ScanSource, Inc. (NASDAQ:SCSC) Sees Large Drop in Short Interest
ScanSource, Inc. (NASDAQ:SCSC) was the target of a significant decrease in short interest in the month of September. As of September 30th, there was short interest totalling 409,800 shares, a decrease of 8.9% from the August 30th total of 450,000 shares. Approximately 1.6% of the shares of the stock are short sold. Based on an average daily trading volume, of 133,600 shares, the days-to-cover ratio is currently 3.1 days.
Institutional investors have recently made changes to their positions in the company. Advisor Group Inc. raised its position in shares of ScanSource by 74.9% during the second quarter. Advisor Group Inc. now owns 782 shares of the industrial products company’s stock worth $25,000 after purchasing an additional 335 shares during the period. Tower Research Capital LLC TRC raised its position in shares of ScanSource by 1,067.3% during the second quarter. Tower Research Capital LLC TRC now owns 1,214 shares of the industrial products company’s stock worth $40,000 after purchasing an additional 1,110 shares during the period. Capital Investment Advisory Services LLC acquired a new stake in shares of ScanSource during the second quarter worth $370,000. Commonwealth Equity Services LLC acquired a new stake in shares of ScanSource during the second quarter worth $409,000. Finally, HGK Asset Management Inc. raised its position in shares of ScanSource by 19.3% during the second quarter. HGK Asset Management Inc. now owns 12,980 shares of the industrial products company’s stock worth $423,000 after purchasing an additional 2,102 shares during the period. 96.55% of the stock is currently owned by institutional investors.
Shares of ScanSource stock traded up $0.42 on Wednesday, reaching $30.22. 118,250 shares of the company were exchanged, compared to its average volume of 122,990. The stock has a fifty day moving average price of $29.58 and a 200-day moving average price of $32.32. The firm has a market capitalization of $737.04 million, a price-to-earnings ratio of 8.99 and a beta of 0.97. The company has a current ratio of 2.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.38. ScanSource has a fifty-two week low of $26.84 and a fifty-two week high of $44.30.
SCSC has been the subject of several research analyst reports. ValuEngine upgraded ScanSource from a “strong sell” rating to a “sell” rating in a report on Wednesday, October 2nd. BidaskClub lowered ScanSource from a “hold” rating to a “sell” rating in a report on Tuesday. Zacks Investment Research upgraded ScanSource from a “sell” rating to a “hold” rating in a report on Tuesday, August 20th. Finally, Raymond James cut their price objective on ScanSource from $44.00 to $36.00 and set an “outperform” rating for the company in a report on Wednesday, August 21st. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and one has issued a buy rating to the company’s stock. ScanSource currently has an average rating of “Hold” and an average price target of $39.00.
ScanSource Company Profile
ScanSource, Inc distributes technology products and solutions in North America, Latin America, and Europe. It operates in two segments, Worldwide Barcode, Networking & Security (WW Barcode, Networking & Security); and Worldwide Communications & Services (WW Communications & Services).
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