Ramaco Resources (NASDAQ:METC) Shares Down 12.8% – Here’s What Happened

Ramaco Resources, Inc. (NASDAQ:METC) was down 12.8% on Thursday . The company traded as low as $12.76 and last traded at $12.5650. 407,568 shares traded hands during trading, a decline of 80% from the average daily volume of 2,058,698 shares. The stock had previously closed at $14.41.

Wall Street Analyst Weigh In

METC has been the subject of a number of research reports. Zacks Research cut Ramaco Resources from a “hold” rating to a “strong sell” rating in a research note on Friday, July 17th. The Goldman Sachs Group lowered their target price on Ramaco Resources from $13.00 to $11.00 and set a “neutral” rating for the company in a report on Thursday, August 6th. Wall Street Zen downgraded Ramaco Resources from a “sell” rating to a “strong sell” rating in a research report on Saturday, August 22nd. B. Riley Financial reissued a “buy” rating on shares of Ramaco Resources in a research note on Tuesday, August 18th. Finally, Benchmark reduced their price target on Ramaco Resources from $38.00 to $26.00 and set a “buy” rating on the stock in a report on Thursday, August 6th. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, three have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $22.43.

Ramaco Resources Price Performance

The stock has a market capitalization of $836.72 million, a price-to-earnings ratio of -12.34 and a beta of 1.39. The company has a fifty day simple moving average of $11.77 and a 200 day simple moving average of $13.76. The company has a debt-to-equity ratio of 1.23, a quick ratio of 3.31 and a current ratio of 4.23.

Ramaco Resources (NASDAQ:METC) last issued its quarterly earnings results on Tuesday, August 4th. The energy company reported ($0.26) earnings per share for the quarter, meeting the consensus estimate of ($0.26). Ramaco Resources had a negative return on equity of 13.54% and a negative net margin of 11.98%.The company had revenue of $122.32 million during the quarter, compared to analysts’ expectations of $133.11 million. Equities research analysts forecast that Ramaco Resources, Inc. will post -1.02 EPS for the current fiscal year.

Insiders Place Their Bets

In other Ramaco Resources news, major shareholder Discovery Capital Management, sold 500,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 6th. The shares were sold at an average price of $9.57, for a total transaction of $4,785,000.00. Following the completion of the transaction, the insider owned 4,811,360 shares in the company, valued at approximately $46,044,715.20. This trade represents a 9.41% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 46.07% of the company’s stock.

Institutional Investors Weigh In On Ramaco Resources

Several large investors have recently modified their holdings of the company. Quarry LP bought a new position in Ramaco Resources during the fourth quarter worth $27,000. Caitong International Asset Management Co. Ltd grew its holdings in Ramaco Resources by 14,250.0% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 1,722 shares of the energy company’s stock worth $31,000 after acquiring an additional 1,710 shares during the period. Allworth Financial LP raised its position in shares of Ramaco Resources by 3,603.6% in the 3rd quarter. Allworth Financial LP now owns 1,037 shares of the energy company’s stock worth $34,000 after acquiring an additional 1,009 shares in the last quarter. Advisory Services Network LLC bought a new position in shares of Ramaco Resources in the 3rd quarter worth about $38,000. Finally, MidFirst Bank bought a new position in shares of Ramaco Resources in the 4th quarter worth about $54,000. 74.49% of the stock is currently owned by institutional investors and hedge funds.

About Ramaco Resources

Ramaco Resources, Inc (NASDAQ:METC) is a U.S.-based producer of premium metallurgical coal and industrial minerals, focused on supplying the steel and allied industries. The company’s operations are centered in the Appalachian region of West Virginia, where it develops, mines and processes high-carbon coal products designed to meet the quality requirements of blast‐furnace and electric‐arc furnace steelmakers.

The firm’s flagship asset is the Elk Creek underground mine in Wyoming County, West Virginia, which began commercial production in 2019 and delivers a range of high‐grade metallurgical and anthracite coals.