DIRTT Environmental (NASDAQ:DRTT) Trading 50% Higher on Earnings Beat
Shares of DIRTT Environmental (NASDAQ:DRTT) traded up 50% during mid-day trading on Thursday following a stronger than expected earnings report. The stock traded as high as $2.38 and last traded at $1.56, 12,843,176 shares changed hands during trading. An increase of 5,254% from the average session volume of 239,889 shares. The stock had previously closed at $1.04.
The company reported $0.04 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.05) by $0.09. The firm had revenue of $42.16 million for the quarter, compared to the consensus estimate of $39.20 million. DIRTT Environmental had a negative net margin of 3.36% and a negative return on equity of 5.73%.
Several analysts recently weighed in on the stock. ValuEngine upgraded shares of DIRTT Environmental from a “hold” rating to a “buy” rating in a research report on Tuesday, April 21st. Zacks Investment Research downgraded shares of DIRTT Environmental from a “hold” rating to a “sell” rating in a research report on Tuesday, July 7th. Raymond James restated a “buy” rating and set a $2.00 price target on shares of DIRTT Environmental in a research report on Friday. Finally, National Bank Financial upgraded shares of DIRTT Environmental from a “sector perform overweight” rating to an “outperform overweight” rating in a research report on Wednesday, April 15th. One equities research analyst has rated the stock with a sell rating and three have assigned a buy rating to the stock. DIRTT Environmental currently has a consensus rating of “Buy” and an average price target of $3.83.
Institutional investors and hedge funds have recently made changes to their positions in the company. Royal Bank of Canada grew its stake in shares of DIRTT Environmental by 181.0% in the 1st quarter. Royal Bank of Canada now owns 38,328 shares of the company’s stock worth $39,000 after purchasing an additional 24,687 shares during the last quarter. UBS Group AG grew its stake in shares of DIRTT Environmental by 763.0% in the 1st quarter. UBS Group AG now owns 43,997 shares of the company’s stock worth $45,000 after purchasing an additional 38,899 shares during the last quarter. Two Sigma Advisers LP acquired a new position in shares of DIRTT Environmental in the 1st quarter worth approximately $46,000. Advisor Group Holdings Inc. acquired a new position in shares of DIRTT Environmental in the 1st quarter worth approximately $55,000. Finally, Creative Planning grew its stake in shares of DIRTT Environmental by 32.8% in the 1st quarter. Creative Planning now owns 60,300 shares of the company’s stock worth $62,000 after purchasing an additional 14,900 shares during the last quarter. 38.94% of the stock is currently owned by institutional investors.
The company’s 50 day moving average price is $1.22 and its 200-day moving average price is $1.60. The company has a quick ratio of 1.95, a current ratio of 2.49 and a debt-to-equity ratio of 0.12.
About DIRTT Environmental (NASDAQ:DRTT)
DIRTT Environmental Solutions Ltd. engages in the manufacture of customized interiors. It produces its products by using three dimensional design, configuration and manufacturing software, and in-house manufacturing of its prefabricated interior construction solutions. The company was founded by Geoff Gosling, Barrie Loberg, Kristin Moore, and Mogens F.
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