Caravelle International Group (NASDAQ:HTCO) Short Interest Up 96.6% in September

Key Points

• Short interest in Caravelle International Group saw a significant rise of 96.6% in September, with a total of 46,400 shares sold short by the end of the month.
• The company has authorized a $5 million stock repurchase program, allowing it to buy back up to 7.6% of its outstanding shares, indicating the board's belief that the stock may be undervalued.
• Analyst ratings for Caravelle International Group remain mixed, with a consensus rating of "Sell" but a recent upgrade to a "hold" rating from Wall Street Zen.

Caravelle International Group (NASDAQ:HTCO - Get Free Report) was the recipient of a large increase in short interest during the month of September. As of September 30th, there was short interest totaling 46,400 shares, an increase of 96.6% from the September 15th total of 23,600 shares. Currently, 0.1% of the shares of the stock are sold short. Based on an average trading volume of 45,400 shares, the days-to-cover ratio is currently 1.0 days. Based on an average trading volume of 45,400 shares, the days-to-cover ratio is currently 1.0 days. Currently, 0.1% of the shares of the stock are sold short.

Caravelle International Group Price Performance

NASDAQ:HTCO traded up $0.58 during trading hours on Tuesday, hitting $8.68. 22,237 shares of the stock traded hands, compared to its average volume of 36,319. The stock has a 50 day moving average price of $7.75 and a 200 day moving average price of $12.20. Caravelle International Group has a 1 year low of $4.55 and a 1 year high of $112.50.

Caravelle International Group announced that its Board of Directors has authorized a stock repurchase program on Thursday, August 28th that allows the company to repurchase $5.00 million in outstanding shares. This repurchase authorization allows the company to reacquire up to 7.6% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company's board believes its stock is undervalued.

Analyst Upgrades and Downgrades

HTCO has been the subject of a number of recent research reports. Wall Street Zen upgraded Caravelle International Group to a "hold" rating in a research report on Saturday, August 9th. Weiss Ratings restated a "sell (e+)" rating on shares of Caravelle International Group in a report on Wednesday, October 8th. One analyst has rated the stock with a Sell rating, According to MarketBeat.com, Caravelle International Group currently has a consensus rating of "Sell".

Caravelle International Group Company Profile

Caravelle International Group, through its subsidiaries, provides ocean transportation services in Singapore and internationally. The company operates through Ocean Transportation and Heating Business segments. It provides international shipping services and carbon-neutral solutions for wood desiccation.

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