Formula Systems (1985) Ltd. (NASDAQ:FORTY) Sees Significant Decline in Short Interest

Key Points

• Short interest fell sharply in Formula Systems (1985) during June, dropping 46% to 323 shares as of June 30 from 598 shares on June 15. That left essentially 0% of shares sold short and a days-to-cover ratio of 0.7 days.
• The stock opened at $111.03, below its 50-day moving average of $124.69 and 200-day moving average of $134.87. The company has a market cap of about $1.70 billion and a low P/E ratio of 2.82.
• Formula Systems recently reported $2.25 EPS on revenue of $738.28 million for the quarter and paid a special dividend of $13.045 per share. Analysts currently maintain a Hold consensus rating.

Formula Systems (1985) Ltd. (NASDAQ:FORTY - Get Free Report) was the target of a significant drop in short interest in the month of June. As of June 30th, there was short interest totaling 323 shares, a drop of 46.0% from the June 15th total of 598 shares. Currently, 0.0% of the company's stock are sold short. Based on an average daily trading volume, of 460 shares, the days-to-cover ratio is currently 0.7 days.

Formula Systems (1985) Price Performance

Shares of NASDAQ:FORTY opened at $111.03 on Wednesday. The business has a fifty day moving average price of $124.69 and a 200-day moving average price of $134.87. The company has a debt-to-equity ratio of 0.12, a current ratio of 1.68 and a quick ratio of 1.66. The company has a market capitalization of $1.70 billion, a PE ratio of 2.82 and a beta of 1.21. Formula Systems has a 1-year low of $102.01 and a 1-year high of $190.56.

Formula Systems (1985) (NASDAQ:FORTY - Get Free Report) last announced its quarterly earnings data on Thursday, May 28th. The technology company reported $2.25 EPS for the quarter. The company had revenue of $738.28 million for the quarter. Formula Systems (1985) had a net margin of 21.58% and a return on equity of 4.01%.

Formula Systems (1985) Dividend Announcement

The company also recently disclosed a special dividend, which was paid on Monday, June 15th. Investors of record on Friday, May 22nd were issued a $13.045 dividend. The ex-dividend date was Friday, May 22nd. Formula Systems (1985)'s payout ratio is presently 1.88%.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reissued a "hold (c)" rating on shares of Formula Systems (1985) in a research report on Friday, March 27th. One analyst has rated the stock with a Hold rating, According to data from MarketBeat.com, the company has a consensus rating of "Hold".

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Raymond James Financial Inc. purchased a new position in Formula Systems (1985) in the 2nd quarter worth about $73,000. Elevation Point Wealth Partners LLC bought a new stake in Formula Systems (1985) in the 1st quarter worth approximately $206,000. Dimensional Fund Advisors LP raised its stake in Formula Systems (1985) by 2.7% during the 1st quarter. Dimensional Fund Advisors LP now owns 3,315 shares of the technology company's stock valued at $391,000 after buying an additional 86 shares during the last quarter. Finally, Altshuler Shaham Ltd boosted its stake in shares of Formula Systems (1985) by 10.4% in the 1st quarter. Altshuler Shaham Ltd now owns 7,742 shares of the technology company's stock worth $926,000 after buying an additional 727 shares during the last quarter. 34.76% of the stock is owned by institutional investors.

Formula Systems (1985) Company Profile

Formula Systems (1985) Ltd is an Israeli publicly traded holding company specializing in the software and information technology sectors. Founded in 1985 and listed on NASDAQ under the ticker FORTY, the company focuses on acquiring, investing in and developing independent software firms. Its core mission is to foster innovation in enterprise software, cybersecurity and digital transformation solutions.

The company's principal activities center on holding controlling and significant equity stakes in several market-leading software enterprises.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.