Short Interest in BRC Inc. (NYSE:BRCC) Drops By 8.3%

BRC Inc. (NYSE:BRCCGet Rating) saw a large decline in short interest in the month of August. As of August 31st, there was short interest totalling 2,770,000 shares, a decline of 8.3% from the August 15th total of 3,020,000 shares. Currently, 5.3% of the shares of the company are sold short. Based on an average daily volume of 697,600 shares, the days-to-cover ratio is presently 4.0 days.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on BRCC shares. Tigress Financial boosted their price objective on shares of BRC from $17.00 to $19.00 and gave the stock a “buy” rating in a report on Tuesday, August 23rd. DA Davidson dropped their price objective on shares of BRC to $19.00 in a report on Monday, August 15th. Citigroup boosted their price objective on shares of BRC to $11.00 in a report on Monday, August 15th. Finally, Truist Financial dropped their price objective on shares of BRC from $15.00 to $12.00 and set a “hold” rating on the stock in a report on Friday, August 12th. Five investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $16.43.

Hedge Funds Weigh In On BRC

A number of institutional investors and hedge funds have recently added to or reduced their stakes in BRCC. Engaged Capital LLC acquired a new position in BRC in the first quarter valued at about $334,442,000. State Street Corp lifted its position in shares of BRC by 549.4% during the second quarter. State Street Corp now owns 441,789 shares of the company’s stock worth $3,605,000 after purchasing an additional 373,761 shares in the last quarter. Stormborn Capital Management LLC acquired a new position in shares of BRC during the first quarter worth approximately $7,773,000. Vanguard Group Inc. acquired a new position in shares of BRC during the first quarter worth approximately $6,479,000. Finally, BlackRock Inc. acquired a new position in shares of BRC during the first quarter worth approximately $6,188,000. 11.12% of the stock is currently owned by institutional investors and hedge funds.

BRC Trading Up 0.4 %

NYSE BRCC opened at $8.38 on Tuesday. The company’s 50-day simple moving average is $9.29 and its 200 day simple moving average is $12.49. BRC has a twelve month low of $6.62 and a twelve month high of $34.00. The company has a debt-to-equity ratio of 0.13, a current ratio of 3.88 and a quick ratio of 3.16.

BRC (NYSE:BRCCGet Rating) last posted its earnings results on Thursday, August 11th. The company reported $0.22 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.26. The business had revenue of $66.37 million during the quarter, compared to the consensus estimate of $70.56 million. As a group, analysts predict that BRC will post 4.35 earnings per share for the current fiscal year.

About BRC

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BRC Inc, through its subsidiaries, purchases, roasts, and sells coffee, coffee accessories, and branded apparel. The company also produces media content; podcasts; and digital and print journals, as well as sells coffee brewing equipment, and outdoor and lifestyle gear. It supports active military, veterans, and first responders.

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