CS Disco (NYSE:LAW) Shares Up 7% – Here’s What Happened

Shares of CS Disco, Inc. (NYSE:LAW) were up 7% during mid-day trading on Friday . The company traded as high as $3.69 and last traded at $3.67. Approximately 823,083 shares changed hands during mid-day trading, an increase of 258% from the average daily volume of 230,106 shares. The stock had previously closed at $3.43.

Wall Street Analyst Weigh In

Several analysts have weighed in on the company. Canaccord Genuity Group cut their price objective on CS Disco from $9.00 to $6.00 and set a “buy” rating on the stock in a research report on Thursday, February 26th. Wall Street Zen lowered CS Disco from a “buy” rating to a “hold” rating in a research report on Saturday, May 9th. Weiss Ratings cut CS Disco from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Tuesday, June 16th. Finally, Needham & Company LLC reissued a “buy” rating and set a $10.00 price objective on shares of CS Disco in a research report on Thursday, February 26th. Two analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, CS Disco currently has an average rating of “Hold” and an average price target of $8.00.

CS Disco Price Performance

The stock’s 50 day simple moving average is $3.86 and its two-hundred day simple moving average is $4.91. The firm has a market cap of $235.36 million, a P/E ratio of -5.40 and a beta of 1.91.

CS Disco (NYSE:LAW) last issued its quarterly earnings results on Wednesday, May 6th. The company reported ($0.07) EPS for the quarter, topping analysts’ consensus estimates of ($0.09) by $0.02. CS Disco had a negative return on equity of 26.12% and a negative net margin of 26.28%.The firm had revenue of $41.88 million for the quarter, compared to analysts’ expectations of $40.30 million.

Insider Activity at CS Disco

In related news, CEO Eric Friedrichsen bought 9,000 shares of the business’s stock in a transaction dated Friday, May 8th. The shares were purchased at an average cost of $3.97 per share, with a total value of $35,730.00. Following the completion of the purchase, the chief executive officer owned 1,517,172 shares in the company, valued at approximately $6,023,172.84. The trade was a 0.60% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 16.80% of the company’s stock.

Institutional Trading of CS Disco

Several institutional investors have recently bought and sold shares of the company. Bank of America Corp DE increased its stake in CS Disco by 11.6% during the 1st quarter. Bank of America Corp DE now owns 26,015 shares of the company’s stock valued at $99,000 after purchasing an additional 2,701 shares in the last quarter. Quantinno Capital Management LP grew its holdings in shares of CS Disco by 18.4% during the first quarter. Quantinno Capital Management LP now owns 59,806 shares of the company’s stock valued at $228,000 after buying an additional 9,299 shares during the last quarter. Renaissance Technologies LLC increased its position in shares of CS Disco by 29.2% during the first quarter. Renaissance Technologies LLC now owns 84,244 shares of the company’s stock valued at $322,000 after acquiring an additional 19,044 shares in the last quarter. Public Employees Retirement System of Ohio raised its holdings in CS Disco by 151.6% in the 1st quarter. Public Employees Retirement System of Ohio now owns 22,735 shares of the company’s stock worth $87,000 after acquiring an additional 13,700 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership raised its holdings in CS Disco by 216.5% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 476,752 shares of the company’s stock worth $1,821,000 after acquiring an additional 326,115 shares during the last quarter. 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.