NV5 Global (NASDAQ:NVEE) Stock Price Down 24.2% on Disappointing Earnings

NV5 Global Inc (NASDAQ:NVEE)’s share price dropped 24.2% during trading on Friday after the company announced weaker than expected quarterly earnings. The stock traded as low as $51.80 and last traded at $53.08, approximately 1,164,563 shares changed hands during mid-day trading. An increase of 875% from the average daily volume of 119,430 shares. The stock had previously closed at $70.00.

The business services provider reported $0.78 earnings per share for the quarter, missing the consensus estimate of $1.04 by ($0.26). The firm had revenue of $131.03 million for the quarter, compared to analysts’ expectations of $139.05 million. NV5 Global had a net margin of 6.30% and a return on equity of 13.32%. The business’s quarterly revenue was up 25.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.82 EPS.

Several equities research analysts have recently issued reports on NVEE shares. BidaskClub lowered NV5 Global from a “buy” rating to a “hold” rating in a research note on Tuesday, August 13th. ValuEngine lowered NV5 Global from a “buy” rating to a “hold” rating in a research note on Thursday, August 1st. Roth Capital lowered their price objective on NV5 Global from $96.00 to $91.00 and set a “buy” rating for the company in a research note on Thursday, August 8th. Maxim Group lowered their price objective on NV5 Global from $95.00 to $85.00 and set a “buy” rating for the company in a research note on Friday. Finally, Zacks Investment Research lowered NV5 Global from a “hold” rating to a “sell” rating in a research note on Wednesday, September 25th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and four have issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $87.80.

In related news, CEO Dickerson Wright sold 25,000 shares of the firm’s stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $73.11, for a total transaction of $1,827,750.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, COO Alexander A. Hockman sold 10,000 shares of the firm’s stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $71.82, for a total value of $718,200.00. Following the sale, the chief operating officer now directly owns 176,837 shares of the company’s stock, valued at $12,700,433.34. The disclosure for this sale can be found here. Insiders sold a total of 38,247 shares of company stock valued at $2,783,424 over the last ninety days. Corporate insiders own 19.62% of the company’s stock.

Several hedge funds have recently modified their holdings of NVEE. Harbour Capital Advisors LLC bought a new stake in shares of NV5 Global during the 2nd quarter worth approximately $225,000. Taylor Frigon Capital Management LLC lifted its stake in shares of NV5 Global by 64.2% during the 2nd quarter. Taylor Frigon Capital Management LLC now owns 29,974 shares of the business services provider’s stock worth $2,439,000 after acquiring an additional 11,720 shares during the last quarter. Eqis Capital Management Inc. bought a new stake in shares of NV5 Global during the 2nd quarter worth approximately $218,000. Commonwealth Equity Services LLC lifted its stake in shares of NV5 Global by 2.1% during the 2nd quarter. Commonwealth Equity Services LLC now owns 9,183 shares of the business services provider’s stock worth $747,000 after acquiring an additional 191 shares during the last quarter. Finally, Summit Creek Advisors LLC lifted its stake in shares of NV5 Global by 0.3% during the 2nd quarter. Summit Creek Advisors LLC now owns 266,758 shares of the business services provider’s stock worth $21,714,000 after acquiring an additional 760 shares during the last quarter. 62.14% of the stock is owned by hedge funds and other institutional investors.

The company has a current ratio of 2.66, a quick ratio of 2.66 and a debt-to-equity ratio of 0.20. The stock has a market capitalization of $922.49 million, a P/E ratio of 16.38, a price-to-earnings-growth ratio of 0.95 and a beta of 1.46. The stock has a 50 day moving average of $70.55 and a 200-day moving average of $72.87.

About NV5 Global (NASDAQ:NVEE)

NV5 Global, Inc provides professional and technical engineering and consulting services to public and private sector clients in the infrastructure, energy, construction, real estate, and environmental markets in the United States and internationally. It operates through two segments, Infrastructure; and Building, Technology & Sciences.

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