Short Interest in Presto Automation Inc. (NASDAQ:PRST) Declines By 46.4%

Presto Automation Inc. (NASDAQ:PRST) was the target of a large drop in short interest in the month of March. As of March 15th, there was short interest totalling 1,650,000 shares, a drop of 46.4% from the February 29th total of 3,080,000 shares. Based on an average daily volume of 4,390,000 shares, the days-to-cover ratio is presently 0.4 days. Currently, 3.2% of the company’s stock are short sold.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the stock. Northland Securities assumed coverage on shares of Presto Automation in a report on Monday, December 11th. They set an “outperform” rating and a $2.00 price objective for the company. Jefferies Financial Group initiated coverage on Presto Automation in a report on Monday, December 18th. They issued a “hold” rating and a $0.62 target price on the stock.

Presto Automation Stock Performance

Shares of PRST stock traded down $0.02 during trading on Thursday, hitting $0.17. The company’s stock had a trading volume of 3,226,315 shares, compared to its average volume of 4,753,482. The business has a fifty day moving average of $0.26 and a 200-day moving average of $0.89. Presto Automation has a 52 week low of $0.14 and a 52 week high of $5.74.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Susquehanna International Group LLP purchased a new stake in Presto Automation in the fourth quarter worth $5,607,000. Vanguard Group Inc. raised its stake in Presto Automation by 4.8% in the 4th quarter. Vanguard Group Inc. now owns 1,852,286 shares of the leader in drive-thru voice AI’s stock valued at $984,000 after acquiring an additional 84,990 shares during the period. Schechter Investment Advisors LLC lifted its holdings in Presto Automation by 370.0% during the third quarter. Schechter Investment Advisors LLC now owns 486,066 shares of the leader in drive-thru voice AI’s stock valued at $695,000 after purchasing an additional 382,638 shares during the last quarter. Kepos Capital LP bought a new position in Presto Automation during the third quarter worth about $673,000. Finally, BlackRock Inc. purchased a new position in shares of Presto Automation in the second quarter worth about $1,125,000. Institutional investors own 20.94% of the company’s stock.

Presto Automation Company Profile

Presto Automation Inc engages in the provision of artificial intelligence (AI) and automation solutions to the restaurant enterprise technology industry in the United States. The company offers Presto Voice, an AI solution to quick service restaurants that completes complex orders, including large orders with multiple menu modifications and add-ons, with limited on-site restaurant staff intervention; and Presto Touch, a pay-at-table tablet solution to casual dining chains that enables self-serve ordering, payment processing, personalization, and gaming experiences for restaurant guests.