Transcat (NASDAQ:TRNS) Trading Down 8.4% – Here’s What Happened

Shares of Transcat, Inc. (NASDAQ:TRNS) traded down 8.4% during trading on Tuesday . The company traded as low as $69.96 and last traded at $71.1590. 19,904 shares traded hands during trading, a decline of 86% from the average session volume of 139,827 shares. The stock had previously closed at $77.71.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Transcat in a research report on Monday, May 4th. Zacks Research raised shares of Transcat from a “strong sell” rating to a “hold” rating in a research report on Friday. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $105.33.

Transcat Stock Down 8.7%

The company has a quick ratio of 1.85, a current ratio of 2.21 and a debt-to-equity ratio of 0.34. The company has a market cap of $662.32 million, a price-to-earnings ratio of 83.16 and a beta of 0.68. The stock has a fifty day moving average price of $75.86 and a two-hundred day moving average price of $67.84.

Institutional Investors Weigh In On Transcat

A number of hedge funds and other institutional investors have recently modified their holdings of the company. State of Alaska Department of Revenue acquired a new position in Transcat in the third quarter valued at about $40,000. Lazard Asset Management LLC acquired a new position in Transcat in the second quarter valued at about $54,000. Tower Research Capital LLC TRC raised its stake in Transcat by 245.5% in the second quarter. Tower Research Capital LLC TRC now owns 1,123 shares of the scientific and technical instruments company’s stock valued at $97,000 after purchasing an additional 798 shares in the last quarter. PNC Financial Services Group Inc. raised its stake in Transcat by 42.7% in the third quarter. PNC Financial Services Group Inc. now owns 1,530 shares of the scientific and technical instruments company’s stock valued at $112,000 after purchasing an additional 458 shares in the last quarter. Finally, Jones Financial Companies Lllp raised its stake in Transcat by 79.2% in the third quarter. Jones Financial Companies Lllp now owns 1,634 shares of the scientific and technical instruments company’s stock valued at $120,000 after purchasing an additional 722 shares in the last quarter. Institutional investors and hedge funds own 98.34% of the company’s stock.

About Transcat

Transcat, Inc (NASDAQ: TRNS) is a leading provider of calibration, laboratory, and metrology services in North America. Founded in 1964 and headquartered in Ronkonkoma, New York, the company specializes in ensuring the accuracy and compliance of measurement instruments across a wide range of industries. Transcat operates a network of ISO/IEC 17025–accredited laboratories and offers on-site field calibration, instrument repair, and preventive maintenance services.

In addition to its calibration services, Transcat distributes precision instrumentation and related software solutions from top manufacturers.