Short Interest in OFS Credit Company, Inc. (NASDAQ:OCCI) Declines By 46.3%

OFS Credit Company, Inc. (NASDAQ:OCCI) was the target of a large decline in short interest in August. As of August 31st, there was short interest totaling 151,830 shares, a decline of 46.3% from the August 15th total of 282,745 shares. Currently, 0.5% of the company’s stock are sold short. Based on an average trading volume of 202,637 shares, the days-to-cover ratio is currently 0.7 days.

OFS Credit Price Performance

OFS Credit stock traded down $0.03 during midday trading on Wednesday, hitting $2.36. 207,679 shares of the company were exchanged, compared to its average volume of 179,516. The company has a market cap of $69.31 million, a PE ratio of -1.93 and a beta of 0.72. OFS Credit has a fifty-two week low of $2.15 and a fifty-two week high of $6.03. The company’s fifty day moving average price is $2.52 and its 200-day moving average price is $2.83.

OFS Credit (NASDAQ:OCCI) last issued its quarterly earnings data on Monday, June 22nd. The company reported $0.19 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.19. The firm had revenue of $9.20 million during the quarter, compared to analyst estimates of $9.20 million.

OFS Credit Announces Dividend

The company also recently declared a monthly dividend, which will be paid on Friday, October 30th. Investors of record on Thursday, October 15th will be paid a dividend of $0.05 per share. The ex-dividend date of this dividend is Thursday, October 15th. This represents a c) annualized dividend and a yield of 25.4%. OFS Credit’s payout ratio is -76.23%.

Analyst Ratings Changes

Separately, Wall Street Zen upgraded OFS Credit from a “sell” rating to a “hold” rating in a report on Sunday, June 21st.

Hedge Funds Weigh In On OFS Credit

Institutional investors have recently added to or reduced their stakes in the company. Advisory Solutions Group LLC acquired a new stake in shares of OFS Credit during the second quarter valued at about $49,000. Two Sigma Securities LLC purchased a new position in OFS Credit in the second quarter valued at about $40,000. Finally, Kestra Advisory Services LLC grew its stake in OFS Credit by 12.1% during the 1st quarter. Kestra Advisory Services LLC now owns 92,856 shares of the company’s stock valued at $268,000 after purchasing an additional 10,000 shares in the last quarter. Institutional investors and hedge funds own 23.77% of the company’s stock.

About OFS Credit

OFS Credit Company, Inc is a closed-end investment company that seeks to generate current income and, to a lesser extent, capital appreciation by investing in collateralized loan obligations (CLOs). Its portfolio primarily consists of CLO equity and debt tranches, which are securities backed by pools of senior secured corporate loans.

The company’s investments generally provide exposure to corporate borrowers through the underlying loan portfolios rather than through direct lending by OFS Credit.