RCM Technologies (NASDAQ:RCMT) Shares Pass Above 200-Day Moving Average – Here’s What Happened

RCM Technologies, Inc. (NASDAQ:RCMT)’s share price passed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $27.55 and traded as high as $40.40. RCM Technologies shares last traded at $40.11, with a volume of 68,151 shares changing hands.

Analysts Set New Price Targets

A number of analysts have weighed in on RCMT shares. Weiss Ratings reiterated a “hold (c+)” rating on shares of RCM Technologies in a research note on Friday, July 17th. B. Riley Financial boosted their target price on shares of RCM Technologies from $40.00 to $45.00 and gave the company a “buy” rating in a research note on Monday, August 17th. Zacks Research upgraded shares of RCM Technologies from a “hold” rating to a “strong-buy” rating in a report on Monday, August 24th. Wall Street Zen upgraded shares of RCM Technologies from a “hold” rating to a “strong-buy” rating in a report on Sunday, August 16th. Finally, Benchmark raised their price target on shares of RCM Technologies from $36.00 to $45.00 and gave the stock a “buy” rating in a research note on Monday, August 17th. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus target price of $45.00.

RCM Technologies Stock Up 2.5%

The stock has a market cap of $285.18 million, a PE ratio of 17.44 and a beta of 0.32. The business has a fifty day moving average of $33.38 and a 200-day moving average of $27.55. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.92 and a quick ratio of 1.92.

RCM Technologies (NASDAQ:RCMT) last released its quarterly earnings data on Thursday, August 13th. The business services provider reported $0.82 EPS for the quarter, topping the consensus estimate of $0.62 by $0.20. RCM Technologies had a return on equity of 37.92% and a net margin of 5.13%.The company had revenue of $93.82 million for the quarter, compared to the consensus estimate of $81.75 million. Equities research analysts anticipate that RCM Technologies, Inc. will post 2.6 earnings per share for the current year.

Insider Activity

In related news, CFO Kevin Miller sold 60,000 shares of RCM Technologies stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $37.98, for a total value of $2,278,800.00. Following the completion of the sale, the chief financial officer directly owned 338,362 shares in the company, valued at $12,850,988.76. The trade was a 15.06% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Chairman Bradley Vizi sold 74,719 shares of the company’s stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $38.86, for a total transaction of $2,903,580.34. Following the completion of the sale, the chairman directly owned 1,402,477 shares of the company’s stock, valued at approximately $54,500,256.22. This trade represents a 5.06% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 219,997 shares of company stock worth $8,238,837. Company insiders own 28.00% of the company’s stock.

Institutional Investors Weigh In On RCM Technologies

Several hedge funds have recently modified their holdings of the business. Integrated Wealth Concepts LLC bought a new position in shares of RCM Technologies during the second quarter valued at approximately $237,000. Squarepoint Ops LLC raised its stake in RCM Technologies by 20.8% in the second quarter. Squarepoint Ops LLC now owns 22,407 shares of the business services provider’s stock worth $633,000 after buying an additional 3,853 shares in the last quarter. California State Teachers Retirement System raised its stake in RCM Technologies by 570.9% in the second quarter. California State Teachers Retirement System now owns 1,778 shares of the business services provider’s stock worth $50,000 after buying an additional 1,513 shares in the last quarter. Bank of New York Mellon Corp purchased a new stake in RCM Technologies during the second quarter worth $551,000. Finally, WNY Asset Management LLC purchased a new stake in RCM Technologies during the first quarter worth $383,000. Hedge funds and other institutional investors own 43.20% of the company’s stock.

RCM Technologies Company Profile

RCM Technologies, Inc (NASDAQ: RCMT) is an information technology consulting firm that specializes in delivering secure, enterprise-level technology solutions. The company’s core offerings include IT infrastructure design and integration, data center modernization, cloud migration and management, cybersecurity services, and digital collaboration platforms. RCM Technologies serves clients across federal and commercial markets, tailoring its services to meet the strict security and compliance requirements of government agencies as well as the performance and scalability needs of private-sector organizations.

Founded in the mid-1980s and headquartered in Dresher, Pennsylvania, RCM Technologies has built a reputation for end-to-end project delivery, from initial assessment and design through implementation and ongoing managed support.