Short Sellers Retreat Ahead of Beacon Roofing Earnings

Beacon Roofing Supply stock is up over 250% in the past year

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Beacon Roofing Supply, Inc. (NASDAQ:BECN) is an American company that sells residential and non-residential roofing products, as well as related building products in North America. The company operates over 400 branches throughout all 50 states in the U.S. and 6 provinces in Canada. This afternoon, Beacon Roofing stock is trading down 0.5% at $55.62.

BECN has increased approximately 220% over the past year and has grown more than 250% after bottoming at a 11-year low of $15.79. Shares of Beacon Roofing Supply stock have also already jumped 40% year-to-date. BECN is currently trading within a chip-shot of yesterday's three-year high of $56.99.

Beacon Roofing Supply is slated to release its quarterly earnings on Tuesday, April 20. Over the past 12 months, BECN has aced earnings, outperforming estimates four out of four times.

For the first quarter of 2020, Beacon Roofing Supply beat analysts’ estimates by a margin of $0.05 and reported an EPS of -$0.16. For the second quarter of 2020, BECN increased its EPS to $0.88 and beat expectations by a margin of $0.28. For the third quarter of 2020, Beacon Roofing Supply posted another increase in earnings, rising to $1.32 per share and beating estimates by a margin of $0.33. In the most recent quarterly financials, Beacon Roofing Supply reported an EPS of $0.89 and beat expectations by a margin of $0.29.

Short interest on Beacon Roofing stock has backpedaled in recent months, down 12.6% during the past two reporting periods. This accounts for 4.3% of the security's total available float, or nearly six days' worth of pent-up buying power.

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