BRP (NASDAQ:DOOO) Shares Down 3.8% – Here’s What Happened

BRP Inc. (NASDAQ:DOOO) shares dropped 3.8% during mid-day trading on Thursday . The company traded as low as $36.65 and last traded at $37.24. Approximately 70,698 shares traded hands during mid-day trading, a decline of 49% from the average daily volume of 139,573 shares. The stock had previously closed at $38.73.

Analyst Ratings Changes

Separately, Citigroup lowered BRP from a “neutral” rating to a “sell” rating and decreased their price objective for the stock from $48.00 to $29.00 in a research report on Thursday. One analyst has rated the stock with a sell rating, six have issued a hold rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $87.80.

BRP Price Performance

The company has a debt-to-equity ratio of 5.19, a current ratio of 1.37 and a quick ratio of 0.57. The stock has a market capitalization of $2.68 billion, a price-to-earnings ratio of 19.49 and a beta of 2.03. The stock’s 50 day simple moving average is $44.18 and its 200-day simple moving average is $50.56.

Institutional Trading of BRP

Institutional investors and hedge funds have recently modified their holdings of the company. Intech Investment Management LLC boosted its stake in BRP by 706.1% during the 3rd quarter. Intech Investment Management LLC now owns 26,318 shares of the company’s stock valued at $1,568,000 after purchasing an additional 23,053 shares during the period. DRW Securities LLC acquired a new position in shares of BRP in the third quarter valued at $161,000. The Manufacturers Life Insurance Company raised its stake in shares of BRP by 13.9% in the third quarter. The Manufacturers Life Insurance Company now owns 1,226,226 shares of the company’s stock valued at $73,027,000 after purchasing an additional 150,039 shares in the last quarter. Quantbot Technologies LP grew its position in BRP by 9.7% in the third quarter. Quantbot Technologies LP now owns 3,827 shares of the company’s stock valued at $228,000 after acquiring an additional 337 shares during the period. Finally, De Lisle Partners LLP grew its position in BRP by 10.8% in the third quarter. De Lisle Partners LLP now owns 27,605 shares of the company’s stock valued at $1,643,000 after acquiring an additional 2,697 shares during the period.

BRP Company Profile

BRP Inc, together with its subsidiaries, designs, develops, manufactures, distributes, and markets powersports vehicles and marine products in the United States, Canada, Europe, the Asia Pacific, Mexico, Austria, and internationally. The Powersports segment offers year-round products, such as Can-Am all-terrain vehicles, side-by-side vehicles, and three-wheeled vehicles; and seasonal products, including Ski-Doo and Lynx snowmobiles, Sea-Doo personal watercrafts and pontoons, Rotax engines for karts and recreational aircraft, and Pinion gearboxes with smart shift systems.