Titan Machinery Inc. (NASDAQ:TITN) saw unusually-high trading volume on Wednesday . Approximately 759,542 shares traded hands during mid-day trading, an increase of 250% from the previous session’s volume of 217,282 shares.The stock last traded at $17.94 and had previously closed at $17.80.
TITN has been the topic of a number of analyst reports. Zacks Investment Research upgraded shares of Titan Machinery from a “hold” rating to a “buy” rating and set a $24.00 price objective on the stock in a research report on Tuesday, May 29th. BidaskClub raised Titan Machinery from a “sell” rating to a “hold” rating in a report on Wednesday, May 30th. Finally, ValuEngine downgraded Titan Machinery from a “buy” rating to a “hold” rating in a report on Saturday, June 2nd. Three equities research analysts have rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the company’s stock. Titan Machinery presently has an average rating of “Buy” and an average price target of $22.75.
The company has a debt-to-equity ratio of 0.07, a current ratio of 1.43 and a quick ratio of 0.29. The firm has a market cap of $396.37 million, a P/E ratio of -149.33 and a beta of 1.61.
Institutional investors have recently added to or reduced their stakes in the business. Citigroup Inc. lifted its holdings in Titan Machinery by 794.6% in the first quarter. Citigroup Inc. now owns 5,672 shares of the company’s stock valued at $133,000 after acquiring an additional 5,038 shares during the period. Smith Asset Management Group LP lifted its holdings in Titan Machinery by 190.3% in the second quarter. Smith Asset Management Group LP now owns 9,793 shares of the company’s stock valued at $152,000 after acquiring an additional 6,420 shares during the period. First Republic Investment Management Inc. acquired a new stake in Titan Machinery in the first quarter valued at $236,000. Sun Life Financial INC acquired a new stake in Titan Machinery in the second quarter valued at $187,000. Finally, Matarin Capital Management LLC acquired a new stake in Titan Machinery in the first quarter valued at $405,000. 82.55% of the stock is owned by institutional investors.
About Titan Machinery (NASDAQ:TITN)
Titan Machinery Inc owns and operates a network of full-service agricultural and construction equipment stores. It operates through three segments: Agriculture, Construction, and International. The company sells new and used equipment, including agricultural and construction equipment manufactured under the CNH family of brands, as well as equipment from various other manufacturers.
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