Shares of Smart Sand Inc (NYSE:SND) dropped 14.1% on Thursday after the company announced weaker than expected quarterly earnings. The stock traded as low as $5.18 and last traded at $5.19, with a volume of 2,154,835 shares traded. The stock had previously closed at $6.04.

The company reported $0.06 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.09 by $0.03. Smart Sand had a net margin of 3.87% and a return on equity of 2.51%. The business had revenue of $29.79 million during the quarter, compared to the consensus estimate of $29.88 million. During the same quarter in the previous year, the firm posted ($0.11) EPS. The company’s revenue for the quarter was up 250.9% compared to the same quarter last year.

SND has been the subject of several research analyst reports. Deutsche Bank AG reiterated a “buy” rating and issued a $18.00 price objective (down previously from $21.00) on shares of Smart Sand in a research report on Tuesday, May 30th. Zacks Investment Research upgraded Smart Sand from a “hold” rating to a “buy” rating and set a $9.75 price objective for the company in a research report on Friday, June 16th. Credit Suisse Group downgraded Smart Sand from an “outperform” rating to a “neutral” rating and cut their price objective for the company from $20.00 to $8.50 in a research report on Thursday, July 20th. Jefferies Group LLC reiterated a “buy” rating and issued a $15.00 price objective (down previously from $20.00) on shares of Smart Sand in a research report on Monday, June 26th. Finally, Janney Montgomery Scott initiated coverage on Smart Sand in a research report on Thursday, June 15th. They issued a “buy” rating and a $13.00 price objective for the company. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and seven have assigned a buy rating to the company’s stock. Smart Sand has a consensus rating of “Buy” and a consensus target price of $14.95.

A number of institutional investors have recently modified their holdings of SND. Goldman Sachs Group Inc. increased its stake in Smart Sand by 86.2% in the first quarter. Goldman Sachs Group Inc. now owns 1,405,119 shares of the company’s stock worth $22,833,000 after buying an additional 650,587 shares during the last quarter. Victory Capital Management Inc. purchased a new stake in Smart Sand during the first quarter worth $35,404,000. Wells Fargo & Company MN increased its stake in Smart Sand by 38.3% in the first quarter. Wells Fargo & Company MN now owns 97,159 shares of the company’s stock worth $1,579,000 after buying an additional 26,926 shares during the last quarter. Nationwide Fund Advisors increased its stake in Smart Sand by 28.6% in the first quarter. Nationwide Fund Advisors now owns 7,190 shares of the company’s stock worth $117,000 after buying an additional 1,597 shares during the last quarter. Finally, State Street Corp purchased a new stake in Smart Sand during the fourth quarter worth $2,198,000.

The stock has a market capitalization of $209.36 million and a P/E ratio of 13.73. The firm has a 50 day moving average price of $7.25 and a 200-day moving average price of $12.41.

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Smart Sand Company Profile

Smart Sand, Inc is a producer of Northern White raw frac sand, which is a proppant used to enhance hydrocarbon recovery rates in the hydraulic fracturing of oil and natural gas wells. The Company sells its products primarily to oil and natural gas exploration and production companies and oilfield service companies under a combination of long-term take-or-pay contracts and spot sales in the open market.

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