In September 2023, it was reported that Crestmont Private Wealth LLC added a new position in Target Hospitality Corp. during the second quarter. (NASDAQ:TH) had acquired. According to the filing with the Securities and Exchange Commission (SEC), Crestmont Private Wealth LLC purchased 46,200 shares of Target Hospitality, which were valued at approximately $620,000. This acquisition represents approximately 0.4% of Crestmont Private Wealth LLC’s portfolio and is now their 14th largest investment.
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In other Target Hospitality news, insider Troy C. Schrenk recently sold 30,277 shares of the company’s stock on August 23. The average sales price per share was $15.55, resulting in a total transaction value of $470,807.35. Following this sale, Schrenk now owns 58,245 shares directly in the company, valued at $905,709.75.
Another insider transaction occurred on August 31 when Chief Accounting Officer Jason Paul Vlacich sold 7,371 shares of Target Hospitality at an average price of $16.01 per share. The total value of this sale was $118,009.71. Following the transaction, Vlacich will retain ownership of 22,680 shares of the company’s stock with an estimated value of $363,106.80.
These transactions were disclosed through legal filings with the SEC and are available for public access via a hyperlink on their website.
It’s also worth noting that in the last three months alone, insiders have sold a total of 77,009 shares of Target Hospitality stock with a cumulative value of $1,202,388. Currently, insiders own about 68.20% of the company’s shares.
This recent activity involving acquisitions by Crestmont Private Wealth LLC and insider sales at Target Hospitality provides valuable insights into investor sentiment and potential market movements for interested parties. Investors can review these public filings and consider the implications of insider transactions when making their own investment decisions.
Target Hospitality Corp.
12:00 noon (UTC)
Date: September 18, 2023
|Analyst / company||Judgement|
Recent Hedge Fund Activity and Analyst Outlook: Assessing the Potential of Target Hospitality
Target Hospitality, a leading provider of workforce housing and hospitality services, has seen some hedge fund activity recently. Private Capital Management LLC grew its holdings in Target Hospitality by 9.0% during the second quarter and now owns 5,880,567 shares worth $33,578,000. First Saberpoint Capital Management LP and First Trust Advisors LP also acquired new shares in the company in the fourth quarter, valued at approximately $6,813,000 and $4,539,000, respectively. Additionally, Marshall Wace LLP acquired a stake worth approximately $3,647,000 in the third quarter. In total, institutional investors own approximately 31.96% of Target Hospitality shares.
Despite these developments from hedge funds and institutional investors, Oppenheimer recently lowered their target price for Target Hospitality from $20.00 to $17.00, while maintaining an ‘outperform’ rating on the company in a research report published on August 10.
On Friday, September 17, shares of TH fell $0.12 to $14.14 in afternoon trading. A total of 341,163 shares were exchanged that day, compared to the average volume of 570,144 shares. Looking at the company’s stock performance over time, it had a fifty day moving average of $14.09 and a two hundred day moving average of $14.23.
Target Hospitality has a market cap of $1.44 billion with a price-to-earnings ratio of 10.72, a price-to-earnings growth ratio of 0.63, and a beta value of 2.11. These figures indicate that the company is relatively undervalued relative to its expected earnings growth and carries above-average market risk.
Discussing financial performance for the second quarter ended June 30, Target Hospitality reported earnings per share (EPS) of $0.44, beating consensus expectations of $0.37 by $0.07. The company generated revenue of $143.63 million during the quarter, compared to analyst expectations of $134.60 million. Target Hospitality also achieved a net margin of 23.34% and a return on equity of 74.02% during this period.
Looking ahead, sell-side analysts expect average earnings per share of 1.6 for Target Hospitality Corp.’s current fiscal year. This suggests that the company is expected to continue its growth trajectory in the near future.
In conclusion, while Target Hospitality has recently witnessed changes in its holdings from various hedge funds, its stock price has experienced slight fluctuations and has been downgraded by Oppenheimer, leading to a reduced target price. However, the company’s solid financial performance and positive market positioning point to potential for future growth and profitability in the hospitality sector.
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