Brilliant Earth Group, Inc. (NASDAQ:BRLT) Sees Large Decline in Short Interest

Key Points

• Short interest plunged 70.3% to 44,701 shares as of July 31, representing just 0.3% of outstanding shares and a days-to-cover ratio of 1.0.
• Analyst sentiment remains cautious: seven analysts rate Brilliant Earth Group “Hold” and one rates it “Sell,” producing a consensus “Reduce” rating and a $1.74 price target.
• The company reported quarterly revenue of $115.11 million, above expectations, and EPS of $0.03, while shares traded near $1.31; insiders have sold 88,356 shares over the past three months.

Brilliant Earth Group, Inc. (NASDAQ:BRLT - Get Free Report) was the target of a large decrease in short interest in the month of July. As of July 31st, there was short interest totaling 44,701 shares, a decrease of 70.3% from the July 15th total of 150,305 shares. Currently, 0.3% of the company's shares are sold short. Based on an average daily volume of 45,457 shares, the days-to-cover ratio is presently 1.0 days.

Analyst Ratings Changes

Separately, Weiss Ratings cut shares of Brilliant Earth Group from a "sell (d+)" rating to a "sell (d)" rating in a research report on Thursday, July 30th. Seven research analysts have rated the stock with a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Reduce" and a consensus price target of $1.74.

Brilliant Earth Group Trading Down 1.5%

BRLT stock opened at $1.31 on Thursday. The company has a market capitalization of $132.45 million, a PE ratio of -4.52 and a beta of 1.38. Brilliant Earth Group has a 12-month low of $1.00 and a 12-month high of $3.10. The business's fifty day moving average price is $1.15 and its 200 day moving average price is $1.30.

Brilliant Earth Group (NASDAQ:BRLT - Get Free Report) last announced its earnings results on Thursday, August 6th. The company reported $0.03 EPS for the quarter. The company had revenue of $115.11 million during the quarter, compared to analysts' expectations of $111.39 million. Brilliant Earth Group had a negative return on equity of 15.48% and a negative net margin of 0.66%. Research analysts predict that Brilliant Earth Group will post -0.03 EPS for the current fiscal year.

Insider Buying and Selling at Brilliant Earth Group

In related news, Director Gavin Turner sold 50,000 shares of the firm's stock in a transaction dated Monday, August 10th. The stock was sold at an average price of $1.29, for a total transaction of $64,500.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In the last three months, insiders sold 88,356 shares of company stock worth $104,807. Corporate insiders own 83.20% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Squarepoint Ops LLC grew its holdings in shares of Brilliant Earth Group by 58.0% in the fourth quarter. Squarepoint Ops LLC now owns 62,103 shares of the company's stock valued at $109,000 after purchasing an additional 22,793 shares in the last quarter. Renaissance Technologies LLC boosted its position in Brilliant Earth Group by 11.2% in the 4th quarter. Renaissance Technologies LLC now owns 218,100 shares of the company's stock valued at $382,000 after buying an additional 22,000 shares during the period. Potomac Capital Management Inc. purchased a new position in Brilliant Earth Group in the 4th quarter valued at approximately $422,000. Susquehanna International Group LLP grew its stake in shares of Brilliant Earth Group by 257.0% in the third quarter. Susquehanna International Group LLP now owns 52,474 shares of the company's stock worth $109,000 after acquiring an additional 37,774 shares in the last quarter. Finally, Millennium Management LLC acquired a new position in shares of Brilliant Earth Group in the third quarter worth $84,000. Hedge funds and other institutional investors own 70.41% of the company's stock.

Brilliant Earth Group Company Profile

Brilliant Earth Group, Inc NASDAQ: BRLT is a specialty retailer of ethically sourced fine jewelry, with a focus on conflict-free diamonds and lab-grown gemstones. The company offers a broad range of products that include engagement rings, wedding bands, necklaces, earrings and bracelets, all crafted with a commitment to environmental sustainability and social responsibility. Customers can choose from a variety of materials such as recycled precious metals, responsibly sourced gemstones and innovative lab-grown diamonds.

Operating primarily through its e-commerce platform and a network of branded showrooms across major U.S.

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