Acuren (NYSEAMERICAN:TIC) Trading Down 4.2% – Here’s Why

Acuren Corp (NYSEAMERICAN:TIC) dropped 4.2% on Wednesday . The company traded as low as $10.12 and last traded at $10.69. Approximately 11,630,671 shares changed hands during mid-day trading, an increase of 608% from the average daily volume of 1,642,478 shares. The stock had previously closed at $11.16.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on TIC. Robert W. Baird initiated coverage on Acuren in a research report on Thursday, October 9th. They set a “neutral” rating and a $15.00 target price for the company. UBS Group dropped their price target on Acuren from $11.50 to $11.00 and set a “neutral” rating for the company in a research note on Friday, August 8th. Baird R W raised shares of Acuren to a “hold” rating in a report on Thursday, October 9th. Finally, Jefferies Financial Group assumed coverage on shares of Acuren in a report on Thursday, August 28th. They issued a “buy” rating on the stock. One investment analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Acuren currently has an average rating of “Hold” and an average target price of $13.00.

Acuren Trading Down 4.2%

The stock has a 50-day simple moving average of $12.52.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in TIC. Granite FO LLC bought a new stake in Acuren during the third quarter worth approximately $27,000. Nisa Investment Advisors LLC increased its position in shares of Acuren by 123.5% during the 3rd quarter. Nisa Investment Advisors LLC now owns 2,277 shares of the company’s stock valued at $30,000 after purchasing an additional 1,258 shares during the last quarter. Blue Trust Inc. purchased a new stake in Acuren during the 3rd quarter valued at $38,000. Amalgamated Bank purchased a new stake in Acuren during the 2nd quarter valued at $39,000. Finally, Clearstead Advisors LLC bought a new stake in Acuren in the third quarter worth $43,000.

About Acuren

Acuren Corporation provides critical asset integrity services in North America. Its activities include various nondestructive testing (NDT) solutions, such as radiography, ultrasonic testing, magnetic particle inspection, penetrant testing, and visual inspection. Its NDT activities include inspection and evaluation of industrial equipment through various technology-enabled methods to ensure asset integrity, avoid accidents, and comply with regulatory requirements without destroying the asset or component.