StockNews.com Initiates Coverage on SP Plus with a Hold Rating

StockNews.com, a team of equities research analysts, has started to cover SP Plus (NASDAQ:SP), a company specializing in business services. On Saturday, they released a report assigning a ‘hold’ rating to the company's stock. This suggests that they believe investors should maintain their current position in the stock without buying more shares or selling existing ones.

Recent Ratings and Stock Performance

In another recent analysis, TheStreet adjusted their rating for SP Plus from 'b' to 'c+', indicating some reservations about the stock. SP Plus saw its shares begin trading at $53.99 on Friday before the coverage was announced, hovering around a fifty-day simple moving average of $52.35 and a two-hundred-day simple moving average of $51.70. With a market capitalization standing at $1.07 billion, P/E ratio at 35.52, and a beta of 1.22, SP Plus's stock has experienced a 52-week range between lows of $34.17 and highs of $54.42. The company reported lower than expected earnings per share (EPS) of $0.61, as opposed to the forecasted $0.67 for the last quarter. Even though they missed analysts' revenue expectations, posting $222.10 million compared to the predicted $229.00 million, they maintain a significant return on equity of 21.93%.

Institutional Investors' Movements

Recent activity by institutional investors shows both increased interest and divestment in SP Plus. For instance, Parallel Advisors LLC expanded its holdings by 868.4%, now owning 552 shares valued at $28,000. Other notable movements include Pacific Capital Wealth Advisors Inc. starting a new position with a $61,000 investment and MQS Management LLC engaging with a $205,000 venture. Overall, 93.98% of SP Plus's stock is held by hedge funds and other institutional investors.

About SP Plus

SP Plus Corporation is known for providing comprehensive mobility solutions and services, ranging from parking management and valet parking to ground transportation and event logistics. It operates across both commercial and aviation sectors, also offering services like facility maintenance, security, and consulting, among others.

Stay Updated on SP Plus

Investors and analysts keep a close watch on SP Plus and other similar companies, looking for daily updates on stock performances and ratings. For those interested, summaries of the latest news and ratings for SP Plus can be easily accessed.

StockNews, Coverage, Hold