Smith-Midland (NASDAQ:SMID) Share Price Breaks Below 50 Day Moving Average – Here’s What Happened

Smith-Midland Corp. (NASDAQ:SMID)’s share price crossed below its 50-day moving average during trading on Tuesday. The stock has a 50-day moving average of $23.45 and traded as low as $18.88. Smith-Midland shares last traded at $21.51, with a volume of 113,421 shares changing hands.

Analyst Ratings Changes

Separately, Weiss Ratings downgraded shares of Smith-Midland from a “hold (c)” rating to a “hold (c-)” rating in a research note on Friday, October 23rd. One equities research analyst has rated the stock with a Hold rating. According to MarketBeat, Smith-Midland currently has an average rating of “Hold”.

Smith-Midland Stock Down 2.2%

The company has a current ratio of 4.06, a quick ratio of 3.31 and a debt-to-equity ratio of 0.06. The business has a 50-day moving average price of $23.24 and a 200-day moving average price of $29.14. The firm has a market cap of $108.12 million, a P/E ratio of 14.39 and a beta of 1.51.

Smith-Midland (NASDAQ:SMID) last announced its quarterly earnings results on Friday, August 14th. The company reported $0.26 EPS for the quarter. Smith-Midland had a return on equity of 14.06% and a net margin of 8.59%. The firm had revenue of $23.36 million for the quarter.

Institutional Investors Weigh In On Smith-Midland

Several hedge funds have recently modified their holdings of SMID. Deutsche Bank AG bought a new position in Smith-Midland in the second quarter worth approximately $58,000. Womack Financial LLC purchased a new position in shares of Smith-Midland in the 3rd quarter valued at $217,000. Private Advisor Group LLC purchased a new position in shares of Smith-Midland in the 3rd quarter valued at $232,000. Bank of New York Mellon Corp purchased a new position in shares of Smith-Midland in the 2nd quarter valued at $325,000. Finally, Russell Investments Group Ltd. raised its position in shares of Smith-Midland by 2,326.8% in the 3rd quarter. Russell Investments Group Ltd. now owns 22,642 shares of the company’s stock worth $516,000 after acquiring an additional 21,709 shares in the last quarter. Hedge funds and other institutional investors own 49.94% of the company’s stock.

Smith-Midland Company Profile

Smith-Midland Corporation is a precast concrete manufacturer and construction products company headquartered in Midland, Virginia. The company develops, manufactures and markets precast concrete systems for the commercial, industrial, transportation, utility and residential construction markets. Its products include modular precast concrete buildings, utility and storage structures, highway and traffic barriers, sound walls, architectural panels, retaining walls and other customized precast components.