Bunge Global (NYSE:BG) Shares Gap Down – Here’s What Happened

Bunge Global SA (NYSE:BG) gapped down before the market opened on Friday . The stock had previously closed at $95.60, but opened at $91.71. Bunge Global shares last traded at $90.61, with a volume of 938,546 shares changing hands.

Analyst Upgrades and Downgrades

Separately, Citigroup cut Bunge Global from a “buy” rating to a “neutral” rating and reduced their price target for the stock from $125.00 to $114.00 in a research report on Thursday, August 1st. Four investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, Bunge Global has an average rating of “Moderate Buy” and a consensus price target of $118.00.

Bunge Global Stock Performance

The business has a 50 day moving average price of $97.41 and a two-hundred day moving average price of $102.90. The stock has a market cap of $12.68 billion, a P/E ratio of 7.21 and a beta of 0.64. The company has a quick ratio of 0.97, a current ratio of 2.03 and a debt-to-equity ratio of 0.37.

Bunge Global (NYSE:BG) last announced its quarterly earnings data on Wednesday, July 31st. The basic materials company reported $1.73 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.79 by ($0.06). Bunge Global had a net margin of 2.33% and a return on equity of 14.84%. The company had revenue of $13.24 billion for the quarter, compared to analysts’ expectations of $14.30 billion. During the same period last year, the business earned $3.72 earnings per share. The company’s quarterly revenue was down 12.0% compared to the same quarter last year. On average, sell-side analysts forecast that Bunge Global SA will post 9.3 earnings per share for the current fiscal year.

Institutional Trading of Bunge Global

Several hedge funds have recently bought and sold shares of the stock. Blue Trust Inc. raised its holdings in shares of Bunge Global by 121.5% during the 3rd quarter. Blue Trust Inc. now owns 658 shares of the basic materials company’s stock worth $70,000 after acquiring an additional 361 shares in the last quarter. Aaron Wealth Advisors LLC purchased a new stake in Bunge Global during the third quarter valued at $280,000. V Square Quantitative Management LLC lifted its position in Bunge Global by 3.7% during the third quarter. V Square Quantitative Management LLC now owns 4,367 shares of the basic materials company’s stock valued at $422,000 after purchasing an additional 156 shares during the last quarter. Ellsworth Advisors LLC grew its stake in shares of Bunge Global by 21.0% in the 3rd quarter. Ellsworth Advisors LLC now owns 12,891 shares of the basic materials company’s stock worth $1,246,000 after buying an additional 2,241 shares in the last quarter. Finally, Bleakley Financial Group LLC increased its holdings in shares of Bunge Global by 5.7% in the 3rd quarter. Bleakley Financial Group LLC now owns 41,710 shares of the basic materials company’s stock worth $4,031,000 after buying an additional 2,259 shares during the last quarter. Hedge funds and other institutional investors own 86.23% of the company’s stock.

Bunge Global Company Profile

Bunge Global SA operates as an agribusiness and food company worldwide. It operates through four segments: Agribusiness, Refined and Specialty Oils, Milling, and Sugar and Bioenergy. The Agribusiness segment purchases, stores, transports, processes, and sells agricultural commodities and commodity products, including oilseeds primarily soybeans, rapeseed, canola, and sunflower seeds, as well as grains comprising wheat and corn; and processes oilseeds into vegetable oils and protein meals.