CoreCard Co. (NYSE:CCRD) Sees Significant Drop in Short Interest

CoreCard Co. (NYSE:CCRD) was the recipient of a significant decline in short interest in the month of November. As of November 30th, there was short interest totalling 214,800 shares, a decline of 11.2% from the November 15th total of 241,800 shares. Based on an average daily volume of 34,500 shares, the days-to-cover ratio is currently 6.2 days. Currently, 3.8% of the shares of the company are sold short.

Institutional Investors Weigh In On CoreCard

A number of hedge funds have recently added to or reduced their stakes in CCRD. Vanguard Group Inc. raised its stake in CoreCard by 0.8% during the 1st quarter. Vanguard Group Inc. now owns 455,943 shares of the company’s stock valued at $5,038,000 after acquiring an additional 3,675 shares in the last quarter. Monarch Capital Management Inc. increased its position in shares of CoreCard by 1.0% during the 2nd quarter. Monarch Capital Management Inc. now owns 92,750 shares of the company’s stock valued at $1,353,000 after purchasing an additional 925 shares during the period. Investors Asset Management of Georgia Inc. GA ADV raised its position in CoreCard by 0.6% in the second quarter. Investors Asset Management of Georgia Inc. GA ADV now owns 307,771 shares of the company’s stock worth $4,490,000 after acquiring an additional 1,890 shares in the last quarter. Victory Capital Management Inc. raised its holdings in shares of CoreCard by 46.0% in the 2nd quarter. Victory Capital Management Inc. now owns 5,684 shares of the company’s stock worth $83,000 after purchasing an additional 1,790 shares in the last quarter. Finally, American Century Companies Inc. grew its position in CoreCard by 3.1% in the second quarter. American Century Companies Inc. now owns 34,920 shares of the company’s stock worth $509,000 after buying an additional 1,061 shares during the last quarter. 43.90% of the stock is currently owned by institutional investors.

CoreCard Stock Performance

Shares of NYSE CCRD traded up $0.31 during mid-day trading on Tuesday, hitting $22.26. The company had a trading volume of 49,348 shares, compared to its average volume of 40,386. CoreCard has a 12 month low of $10.02 and a 12 month high of $24.22. The stock has a market cap of $175.88 million, a price-to-earnings ratio of 45.43 and a beta of 0.51. The company has a debt-to-equity ratio of 0.04, a current ratio of 4.90 and a quick ratio of 4.90. The firm’s 50 day simple moving average is $17.56 and its two-hundred day simple moving average is $15.04.

Analyst Upgrades and Downgrades

Separately, B. Riley lowered shares of CoreCard from a “buy” rating to a “neutral” rating and dropped their price objective for the stock from $19.00 to $15.00 in a research note on Thursday, October 3rd.

About CoreCard

CoreCard Corporation, together with its subsidiaries, offers technology solutions and processing services to the financial technology and services market in the United States, Europe, and the Middle East. It designs, develops, and markets a suite of software solutions to program managers, accounts receivable businesses, financial institutions, retailers, and processors to manage their credit and debit cards, prepaid cards, private label cards, fleet cards, buy now pay later programs, loyalty programs, and accounts receivable and loan transactions.