Ramaco Resources, Inc. (NASDAQ:METC – Get Free Report) shot up 4% during mid-day trading on Monday . The stock traded as high as $14.16 and last traded at $13.8350. Approximately 186,771 shares were traded during mid-day trading, a decline of 91% from the average daily volume of 2,044,682 shares. The stock had previously closed at $13.30.
Wall Street Analyst Weigh In
A number of research firms have recently commented on METC. Zacks Research lowered shares of Ramaco Resources from a “hold” rating to a “strong sell” rating in a research report on Friday, July 17th. Morgan Stanley lowered their price objective on Ramaco Resources from $13.00 to $11.00 and set an “equal weight” rating on the stock in a research report on Tuesday, August 18th. Wall Street Zen cut Ramaco Resources from a “sell” rating to a “strong sell” rating in a research report on Saturday, August 22nd. Robert W. Baird restated a “neutral” rating and issued a $13.00 target price on shares of Ramaco Resources in a research note on Tuesday, August 18th. Finally, Weiss Ratings cut Ramaco Resources from a “sell (d)” rating to a “sell (d-)” rating in a report on Thursday, August 6th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, three have issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $22.43.
Read Our Latest Report on METC
Ramaco Resources Stock Performance
Ramaco Resources (NASDAQ:METC – Get Free Report) last announced its earnings results on Tuesday, August 4th. The energy company reported ($0.26) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.26). The company had revenue of $122.32 million during the quarter, compared to analyst estimates of $133.11 million. Ramaco Resources had a negative net margin of 11.98% and a negative return on equity of 13.54%. On average, equities research analysts forecast that Ramaco Resources, Inc. will post -1.02 EPS for the current year.
Insider Activity
In other news, major shareholder Discovery Capital Management, sold 500,000 shares of the company’s stock in a transaction dated Thursday, August 6th. The stock was sold at an average price of $9.57, for a total value of $4,785,000.00. Following the completion of the transaction, the insider directly owned 4,811,360 shares in the company, valued at approximately $46,044,715.20. This 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. Insiders own 46.07% of the company’s stock.
Institutional Trading of Ramaco Resources
Hedge funds and other institutional investors have recently bought and sold shares of the company. Quarry LP bought a new stake in shares of Ramaco Resources in the 4th quarter worth approximately $27,000. Caitong International Asset Management Co. Ltd grew its holdings in shares of 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 valued at $31,000 after purchasing an additional 1,710 shares during the last quarter. Allworth Financial LP raised its position in 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 purchasing an additional 1,009 shares during the period. Advisory Services Network LLC purchased a new position in Ramaco Resources in the 3rd quarter worth $38,000. Finally, MidFirst Bank bought a new stake in Ramaco Resources in the fourth quarter worth $54,000. Hedge funds and other institutional investors own 74.49% of the company’s stock.
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.
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