TAT Technologies Ltd. (NASDAQ:TATT) Sees Large Increase in Short Interest

TAT Technologies Ltd. (NASDAQ:TATT) saw a significant increase in short interest during the month of June. As of June 15th, there was short interest totaling 715,232 shares, an increase of 88.1% from the May 31st total of 380,263 shares. Currently, 6.0% of the shares of the company are sold short. Based on an average daily volume of 229,152 shares, the days-to-cover ratio is presently 3.1 days.

TAT Technologies Stock Down 1.1%

Shares of NASDAQ:TATT opened at $47.60 on Friday. TAT Technologies has a 52 week low of $29.30 and a 52 week high of $64.50. The company has a debt-to-equity ratio of 0.05, a quick ratio of 2.46 and a current ratio of 4.69. The company’s fifty day moving average is $40.39 and its 200-day moving average is $45.73. The company has a market capitalization of $617.99 million, a PE ratio of 36.90 and a beta of 0.98.

TAT Technologies (NASDAQ:TATT) last announced its earnings results on Thursday, May 21st. The aerospace company reported $0.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.19 by $0.07. TAT Technologies had a net margin of 9.27% and a return on equity of 9.47%. The business had revenue of $41.15 million during the quarter, compared to analysts’ expectations of $40.25 million. Equities research analysts predict that TAT Technologies will post 1.52 earnings per share for the current fiscal year.

Insider Activity

In other news, COO Jason Lewandowski sold 3,125 shares of the business’s stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $39.22, for a total transaction of $122,562.50. Following the sale, the chief operating officer directly owned 3,125 shares in the company, valued at approximately $122,562.50. The trade was a 50.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Paul Maness sold 5,000 shares of the company’s stock in a transaction on Wednesday, June 17th. The shares were sold at an average price of $45.41, for a total value of $227,050.00. Following the completion of the transaction, the insider owned 5,000 shares of the company’s stock, valued at $227,050. The trade was a 50.00% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 8.75% of the company’s stock.

Institutional Trading of TAT Technologies

Several hedge funds have recently modified their holdings of the company. Meitav Investment House Ltd. boosted its holdings in shares of TAT Technologies by 0.3% in the 1st quarter. Meitav Investment House Ltd. now owns 1,211,860 shares of the aerospace company’s stock worth $47,989,000 after acquiring an additional 3,122 shares in the last quarter. Wasatch Advisors LP raised its position in TAT Technologies by 5.5% in the 3rd quarter. Wasatch Advisors LP now owns 824,238 shares of the aerospace company’s stock valued at $36,291,000 after purchasing an additional 43,022 shares during the last quarter. Clal Insurance Enterprises Holdings Ltd raised its position in TAT Technologies by 26.5% in the 1st quarter. Clal Insurance Enterprises Holdings Ltd now owns 456,640 shares of the aerospace company’s stock valued at $18,405,000 after purchasing an additional 95,756 shares during the last quarter. Migdal Insurance & Financial Holdings Ltd. boosted its stake in TAT Technologies by 92.1% in the fourth quarter. Migdal Insurance & Financial Holdings Ltd. now owns 386,996 shares of the aerospace company’s stock worth $17,283,000 after purchasing an additional 185,574 shares in the last quarter. Finally, Penn Capital Management Company LLC boosted its stake in TAT Technologies by 1,063.4% in the third quarter. Penn Capital Management Company LLC now owns 357,768 shares of the aerospace company’s stock worth $15,768,000 after purchasing an additional 327,015 shares in the last quarter. Institutional investors and hedge funds own 15.13% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on TATT shares. Truist Financial upgraded shares of TAT Technologies to a “strong-buy” rating in a research note on Friday, May 1st. Benchmark raised their price objective on shares of TAT Technologies from $58.00 to $66.00 and gave the stock a “buy” rating in a report on Thursday, March 12th. Stifel Nicolaus lifted their target price on shares of TAT Technologies from $47.00 to $60.00 and gave the company a “buy” rating in a research report on Friday, March 20th. Zacks Research raised shares of TAT Technologies from a “strong sell” rating to a “hold” rating in a research note on Friday, May 22nd. Finally, Weiss Ratings cut shares of TAT Technologies from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Monday, June 15th. Three research analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, TAT Technologies has a consensus rating of “Buy” and an average price target of $57.29.

TAT Technologies Company Profile

TAT Technologies Ltd. is a global provider of environmental control and thermal management solutions for the aerospace industry. The company specializes in the design, manufacturing and support of aircraft environmental control systems (ECS), heat exchangers and related components. Its product portfolio serves commercial and military airframers, engine manufacturers and airlines, offering critical systems that regulate cabin pressure, temperature and ventilation on fixed-wing and rotary aircraft.

Key offerings include air cycle machines, preconditioned air units, steam/water separators and specialty heat exchangers engineered to meet stringent aerospace standards.