Thermon Group (NYSE:THR) Shares Gap Down - What's Next?

Shares of Thermon Group Holdings, Inc. (NYSE:THR) experienced a noticeable gap down before the market opened on Thursday. Prior to this event, the stock had closed at $29.44 but saw an opening price of $25.83. As of the latest trading session, Thermon Group shares were last priced at $26.80, with a trading volume of 9,472 shares.

Wall Street Analyst Weigh In

In a recent development, StockNews.com upgraded Thermon Group's rating from "hold" to "buy" in a report published on Saturday, September 14th.

Thermon Group Stock Performance

The company currently maintains a debt-to-equity ratio of 0.31, a current ratio of 2.61, and a quick ratio of 1.73. Additionally, the firm has a fifty-day simple moving average of $28.59 and a 200-day simple moving average of $30.46. With a market capitalization of $957.22 million, the company's price-to-earnings ratio stands at 18.74, and its beta is recorded at 1.07.

Thermon Group recently reported its quarterly earnings results on Wednesday, August 7th. The technology company announced earnings of $0.38 per share (EPS) for the quarter, surpassing analysts' expectations of $0.31 by $0.07. The firm's revenue for the quarter was $115.10 million, slightly below the anticipated $115.99 million. The company reported a return on equity of 13.26% and a net margin of 9.78%. Year-over-year, revenue increased by 7.7%. In the same quarter the previous year, Thermon Group had posted earnings of $0.40 per share. Analysts predict that Thermon Group Holdings, Inc. is on track to post an average of 1.98 earnings per share for the current fiscal year.

Institutional Trading of Thermon Group

Several institutional investors have recently adjusted their positions in Thermon Group. For instance, Quest Partners LLC increased its stake by an astonishing 2,375.0% during the second quarter, acquiring 1,089 shares worth approximately $33,000 after buying an additional 1,045 shares. Additionally, the Canada Pension Plan Investment Board purchased a new stake in Thermon Group valued at $40,000 during the same period. Meeder Asset Management Inc. also made a new investment in the company valued at $60,000. Furthermore, EntryPoint Capital LLC raised its position by 421.1% in the first quarter, now owning 6,331 shares valued at $207,000 after purchasing an extra 5,116 shares. Meanwhile, QRG Capital Management Inc. increased its position in the company by 9.8%, holding 6,838 shares valued at $210,000 after buying 608 more shares. Notably, 99.76% of Thermon Group's stock is owned by institutional investors and hedge funds.

About Thermon Group

Thermon Group Holdings, Inc. specializes in providing engineered industrial process heating solutions primarily for process industries across various regions, including the United States, Latin America, Canada, Europe, the Middle East, Africa, and the Asia-Pacific. The company offers a wide range of products and services, including heat tracing products such as electric heat tracing cables, steam heating solutions, controls, monitoring software, instrumentation, project services, and other associated industrial heating and filtration solutions.

Conclusion

Investors are advised to closely monitor the performance and future prospects of Thermon Group following its recent stock movements and institutional investments. Consider consulting with a financial advisor for tailored investment advice.

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