HireQuest (NASDAQ:HQI) Trading Down 6.2% – Should You Sell?
by Kim Johansen · The Markets DailyHireQuest, Inc. (NASDAQ:HQI – Get Free Report)’s stock price fell 6.2% during mid-day trading on Tuesday . The company traded as low as $10.50 and last traded at $10.50. 13,955 shares were traded during trading, a decline of 2% from the average session volume of 14,308 shares. The stock had previously closed at $11.20.
Wall Street Analysts Forecast Growth
A number of research firms have weighed in on HQI. DA Davidson set a $15.00 price target on HireQuest in a research report on Tuesday, December 2nd. Wall Street Zen upgraded shares of HireQuest to a “hold” rating in a report on Saturday, January 17th. Barrington Research restated an “outperform” rating and set a $13.00 target price on shares of HireQuest in a report on Thursday, January 29th. Finally, Weiss Ratings raised shares of HireQuest from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Monday, January 12th. One equities research analyst has rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, HireQuest has a consensus rating of “Moderate Buy” and a consensus price target of $14.00.
Get Our Latest Analysis on HireQuest
HireQuest Price Performance
The firm has a 50-day moving average of $11.08 and a 200 day moving average of $9.80. The stock has a market capitalization of $152.84 million, a price-to-earnings ratio of 21.68 and a beta of 1.03.
HireQuest Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Monday, March 16th. Investors of record on Monday, March 2nd will be issued a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date is Monday, March 2nd. HireQuest’s payout ratio is presently 48.00%.
HireQuest declared that its board has authorized a stock repurchase program on Wednesday, December 17th that permits the company to buyback $20.00 million in outstanding shares. This buyback authorization permits the company to purchase up to 18.4% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.
Insider Transactions at HireQuest
In other HireQuest news, CEO Richard Hermanns purchased 9,704 shares of HireQuest stock in a transaction that occurred on Tuesday, December 30th. The stock was acquired at an average price of $10.28 per share, for a total transaction of $99,757.12. Following the completion of the acquisition, the chief executive officer owned 2,951,283 shares of the company’s stock, valued at approximately $30,339,189.24. This trade represents a 0.33% increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this link. In the last three months, insiders have bought 28,980 shares of company stock valued at $276,165. Company insiders own 43.50% of the company’s stock.
Institutional Trading of HireQuest
Several institutional investors and hedge funds have recently bought and sold shares of the business. Wells Fargo & Company MN boosted its stake in shares of HireQuest by 47.2% during the 4th quarter. Wells Fargo & Company MN now owns 6,333 shares of the company’s stock worth $67,000 after acquiring an additional 2,031 shares during the period. Renaissance Technologies LLC bought a new stake in HireQuest in the 4th quarter valued at $112,000. Deutsche Bank AG raised its stake in HireQuest by 158.0% in the 4th quarter. Deutsche Bank AG now owns 10,945 shares of the company’s stock valued at $115,000 after acquiring an additional 6,702 shares during the period. GWN Securities Inc. lifted its holdings in HireQuest by 27.3% during the 3rd quarter. GWN Securities Inc. now owns 16,366 shares of the company’s stock valued at $157,000 after purchasing an additional 3,508 shares during the last quarter. Finally, Russell Investments Group Ltd. lifted its holdings in HireQuest by 67.8% during the 2nd quarter. Russell Investments Group Ltd. now owns 26,303 shares of the company’s stock valued at $263,000 after purchasing an additional 10,627 shares during the last quarter. Institutional investors own 12.00% of the company’s stock.
HireQuest Company Profile
HireQuest, Inc is a publicly traded holding company that provides equipment rental and workforce solutions across North America through two primary operating subsidiaries. Its Coast Equipment Rentals division offers a broad range of support equipment—such as pumps, trench safety systems, power and HVAC units, air compressors, light towers and generators—to the construction, industrial, municipal and environmental markets. Coast Equipment Rentals operates more than 135 branch locations in 36 U.S.