SP Stock Recent News

The company is being acquired in a go-private transaction. If all goes well, its new owner will be Metropolis Technologies.

On Thursday, SP Plus announced it has agreed to be acquired by Metropolis for $54 per share, a 52% premium from Wednesday's close. The deal is still subject to the approvals of regulators and SP Plus shareholders, but should close next year.

Metropolis Technologies Inc. said Thursday it would pay $54 a share for SP Plus Corp. SP, +0.14% in a take-private deal that values the parking facility management company at $1.5 billion. The price amounts to a premium of 52% over the closing share price of SP Plus stock on Tuesday.

The heavy selling pressure might have exhausted for SP Plus (SP) as it is technically in oversold territory now. In addition to this technical measure, strong agreement among Wall Street analysts in revising earnings estimates higher indicates that the stock is ripe for a trend reversal.

SP Plus, a facilities services company, has shown mixed financial performance but remains fundamentally attractive. Despite the stock's 6.5% growth matching the S&P 500, it has outperformed the broader market with a 32.1% increase since April 2022. While net income slightly dropped recently, other profitability metrics such as operating cash flow and EBITDA have improved for SP Plus.

SP Plus Corp. operates as a parking company and provides transportation, facilities maintenance, events, and security services. The company has manageable debt and a strong moat, with decent efficiency and profitability metrics. Revenue growth has been inconsistent, but the company experienced a turnaround from the pandemic and is running smoothly. The current share price is slightly too expensive for the risk.

SP Plus (SP) made it through our 'Fast-Paced Momentum at a Bargain' screen and could be a great choice for investors looking for stocks that have gained strong momentum recently but are still trading at reasonable prices.

CHICAGO, July 19, 2023 (GLOBE NEWSWIRE) -- SP Plus Corporation (NASDAQ: SP) today announced that it expects to release second quarter 2023 earnings on Wednesday, August 2, 2023, after the close of market. Later that same day, the Company will host a conference call at 4:00 PM (Central Time) that can be accessed via webcast at http://ir.spplus.com.

SP Plus (SP) could be a great choice for investors looking to make a profit from fundamentally strong stocks that are currently on the move. It is one of the several stocks that made it through our "Recent Price Strength" screen.

SP Plus (SP) could be a solid choice for shorter-term investors looking to capitalize on the recent price trend in fundamentally sound stocks. It is one of the many stocks that passed through our shorter-term trading strategy-based screen.