CS Disco, Inc. (NYSE:LAW) Sees Significant Increase in Short Interest

CS Disco, Inc. (NYSE:LAW) was the recipient of a large growth in short interest during the month of February. As of February 27th, there was short interest totaling 1,051,263 shares, a growth of 25.0% from the February 12th total of 841,219 shares. Approximately 2.0% of the shares of the stock are sold short. Based on an average daily volume of 847,249 shares, the days-to-cover ratio is currently 1.2 days. Based on an average daily volume of 847,249 shares, the days-to-cover ratio is currently 1.2 days. Approximately 2.0% of the shares of the stock are sold short.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the company. Jefferies Financial Group increased their target price on CS Disco from $6.00 to $8.00 and gave the company a “hold” rating in a report on Monday, January 5th. Wall Street Zen cut CS Disco from a “buy” rating to a “hold” rating in a research note on Saturday, February 28th. Weiss Ratings reiterated a “sell (d-)” rating on shares of CS Disco in a research report on Wednesday, January 21st. Needham & Company LLC reissued a “buy” rating and set a $10.00 price objective on shares of CS Disco in a research note on Thursday, February 26th. Finally, Canaccord Genuity Group cut their target price on shares of CS Disco from $9.00 to $6.00 and set a “buy” rating on the stock in a report on Thursday, February 26th. Two research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, CS Disco has an average rating of “Hold” and a consensus target price of $8.00.

CS Disco Stock Up 1.6%

Shares of LAW traded up $0.07 during mid-day trading on Tuesday, hitting $4.53. 39,988 shares of the company’s stock traded hands, compared to its average volume of 431,646. The firm has a market capitalization of $286.88 million, a P/E ratio of -6.29 and a beta of 2.16. The business’s 50-day moving average price is $5.05 and its 200-day moving average price is $6.20. CS Disco has a 1 year low of $2.45 and a 1 year high of $9.11.

Insider Activity

In other CS Disco news, CEO Eric Friedrichsen bought 15,500 shares of the firm’s stock in a transaction that occurred on Friday, February 27th. The shares were bought at an average price of $2.90 per share, for a total transaction of $44,950.00. Following the transaction, the chief executive officer directly owned 1,508,172 shares in the company, valued at $4,373,698.80. This trade represents a 1.04% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Robert P. Goodman purchased 1,026,700 shares of the business’s stock in a transaction on Friday, February 27th. The shares were acquired at an average price of $3.19 per share, with a total value of $3,275,173.00. Following the completion of the transaction, the director owned 1,038,475 shares of the company’s stock, valued at approximately $3,312,735.25. This trade represents a 8,719.32% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. In the last three months, insiders bought 1,090,200 shares of company stock valued at $3,475,943 and sold 27,711 shares valued at $85,073. 16.10% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Essex Investment Management Co. LLC purchased a new stake in shares of CS Disco in the 3rd quarter worth about $2,868,000. Topline Capital Management LLC increased its position in shares of CS Disco by 8.1% during the third quarter. Topline Capital Management LLC now owns 3,206,003 shares of the company’s stock valued at $20,711,000 after buying an additional 240,735 shares during the period. Los Angeles Capital Management LLC bought a new position in CS Disco in the second quarter worth about $324,000. Norges Bank purchased a new stake in CS Disco in the second quarter worth about $2,863,000. Finally, Campbell & CO Investment Adviser LLC bought a new stake in CS Disco during the 2nd quarter valued at approximately $51,000. 58.05% of the stock is owned by hedge funds and other institutional investors.

About CS Disco

CS Disco, Inc is a provider of cloud-native, artificial intelligence-driven legal applications designed to streamline e-discovery, document review and compliance processes for law firms and corporate legal departments. The Austin, Texas–based company offers a unified platform that automates labor-intensive tasks using machine learning and predictive analytics, enabling legal professionals to process, search and review large volumes of data with greater speed and accuracy.

At the core of CS Disco’s product suite is its flagship e-discovery application, which supports early case assessment, data processing, review analytics and production workflows.