State Street Corp purchased 2,700,620 shares of REalloys Inc. The shares represent a 3.89% stake in the company. The stake is valued at approximately $39 million.
Several other hedge funds and institutional investors also established new positions. Total institutional ownership is now 3.58%.
REalloys shares opened at $8.52. Analysts have a consensus Moderate Buy rating on the stock. The consensus price target is $16.
REalloys recently reported a quarterly loss of $0.59 per share. Revenue was $0.80 million. The figures indicate underlying performance challenges.