Babcock (NYSE:BW) Sees Large Decline in Short Interest

Babcock (NYSE:BW - Get Free Report) was the target of a significant decrease in short interest in the month of May. As of May 31st, there was short interest totalling 2,400,000 shares, a decrease of 27.9% from the May 15th total of 3,330,000 shares. Currently, 2.7% of the company's stock are short sold. Based on an average daily volume of 2,560,000 shares, the days-to-cover ratio is presently 0.9 days.

Babcock Trading Down 6.8%

Shares of Babcock stock opened at $0.98 on Wednesday. The firm has a market cap of $96.33 million, a PE ratio of -1.18 and a beta of 1.61. The stock has a 50 day moving average of $0.66 and a 200 day moving average of $1.08. Babcock has a 12 month low of $0.22 and a 12 month high of $2.99.

Babcock (NYSE:BW - Get Free Report) last announced its earnings results on Monday, March 31st. The technology company reported ($0.47) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.05) by ($0.42). The firm had revenue of $200.80 million for the quarter, compared to analysts' expectations of $213.07 million.

Analysts Set New Price Targets

BW has been the subject of a number of research analyst reports. Wall Street Zen initiated coverage on Babcock in a report on Tuesday, May 20th. They issued a "hold" rating for the company. Lake Street Capital decreased their target price on Babcock from $8.00 to $5.00 and set a "buy" rating for the company in a research report on Tuesday, April 1st. Finally, DA Davidson cut shares of Babcock from a "strong-buy" rating to a "hold" rating in a research note on Monday, April 7th.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. BNP Paribas Financial Markets bought a new stake in shares of Babcock in the fourth quarter valued at about $27,000. Boothbay Fund Management LLC acquired a new stake in Babcock in the 4th quarter worth approximately $38,000. Two Sigma Advisers LP grew its holdings in shares of Babcock by 106.7% during the fourth quarter. Two Sigma Advisers LP now owns 26,734 shares of the technology company's stock valued at $44,000 after buying an additional 13,800 shares during the last quarter. Raymond James Financial Inc. acquired a new position in shares of Babcock in the fourth quarter valued at about $46,000. Finally, Thompson Davis & CO. Inc. increased its holdings in Babcock by 50.0% in the 4th quarter. Thompson Davis & CO. Inc. now owns 30,000 shares of the technology company's stock worth $49,000 after buying an additional 10,000 shares during the period. Institutional investors own 83.17% of the company's stock.

About Babcock

Babcock & Wilcox Enterprises, Inc engages in the provision of fossil and renewable power generation and environmental equipment. It operates through the following segments: B&W Renewable, B&W Environmental, and B&W Thermal. The B&W Renewable segment supports a circular economy, diverting waste from landfills to use for power generation and replacing fossil fuels, while recovering metals and reducing emissions.

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