BRC Inc. (NYSE:BRCC) Sees Large Increase in Short Interest

BRC Inc. (NYSE:BRCC) was the recipient of a large increase in short interest during the month of August. As of August 31st, there was short interest totalling 8,580,000 shares, an increase of 9.4% from the August 15th total of 7,840,000 shares. Based on an average daily volume of 1,180,000 shares, the short-interest ratio is presently 7.3 days. Currently, 12.8% of the company’s stock are sold short.

BRC Trading Up 1.5 %

Shares of NYSE BRCC traded up $0.06 during midday trading on Wednesday, reaching $3.73. 1,278,526 shares of the stock were exchanged, compared to its average volume of 952,316. BRC has a 52-week low of $2.51 and a 52-week high of $7.14. The company has a market capitalization of $791.64 million, a P/E ratio of -20.69 and a beta of 1.18. The stock has a 50 day moving average price of $4.58 and a 200-day moving average price of $4.93. The company has a current ratio of 1.07, a quick ratio of 0.59 and a debt-to-equity ratio of 1.01.

BRC (NYSE:BRCC) last released its quarterly earnings data on Wednesday, August 7th. The company reported ($0.01) EPS for the quarter, hitting analysts’ consensus estimates of ($0.01). The company had revenue of $89.02 million for the quarter, compared to the consensus estimate of $101.54 million. BRC had a positive return on equity of 17.53% and a negative net margin of 1.88%. During the same period last year, the business posted ($0.03) EPS. Equities research analysts expect that BRC will post -0.02 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several analysts have recently weighed in on the stock. DA Davidson reissued a “buy” rating and issued a $5.50 price target on shares of BRC in a research note on Wednesday. Tigress Financial reaffirmed a “buy” rating and set a $11.00 target price on shares of BRC in a research note on Wednesday, May 22nd. Roth Capital lowered BRC from a “strong-buy” rating to a “hold” rating in a research report on Friday, August 9th. Roth Mkm cut shares of BRC from a “buy” rating to a “neutral” rating and decreased their price objective for the stock from $8.00 to $4.00 in a research report on Friday, August 9th. Finally, Telsey Advisory Group dropped their price target on shares of BRC from $8.00 to $6.00 and set an “outperform” rating on the stock in a research note on Friday, August 9th. Three investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, BRC currently has an average rating of “Moderate Buy” and a consensus price target of $6.63.

Insider Activity

In related news, Director Thomas E. Davin sold 10,884 shares of BRC stock in a transaction that occurred on Monday, September 9th. The shares were sold at an average price of $3.81, for a total value of $41,468.04. Following the completion of the sale, the director now directly owns 15,851 shares in the company, valued at approximately $60,392.31. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, Director Evan Hafer sold 3,000,000 shares of the stock in a transaction on Wednesday, September 11th. The shares were sold at an average price of $3.20, for a total transaction of $9,600,000.00. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Thomas E. Davin sold 10,884 shares of the firm’s stock in a transaction that occurred on Monday, September 9th. The shares were sold at an average price of $3.81, for a total value of $41,468.04. Following the completion of the sale, the director now directly owns 15,851 shares in the company, valued at $60,392.31. The disclosure for this sale can be found here. In the last quarter, insiders sold 4,010,884 shares of company stock worth $12,811,468. Insiders own 73.80% of the company’s stock.

Hedge Funds Weigh In On BRC

Institutional investors have recently made changes to their positions in the business. Wasatch Advisors LP grew its position in shares of BRC by 334.0% during the first quarter. Wasatch Advisors LP now owns 1,459,418 shares of the company’s stock worth $6,246,000 after buying an additional 1,123,157 shares in the last quarter. Blair William & Co. IL boosted its stake in BRC by 370.2% during the 2nd quarter. Blair William & Co. IL now owns 802,710 shares of the company’s stock valued at $4,921,000 after acquiring an additional 632,000 shares during the last quarter. Maso Capital Partners Ltd acquired a new position in BRC during the 1st quarter worth $2,140,000. Marshall Wace LLP increased its position in shares of BRC by 76.4% in the 2nd quarter. Marshall Wace LLP now owns 812,373 shares of the company’s stock worth $4,980,000 after purchasing an additional 351,757 shares during the last quarter. Finally, Renaissance Technologies LLC raised its stake in shares of BRC by 131.1% in the 2nd quarter. Renaissance Technologies LLC now owns 419,300 shares of the company’s stock valued at $2,570,000 after purchasing an additional 237,869 shares in the last quarter. 16.29% of the stock is owned by institutional investors and hedge funds.

About BRC

BRC Inc, through its subsidiaries, purchases, roasts, and sells coffee, coffee accessories, and branded apparel in the United States. The company also produces media content, as well as sells coffee brewing equipment, and outdoor and lifestyle gear. It supports active military, veterans, and first responders.