The Barclays share price came under pressure in pre-market trading on Tuesday despite analysts maintaining a generally positive outlook for the British banking group.
Barclays PLC shares closed the previous session at $28.56, after gaining 2.33%. However, the stock subsequently fell to approximately $26.98 in pre-market trading, which was a decline of 5.53%.
Barclays share price (Source: Google Finance)
The latest move followed a strong regular trading session in which the Barclays share price climbed above its previous closing level of $27.91. Shares traded close to their 52-week high before retreating ahead of the market open.
Analysts Maintain Positive Barclays Outlook
Barclays has received an average “Moderate Buy” rating from the nine research firms covering the stock, according to MarketBeat. Five analysts assigned the company a buy recommendation, while four rated it as a hold.
Berenberg Bank recently initiated coverage of Barclays with a buy rating. Royal Bank of Canada maintained an outperform recommendation, while Morgan Stanley reiterated its overweight rating.
Citigroup took a more cautious position by reaffirming its neutral rating. Weiss Ratings, meanwhile, maintained a “buy (b-)” assessment of the banking group.
The balance of analyst recommendations indicates that Wall Street is cautiously optimistic about the Barclays share price, although the sharp pre-market decline suggests investors may be reacting to new concerns or taking profits after the stock’s recent gains.
Institutional investors have also continued to adjust their exposure to Barclays. Brooklands Fund Management purchased a position valued at approximately $1.41 million, while BTC Capital Management acquired a stake worth around $1.95 million.
Hedge funds and other institutional investors currently own around 3.39% of the company’s stock.
