BUZZ-Construction Partners down after Spruce Point Capital says short on company
ReutersJan 23, 2025 6:49 PM
Shares of civil infrastructure company Construction Partners ROAD.O down 10.4% at $83.15 after Spruce Point Capital reveals a short position
Spruce Point says ROAD's share price could have a 35% to 50% potential long-term downside and a risk of market underperformance
Believes ROAD's business is under greater pressure than is widely understood
Spruce Point finds that the company has been falling short of its organic growth projections
Adds, ROAD's contract mix is getting worse while also taking longer to complete on average, which could indicate that it is stuck with underperforming jobs
Spruce Point did not immediately respond to a Reuters request for comment
ROAD is set to report Q1 results on Feb. 7
Stock gained 103.3% in 2024
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