Radius Recycling (NASDAQ:RDUS) Shares Gap Up – Here’s Why

Radius Recycling, Inc. (NASDAQ:RDUS)’s stock price gapped up before the market opened on Friday . The stock had previously closed at $13.66, but opened at $28.35. Radius Recycling shares last traded at $27.97, with a volume of 3,382,917 shares traded.

Analyst Ratings Changes

RDUS has been the topic of several research analyst reports. StockNews.com downgraded shares of Radius Recycling from a “hold” rating to a “sell” rating in a research report on Thursday, December 26th. The Goldman Sachs Group initiated coverage on shares of Radius Recycling in a research report on Monday, December 2nd. They set a “neutral” rating and a $22.00 target price on the stock.

Radius Recycling Price Performance

The company has a quick ratio of 0.97, a current ratio of 2.02 and a debt-to-equity ratio of 0.75. The stock’s 50-day simple moving average is $13.11 and its two-hundred day simple moving average is $15.90. The company has a market capitalization of $782.99 million, a price-to-earnings ratio of -2.78 and a beta of 1.67.

Radius Recycling (NASDAQ:RDUS) last issued its earnings results on Tuesday, January 7th. The basic materials company reported ($1.33) EPS for the quarter, missing analysts’ consensus estimates of ($0.66) by ($0.67). The business had revenue of $656.54 million during the quarter, compared to analyst estimates of $665.90 million. Radius Recycling had a negative net margin of 10.49% and a negative return on equity of 14.16%. Radius Recycling’s quarterly revenue was down 2.4% on a year-over-year basis. During the same quarter last year, the company earned ($0.64) earnings per share. Equities research analysts predict that Radius Recycling, Inc. will post -3.84 earnings per share for the current year.

Radius Recycling Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, February 18th. Stockholders of record on Monday, February 3rd were given a $0.1875 dividend. This represents a $0.75 dividend on an annualized basis and a dividend yield of 2.70%. The ex-dividend date was Monday, February 3rd. Radius Recycling’s dividend payout ratio (DPR) is -7.49%.

Institutional Investors Weigh In On Radius Recycling

Hedge funds have recently modified their holdings of the business. Quarry LP acquired a new stake in shares of Radius Recycling in the third quarter valued at about $32,000. Point72 DIFC Ltd purchased a new stake in shares of Radius Recycling in the third quarter valued at about $46,000. Aquatic Capital Management LLC purchased a new stake in shares of Radius Recycling in the fourth quarter valued at about $68,000. Point72 Asia Singapore Pte. Ltd. grew its holdings in shares of Radius Recycling by 172.9% in the third quarter. Point72 Asia Singapore Pte. Ltd. now owns 5,357 shares of the basic materials company’s stock valued at $99,000 after purchasing an additional 3,394 shares during the period. Finally, SG Americas Securities LLC purchased a new stake in shares of Radius Recycling in the fourth quarter valued at about $140,000. 78.11% of the stock is currently owned by institutional investors and hedge funds.

Radius Recycling Company Profile

Radius Recycling, Inc recycles ferrous and nonferrous metal, and manufactures finished steel products worldwide. The company acquires, processes, and recycles salvaged vehicles, rail cars, home appliances, industrial machinery, manufacturing scrap, and construction and demolition scrap. It offers recycled ferrous metal, a feedstock used in the production of finished steel products; and nonferrous products, including mixed metal joint products recovered from the shredding process, such as zorba, zurik, aluminum, copper, stainless steel, nickel, brass, titanium, lead, and high temperature alloys.