TrueBlue (NYSE:TBI) Shares Cross Above 200 Day Moving Average – Here’s Why

TrueBlue, Inc. (NYSE:TBI)’s share price crossed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $8.07 and traded as high as $8.22. TrueBlue shares last traded at $7.69, with a volume of 66,700 shares changing hands.

Wall Street Analysts Forecast Growth

TBI has been the topic of a number of recent research reports. StockNews.com downgraded shares of TrueBlue from a “hold” rating to a “sell” rating in a research report on Thursday. BMO Capital Markets lowered their target price on shares of TrueBlue from $11.00 to $10.00 and set an “outperform” rating on the stock in a research note on Tuesday, November 5th.

TrueBlue Stock Performance

The company’s fifty day moving average is $8.06 and its 200-day moving average is $8.04. The company has a market capitalization of $217.15 million, a PE ratio of -1.91, a price-to-earnings-growth ratio of 3.66 and a beta of 1.42.

Institutional Investors Weigh In On TrueBlue

Institutional investors have recently added to or reduced their stakes in the stock. Quantbot Technologies LP purchased a new stake in TrueBlue during the 3rd quarter valued at approximately $79,000. SG Americas Securities LLC purchased a new stake in TrueBlue during the 4th quarter valued at approximately $108,000. Proficio Capital Partners LLC purchased a new stake in TrueBlue during the 4th quarter valued at approximately $116,000. Quantinno Capital Management LP purchased a new stake in TrueBlue during the 3rd quarter valued at approximately $149,000. Finally, Algert Global LLC purchased a new stake in TrueBlue during the 2nd quarter valued at approximately $208,000. 97.15% of the stock is owned by hedge funds and other institutional investors.

About TrueBlue

TrueBlue, Inc, together with its subsidiaries, provides specialized workforce solutions in the United States, Canada, the United Kingdom, Australia, and Puerto Rico. It operates through three segments: PeopleReady, PeopleManagement, and PeopleScout. The company PeopleReady segment provides general, industrial, and skilled trade contingent staffing services for construction, transportation, manufacturing, retail, hospitality, and renewable energy industries.