Price Action To Observe: A Reversal for Resources Connection, Inc. Is Not Near. The Stock Rises Again

Price Action To Observe: A Reversal for Resources Connection, Inc. Is Not Near. The Stock Rises Again

The stock of Resources Connection, Inc. (NASDAQ:RECN) is a huge mover today! About 488,599 shares traded hands or 133.35% up from the average. Resources Connection, Inc. (NASDAQ:RECN) has declined 9.12% since March 15, 2016 and is downtrending. It has underperformed by 14.60% the S&P500.
The move comes after 5 months positive chart setup for the $530.05M company. It was reported on Oct, 18 by Barchart.com. We have $19.55 PT which if reached, will make NASDAQ:RECN worth $174.92 million more.

Resources Connection, Inc. (NASDAQ:RECN) Ratings Coverage

Out of 2 analysts covering Resources Connection Inc. (NASDAQ:RECN), 0 rate it a “Buy”, 1 “Sell”, while 1 “Hold”. This means 0 are positive. Resources Connection Inc. has been the topic of 3 analyst reports since August 18, 2016 according to StockzIntelligence Inc. On Thursday, August 18 the stock rating was initiated by Deutsche Bank with “Sell”. Robert W. Baird maintained it with “Neutral” rating and $14 target price in Thursday, October 6 report. The stock has “Sell” rating given by Deutsche Bank on Thursday, October 6.

According to Zacks Investment Research, “Resources Connection, Inc. is a professional services firm that provides experienced accounting and finance, human resources management and information technology professionals to clients on a project-by-project basis. In accounting and finance, they assist clients with discrete projects requiring specialized professional expertise, such as mergers and acquisitions due diligence, financial analyses and tax-related projects. They also provide human resources management services and information technology services.”

Insitutional Activity: The institutional sentiment decreased to 0.67 in Q2 2016. Its down 0.43, from 1.1 in 2016Q1. The ratio dived, as 17 funds sold all Resources Connection, Inc. shares owned while 50 reduced positions. 14 funds bought stakes while 31 increased positions. They now own 31.18 million shares or 0.62% more from 30.99 million shares in 2016Q1.
Rhumbline Advisers has 86,528 shares for 0% of their US portfolio. Raymond James & Associates accumulated 0% or 12,138 shares. Arizona State Retirement Systems reported 19,095 shares or 0% of all its holdings. Manufacturers Life Insurance The has invested 0% of its portfolio in Resources Connection, Inc. (NASDAQ:RECN). Renaissance Technology Limited Liability Corporation has invested 0.01% of its portfolio in Resources Connection, Inc. (NASDAQ:RECN). Shinko Asset Management Co has 0.02% invested in the company for 226,997 shares. Gotham Asset Mngmt Limited Company accumulated 0% or 15,596 shares. Envestnet Asset holds 0% or 5,552 shares in its portfolio. Moreover, Swiss Fincl Bank has 0% invested in Resources Connection, Inc. (NASDAQ:RECN) for 65,800 shares. The California-based Clarivest Asset Mngmt Limited Liability Company has invested 0.05% in Resources Connection, Inc. (NASDAQ:RECN). Fmr Lc has invested 0% of its portfolio in Resources Connection, Inc. (NASDAQ:RECN). Airain, a Guernsey-based fund reported 13,057 shares. Blackrock Advisors Lc last reported 0% of its portfolio in the stock. Principal Gp Inc has 0.01% invested in the company for 259,897 shares. Deprince Race & Zollo has invested 0.11% of its portfolio in Resources Connection, Inc. (NASDAQ:RECN).

Insider Transactions: Since May 11, 2016, the stock had 0 buys, and 1 sale for $36,644 net activity. 2,430 Resources Connection, Inc. (NASDAQ:RECN) shares with value of $36,644 were sold by Shih Anne.

More notable recent Resources Connection, Inc. (NASDAQ:RECN) news were published by: Reuters.com which released: “BRIEF-Resources Connection Inc commences modified Dutch Auction tender off…” on October 17, 2016, also Seekingalpha.com with their article: “Resources Connection: A Very Shareholder Friendly Company” published on October 18, 2016, Businesswire.com published: “Resources Connection, Inc. Announces Commencement of Modified Dutch Auction …” on October 18, 2016. More interesting news about Resources Connection, Inc. (NASDAQ:RECN) were released by: Businesswire.com and their article: “Resources Connection, Inc. Reports Unexpected CEO Change” published on October 05, 2016 as well as Businesswire.com‘s news article titled: “Resources Connection, Inc. Reports Third Quarter Results for Fiscal 2016” with publication date: April 07, 2016.

RECN Company Profile

Resources Connection, Inc., incorporated on November 16, 1998, is a multinational consulting firm. The Company’s operating entities primarily provide services under the name Resources Global Professionals (RGP). The Firm provides consulting and business initiative support services to its global client base in the areas of accounting; finance; corporate governance, risk and compliance (GRC) management; corporate advisory, strategic communications and restructuring; information management; human capital; supply chain management, and legal and regulatory. The Firm provides its services and solutions to a client base in a range of industries.

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