Construction Partners (NASDAQ:ROAD) Stock Price Down 5.8% – Here’s Why

Shares of Construction Partners, Inc. (NASDAQ:ROAD) were down 5.8% on Thursday . The stock traded as low as $71.62 and last traded at $71.96. Approximately 300,313 shares were traded during mid-day trading, a decline of 28% from the average daily volume of 419,905 shares. The stock had previously closed at $76.39.

Analyst Ratings Changes

A number of research firms have issued reports on ROAD. DA Davidson reiterated a “neutral” rating and issued a $95.00 price objective on shares of Construction Partners in a report on Thursday, January 30th. Raymond James dropped their price objective on shares of Construction Partners from $112.00 to $104.00 and set a “strong-buy” rating on the stock in a research note on Thursday, January 16th. Finally, Robert W. Baird lifted their target price on shares of Construction Partners from $100.00 to $102.00 and gave the company a “neutral” rating in a report on Monday, February 10th. Three research analysts have rated the stock with a hold rating, one has issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $85.40.

Construction Partners Trading Down 5.4 %

The company has a market cap of $4.04 billion, a P/E ratio of 67.21, a PEG ratio of 0.99 and a beta of 0.79. The company has a current ratio of 1.54, a quick ratio of 1.23 and a debt-to-equity ratio of 1.46. The stock’s 50 day moving average is $77.53 and its 200-day moving average is $81.86.

Hedge Funds Weigh In On Construction Partners

Hedge funds have recently added to or reduced their stakes in the company. USA Financial Formulas bought a new stake in shares of Construction Partners in the 4th quarter worth $31,000. Mather Group LLC. bought a new stake in Construction Partners in the 4th quarter worth about $33,000. Byrne Asset Management LLC increased its holdings in Construction Partners by 33.3% in the 4th quarter. Byrne Asset Management LLC now owns 533 shares of the company’s stock worth $47,000 after buying an additional 133 shares in the last quarter. Nisa Investment Advisors LLC raised its position in Construction Partners by 400.9% in the 4th quarter. Nisa Investment Advisors LLC now owns 541 shares of the company’s stock worth $48,000 after buying an additional 433 shares during the last quarter. Finally, Golden State Wealth Management LLC bought a new position in Construction Partners during the 4th quarter valued at about $50,000. 94.83% of the stock is currently owned by hedge funds and other institutional investors.

About Construction Partners

Construction Partners, Inc, a civil infrastructure company, constructs and maintains roadways in Alabama, Florida, Georgia, North Carolina, South Carolina, and Tennessee. The company provides various products and services to public and private infrastructure projects, such as highways, roads, bridges, airports, and commercial and residential developments.