HC2 (NYSE:HCHC) Shares Down 5.9%

HC2 Holdings Inc (NYSE:HCHC) shares dropped 5.9% on Tuesday . The stock traded as low as $3.23 and last traded at $3.34, approximately 713,980 shares traded hands during trading. An increase of 51% from the average daily volume of 473,519 shares. The stock had previously closed at $3.55.

HCHC has been the topic of several recent research reports. B. Riley initiated coverage on shares of HC2 in a research note on Thursday, June 11th. They set a “buy” rating and a $8.50 target price on the stock. ValuEngine raised shares of HC2 from a “hold” rating to a “buy” rating in a research report on Sunday, May 3rd. Finally, Zacks Investment Research raised shares of HC2 from a “sell” rating to a “hold” rating in a research report on Wednesday, May 20th.

The company has a debt-to-equity ratio of 11.34, a quick ratio of 1.56 and a current ratio of 1.56. The stock’s 50-day moving average is $3.10 and its 200 day moving average is $2.77. The stock has a market capitalization of $151.75 million, a PE ratio of -1.31 and a beta of 2.27.

HC2 (NYSE:HCHC) last posted its earnings results on Monday, May 11th. The technology company reported ($0.85) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.49) by ($0.36). The company had revenue of $444.80 million during the quarter, compared to analysts’ expectations of $461.13 million. HC2 had a negative net margin of 5.77% and a negative return on equity of 8.10%. Analysts expect that HC2 Holdings Inc will post -1.94 earnings per share for the current year.

In other news, Director Avram A. Glazer bought 446,233 shares of HC2 stock in a transaction dated Monday, June 15th. The stock was bought at an average price of $3.59 per share, for a total transaction of $1,601,976.47. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Avram A. Glazer bought 612,634 shares of HC2 stock in a transaction dated Wednesday, June 3rd. The stock was purchased at an average price of $3.06 per share, with a total value of $1,874,660.04. Following the purchase, the director now directly owns 250,604 shares in the company, valued at approximately $766,848.24. The disclosure for this purchase can be found here. In the last quarter, insiders have purchased 1,083,702 shares of company stock valued at $3,554,370. 30.40% of the stock is owned by company insiders.

Hedge funds have recently added to or reduced their stakes in the company. Tower Research Capital LLC TRC lifted its stake in shares of HC2 by 219.9% in the 4th quarter. Tower Research Capital LLC TRC now owns 16,189 shares of the technology company’s stock worth $35,000 after acquiring an additional 11,128 shares during the period. Goldman Sachs Group Inc. acquired a new stake in shares of HC2 in the fourth quarter valued at about $44,000. JS Capital Management LLC acquired a new stake in shares of HC2 in the first quarter valued at about $32,000. Advisor Group Holdings Inc. acquired a new stake in shares of HC2 in the first quarter valued at about $1,237,000. Finally, WINTON GROUP Ltd lifted its stake in shares of HC2 by 27.1% in the first quarter. WINTON GROUP Ltd now owns 33,274 shares of the technology company’s stock valued at $52,000 after purchasing an additional 7,100 shares during the period. Institutional investors own 39.11% of the company’s stock.

HC2 Company Profile (NYSE:HCHC)

HC2 Holdings, Inc provides construction, marine services, energy, telecommunications, insurance, life sciences, broadcasting, and other services in the United States, the United Kingdom, and internationally. The company models, details, fabricates, and erects structural steel for commercial and industrial, and infrastructure construction projects, including building and office complexes, hotels and casinos, convention centers, sports arenas and stadiums, shopping malls, hospitals, dams, bridges, mines, and power plants.

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