Culp (NYSE:CULP) Stock Passes Above 200 Day Moving Average – Here’s Why

Culp, Inc. (NYSE:CULP) crossed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $3.23 and traded as high as $3.44. Culp shares last traded at $3.42, with a volume of 11,412 shares changing hands.

Wall Street Analysts Forecast Growth

Separately, Zacks Research upgraded Culp from a “hold” rating to a “strong-buy” rating in a research report on Monday, July 13th. One equities research analyst has rated the stock with a Strong Buy rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy”.

Culp Stock Up 4.0%

The firm has a market cap of $43.50 million, a PE ratio of -3.98 and a beta of 1.18. The company has a 50-day simple moving average of $3.39 and a 200-day simple moving average of $3.23. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.76 and a quick ratio of 0.79.

Hedge Funds Weigh In On Culp

Hedge funds have recently bought and sold shares of the business. Hsbc Holdings PLC bought a new position in Culp in the 2nd quarter valued at $47,000. BlackRock Inc. bought a new stake in shares of Culp during the second quarter worth $863,000. Bank of New York Mellon Corp bought a new stake in shares of Culp during the second quarter worth $158,000. Grace & White Inc. NY boosted its stake in shares of Culp by 24.7% during the first quarter. Grace & White Inc. NY now owns 150,763 shares of the textile maker’s stock valued at $413,000 after purchasing an additional 29,845 shares during the period. Finally, Geode Capital Management LLC boosted its stake in shares of Culp by 3.1% during the fourth quarter. Geode Capital Management LLC now owns 118,715 shares of the textile maker’s stock valued at $423,000 after purchasing an additional 3,606 shares during the period. Institutional investors own 75.05% of the company’s stock.

Culp Company Profile

Culp, Inc, headquartered in High Point, North Carolina, is a leading producer of specialty fabrics for the home furnishings industry. Founded in 1972 by Bill Culp, the company has grown into a publicly traded enterprise that supplies upholstery and mattress fabrics to manufacturers and retailers across North America and abroad. Culp’s fabric offerings are designed to meet the aesthetic and performance requirements of residential furniture, contract seating, and hospitality applications.

The company operates through two primary segments.