RCM Technologies (NASDAQ:RCMT) Announces Earnings Results

RCM Technologies (NASDAQ:RCMT) announced its earnings results on Wednesday. The business services provider reported $0.82 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.62 by $0.20, FiscalAI reports. RCM Technologies had a net margin of 5.03% and a return on equity of 37.76%. The company had revenue of $93.82 million during the quarter, compared to analyst estimates of $81.75 million.

RCM Technologies Stock Up 17.6%

NASDAQ:RCMT traded up $5.08 during trading hours on Friday, reaching $34.00. 38,723 shares of the company traded hands, compared to its average volume of 59,192. RCM Technologies has a 1 year low of $17.26 and a 1 year high of $34.47. The stock has a market capitalization of $241.02 million, a P/E ratio of 15.93 and a beta of 0.29. The business’s 50-day moving average price is $27.51 and its two-hundred day moving average price is $24.45. The company has a current ratio of 1.92, a quick ratio of 1.92 and a debt-to-equity ratio of 0.65.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on RCMT. Wall Street Zen cut RCM Technologies from a “buy” rating to a “hold” rating in a report on Saturday, August 8th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of RCM Technologies in a research note on Friday, July 17th. Finally, Zacks Research downgraded shares of RCM Technologies from a “strong-buy” rating to a “hold” rating in a research note on Friday, June 5th. One investment analyst has rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, RCM Technologies currently has a consensus rating of “Hold” and a consensus target price of $36.00.

Institutional Trading of RCM Technologies

A number of institutional investors and hedge funds have recently bought and sold shares of RCMT. BNP Paribas Financial Markets increased its holdings in shares of RCM Technologies by 44.1% in the 2nd quarter. BNP Paribas Financial Markets now owns 1,892 shares of the business services provider’s stock worth $45,000 after purchasing an additional 579 shares in the last quarter. JPMorgan Chase & Co. boosted its holdings in RCM Technologies by 1,241.0% in the second quarter. JPMorgan Chase & Co. now owns 2,320 shares of the business services provider’s stock worth $55,000 after purchasing an additional 2,147 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new stake in RCM Technologies in the 3rd quarter worth approximately $60,000. Lazard Asset Management LLC purchased a new stake in RCM Technologies during the 2nd quarter valued at $77,000. Finally, New York State Common Retirement Fund bought a new position in shares of RCM Technologies during the 2nd quarter valued at $101,000. 43.20% of the stock is currently owned by institutional investors.

RCM Technologies Company Profile

RCM Technologies, Inc (NASDAQ: RCMT) is an information technology consulting firm that specializes in delivering secure, enterprise-level technology solutions. The company’s core offerings include IT infrastructure design and integration, data center modernization, cloud migration and management, cybersecurity services, and digital collaboration platforms. RCM Technologies serves clients across federal and commercial markets, tailoring its services to meet the strict security and compliance requirements of government agencies as well as the performance and scalability needs of private-sector organizations.

Founded in the mid-1980s and headquartered in Dresher, Pennsylvania, RCM Technologies has built a reputation for end-to-end project delivery, from initial assessment and design through implementation and ongoing managed support.