Major Brokerage Firms Issue Research Notes on Granite Construction Incorporated (GVA)

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Granite Construction Incorporated (NYSE:GVA) saw a downside of -0.94% to $40.66 after subtracting -$0.39 on Wednesday. The 5-day average trading volume is 457,614 shares of the company’s common stock. It has gained $41.18 in the past week and touched a new high 4 times within the past 5 days. An average of 300,498 shares of the company has been traded in the last 20 days, and the 50-day average volume stands at 262,343.

GVA’s 1-month performance is 15.34% or $5.37 on its low of $34.18 reached on 01/05/23. The company’s shares have touched a 52-week low of $25.35 and high of $41.18, with the stock’s rally to the 52-week high happening on 01/24/23. YTD, GVA has achieved 17.05% or $5.72 and has reached a new high 10 times. However, the current price is down -1.26% from the 52-week high price.


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Insider Transactions

GVA stock investors last saw insider trading activity on May 06.Larkin Kyle T (President & CEO) most recently sold 8,000 shares at $31.06 per share on May 06. This transaction cost the insider $248,480.

Valuation Metrics

GVA stock has a beta of 1.41. Moving on to other valuation ratios, the trailing price-to-sales (P/S) ratio is 0.67 while the price-to-book (PB) in the most recent quarter is 1.90.

Granite Construction Incorporated’s quick ratio for the period ended September 29 was 1.40, with the current ratio over the same period at 1.50. As well, the company’s long term debt to equity for the quarter ending September 29 was 0.30, while the total debt to equity was 0.30. In terms of profitability, the gross margin trailing 12 months is 9.60%. The firm’s gross profit as reported stood at $305.56 million against revenue of $3.01 billion.

Earnings Surprise

For the quarterly period ending September 29 this year, Granite Construction Incorporated’s cash and short-term investments amounted to $39.87 million against total debt of $321.01 million. Net income and sales went up compared to those figures reported in the previous quarter. Net income grew 25.79% to $73.39 million, while revenue of $17.15 million was 76.63% off the previous quarter. Analysts expected GVA to announce $0.93 per share in earnings in its latest quarter, but it posted $1.41, representing a 51.60% surprise. EBITDA for the quarter stood at more than $89.88 million. GVA stock balance sheet for the quarter ending September 29 shows that total liabilities totaled 1.42 billion, with total debt at $321.01 million. Shareholders hold equity totaling $43.73 million.

Let’s look briefly at Granite Construction Incorporated (GVA) price momentum from a technical analysis perspective. The 9-day relative strength index as at close on 24 January was 81.81% to suggest the stock is trending Overbought, with historical volatility in this time period at 21.81%.

The stock’s 5-day moving average is $40.13, reflecting a +3.61% or $1.42 change from its current price. GVA is currently trading +15.16% above its 20-day SMA, +36.06% above its 100-day SMA. However, the stock’s current price level is away from the SMA50 by +20.50% and SMA200 by+29.45%.

Stochastic %K and %D was 95.71% and 95.28% and the average true range (ATR) pointed at 0.87. The RSI (14) points at 77.26%, while the 14-day stochastic is at 94.43% with the period’s ATR at 0.88. The stock’s 9-day MACD Oscillator is pointing at 1.07 and 2.47 on the 14-day charts.

Analyst Ratings

In the most recent analyst report for Granite Construction Incorporated (NYSE: GVA), DA Davidson upgraded it to a Buy rating. They previously had a Neutral rating on the stock. Analysts offering their rating for GVA stock have a consensus rating for the stock as Overweight. Currently, 1 brokerage advisors rate GVA as a “sell,”, while 0 advise that investors “Hold.” 0 analysts have rated the stock as underweight. 0 rates the stock as overweight while 3 have offered a “buy” rating.

What is GVA’s price target for the next 12 months?

Analysts have a consensus price target ranging from a low of $32.00 and a high of $50.00, with their median price target at $47.00. Looking at these predictions, the average price target given by analysts is for Granite Construction Incorporated (GVA) stock is $44.80.

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