk management, supply chain optimization, technology implementation, and digital transformation.

RGP’s consultants bring specific industry and functional expertise to engagements, working on a flexible basis that allows clients to scale resources up or down as needed.