Short Interest in PC Tel Inc (NASDAQ:PCTI) Grows By 87.8%

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PC Tel Inc (NASDAQ:PCTI) saw a significant increase in short interest during the month of August. As of August 31st, there was short interest totalling 7,700 shares, an increase of 87.8% from the July 31st total of 4,100 shares. Approximately 0.1% of the company’s shares are short sold. Based on an average daily volume of 79,600 shares, the days-to-cover ratio is currently 0.1 days.

Hedge funds have recently added to or reduced their stakes in the stock. JPMorgan Chase & Co. lifted its holdings in PC Tel by 152.3% in the second quarter. JPMorgan Chase & Co. now owns 27,498 shares of the Wireless communications provider’s stock valued at $123,000 after buying an additional 16,600 shares during the period. Mercer Global Advisors Inc. ADV acquired a new position in PC Tel in the first quarter valued at $145,000. Bailard Inc. acquired a new position in PC Tel in the second quarter valued at $149,000. Jacobs Levy Equity Management Inc. lifted its holdings in PC Tel by 52.5% in the second quarter. Jacobs Levy Equity Management Inc. now owns 35,682 shares of the Wireless communications provider’s stock valued at $158,000 after buying an additional 12,290 shares during the period. Finally, Acadian Asset Management LLC lifted its holdings in PC Tel by 79.4% in the second quarter. Acadian Asset Management LLC now owns 52,333 shares of the Wireless communications provider’s stock valued at $232,000 after buying an additional 23,154 shares during the period. Institutional investors and hedge funds own 58.82% of the company’s stock.

PCTI stock traded up $0.06 during midday trading on Friday, hitting $7.63. The stock had a trading volume of 27,434 shares, compared to its average volume of 260,638. The firm has a market cap of $131.63 million, a P/E ratio of -33.26 and a beta of -0.16. PC Tel has a 1-year low of $3.88 and a 1-year high of $7.63. The business has a fifty day moving average price of $5.85 and a two-hundred day moving average price of $5.19.

PC Tel (NASDAQ:PCTI) last released its earnings results on Thursday, August 8th. The Wireless communications provider reported $0.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.07 by $0.06. The business had revenue of $23.50 million for the quarter, compared to analyst estimates of $22.40 million. PC Tel had a negative net margin of 12.16% and a negative return on equity of 0.48%. Analysts predict that PC Tel will post 0.16 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Thursday, August 15th. Investors of record on Thursday, August 8th were issued a $0.055 dividend. The ex-dividend date of this dividend was Wednesday, August 7th. This represents a $0.22 annualized dividend and a yield of 2.88%. PC Tel’s payout ratio is -95.65%.

Several analysts recently weighed in on PCTI shares. B. Riley raised shares of PC Tel from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $5.00 to $6.50 in a research note on Friday, August 9th. Zacks Investment Research raised shares of PC Tel from a “hold” rating to a “strong-buy” rating and set a $6.25 price objective on the stock in a research note on Friday, August 16th. Lake Street Capital raised shares of PC Tel from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $5.00 to $6.00 in a research note on Friday, August 9th. TheStreet raised shares of PC Tel from a “c” rating to a “b-” rating in a research note on Monday. Finally, ValuEngine raised shares of PC Tel from a “hold” rating to a “buy” rating in a research note on Saturday, August 10th. Three research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus price target of $6.25.

PC Tel Company Profile

PCTEL, Inc, together with its subsidiaries, delivers performance critical telecom solutions in the Asia Pacific, Europe, the Middle East, Africa, and the Americas. The company designs and manufactures precision antennas, which are used primarily in small cells, enterprise Wi-Fi access points, fleet management and transit systems, and in equipment and devices for the Industrial Internet of Things.

Read More: How to Calculate Compound Annual Growth Rate (CAGR)

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