EVI Industries, Inc. (NYSEAMERICAN:EVI) Short Interest Update

Key Points

• Short interest in EVI Industries fell sharply in June, dropping 36.7% to 102,070 shares as of June 30. That leaves about 1.7% of shares sold short and a days-to-cover ratio of 0.9 days.
• The stock slipped 0.9% to $16.86 and remains below its 200-day moving average of $20.18. EVI also trades far under its 52-week high of $34.82.
• Recent earnings disappointed analysts, with EVI reporting $0.05 EPS versus the $0.16 estimate and revenue of $101.13 million below expectations. DA Davidson still has a buy rating, but lowered its price target to $32 from $35.

EVI Industries, Inc. (NYSEAMERICAN:EVI - Get Free Report) was the target of a large drop in short interest in the month of June. As of June 30th, there was short interest totaling 102,070 shares, a drop of 36.7% from the June 15th total of 161,252 shares. Based on an average daily volume of 119,584 shares, the days-to-cover ratio is presently 0.9 days. Currently, 1.7% of the shares of the stock are sold short.

EVI Industries Trading Down 0.9%

Shares of EVI Industries stock traded down $0.15 during trading on Friday, reaching $16.86. The company's stock had a trading volume of 31,601 shares, compared to its average volume of 40,384. The firm's 50-day moving average is $16.65 and its two-hundred day moving average is $20.18. EVI Industries has a 52-week low of $14.06 and a 52-week high of $34.82. The company has a market cap of $217.05 million, a price-to-earnings ratio of 37.48 and a beta of 0.07. The company has a quick ratio of 0.76, a current ratio of 1.60 and a debt-to-equity ratio of 0.41.

EVI Industries (NYSEAMERICAN:EVI - Get Free Report) last released its earnings results on Monday, May 11th. The industrial products company reported $0.05 earnings per share for the quarter, missing analysts' consensus estimates of $0.16 by ($0.11). EVI Industries had a net margin of 1.63% and a return on equity of 4.92%. The company had revenue of $101.13 million during the quarter, compared to the consensus estimate of $111.30 million.

Analyst Ratings Changes

Separately, DA Davidson decreased their price target on shares of EVI Industries from $35.00 to $32.00 and set a "buy" rating on the stock in a report on Thursday, May 14th. One investment analyst has rated the stock with a Buy rating, According to data from MarketBeat, EVI Industries currently has an average rating of "Buy" and an average target price of $32.00.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in EVI. Northwestern Mutual Wealth Management Co. increased its position in shares of EVI Industries by 30,492.8% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 1,212,392 shares of the industrial products company's stock valued at $29,873,000 after buying an additional 1,208,429 shares during the period. Fifth Third Bancorp purchased a new stake in shares of EVI Industries in the first quarter worth $3,102,000. Conestoga Capital Advisors LLC raised its holdings in EVI Industries by 8.2% in the fourth quarter. Conestoga Capital Advisors LLC now owns 872,555 shares of the industrial products company's stock worth $21,500,000 after buying an additional 65,885 shares during the last quarter. Comerica Bank raised its holdings in EVI Industries by 66.1% in the 4th quarter. Comerica Bank now owns 150,710 shares of the industrial products company's stock worth $3,713,000 after acquiring an additional 59,965 shares during the last quarter. Finally, Aristides Capital LLC bought a new position in shares of EVI Industries during the first quarter valued at $862,000. 37.30% of the stock is owned by hedge funds and other institutional investors.

EVI Industries Company Profile

EVI Industries, Inc, through its subsidiaries, engages in the distribution, sale, rental, and lease of commercial and industrial laundry and dry-cleaning equipment in the United States, Canada, the Caribbean, and Latin America. The company sells and/or leases commercial laundry equipment specializing in washing, drying, finishing, material handling, water heating, power generation, and water reuse applications. It offers washroom equipment, such as washers and dryers, tunnel systems, and vended machines; finishing equipment comprising sheet feeders, flatwork ironers, automatic sheet folders, and stackers; and material handling equipment, including conveyor and rail systems.

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