Titan Machinery (NASDAQ:TITN) Stock Price Passes Above 200 Day Moving Average – Here’s What Happened

Titan Machinery Inc. (NASDAQ:TITN) shares crossed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $18.03 and traded as high as $24.36. Titan Machinery shares last traded at $23.18, with a volume of 173,008 shares.

Analysts Set New Price Targets

TITN has been the subject of several research analyst reports. Wall Street Zen raised Titan Machinery from a “sell” rating to a “hold” rating in a research report on Saturday. Robert W. Baird cut their target price on Titan Machinery from $21.00 to $17.00 and set a “neutral” rating for the company in a research report on Friday, March 20th. One investment analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Reduce” and an average target price of $17.00.

Titan Machinery Price Performance

The stock has a fifty day moving average of $20.00 and a two-hundred day moving average of $18.03. The stock has a market capitalization of $540.33 million, a price-to-earnings ratio of -9.74 and a beta of 1.38. The company has a current ratio of 1.41, a quick ratio of 0.24 and a debt-to-equity ratio of 0.35.

Titan Machinery (NASDAQ:TITN) last released its quarterly earnings results on Thursday, March 19th. The company reported ($1.43) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.99) by ($0.44). Titan Machinery had a negative net margin of 2.23% and a negative return on equity of 8.40%. The business had revenue of $641.83 million for the quarter, compared to analyst estimates of $615.53 million. As a group, equities research analysts forecast that Titan Machinery Inc. will post -1.7 earnings per share for the current year.

Institutional Investors Weigh In On Titan Machinery

Several hedge funds and other institutional investors have recently made changes to their positions in the company. State of Wyoming increased its stake in shares of Titan Machinery by 3.0% in the 1st quarter. State of Wyoming now owns 24,568 shares of the company’s stock valued at $411,000 after buying an additional 715 shares during the period. Graham Capital Management L.P. increased its stake in shares of Titan Machinery by 8.1% in the 4th quarter. Graham Capital Management L.P. now owns 11,640 shares of the company’s stock valued at $175,000 after buying an additional 869 shares during the period. Gabelli Funds LLC increased its stake in shares of Titan Machinery by 1.1% in the 2nd quarter. Gabelli Funds LLC now owns 95,500 shares of the company’s stock valued at $1,892,000 after buying an additional 1,000 shares during the period. Quarry LP increased its stake in shares of Titan Machinery by 189.8% in the 3rd quarter. Quarry LP now owns 1,536 shares of the company’s stock valued at $26,000 after buying an additional 1,006 shares during the period. Finally, PNC Financial Services Group Inc. increased its stake in shares of Titan Machinery by 14.6% in the 3rd quarter. PNC Financial Services Group Inc. now owns 8,341 shares of the company’s stock valued at $140,000 after buying an additional 1,063 shares during the period. 78.38% of the stock is owned by institutional investors and hedge funds.

About Titan Machinery

Titan Machinery, Inc is a leading full-service dealer specializing in the sale, rental, and servicing of agricultural and construction equipment. The company represents major brands such as Caterpillar, Case IH and New Holland, offering new and pre-owned tractors, combines, excavators, loaders and other heavy machinery. In addition to equipment sales, Titan provides parts distribution, preventative maintenance and field service support to help customers maximize uptime and productivity.

Beyond equipment transactions, Titan Machinery offers a comprehensive suite of support services.