Mastech Digital, Inc. (NYSE:MHH) Sees Large Increase in Short Interest

Key Points

• Mastech Digital, Inc. experienced a 30.7% increase in short interest in August, rising from 14,000 shares at the end of July to 18,300 shares.
• The company’s stock was recently downgraded from a "buy" to a "hold" rating by Wall Street Zen.
• Major shareholder Steven A. Shaw purchased 3,500 shares at $8.00 each, increasing his stake in the company to approximately $10.65 million.

Mastech Digital, Inc. (NYSE:MHH - Get Free Report) was the recipient of a large growth in short interest during the month of August. As of August 15th, there was short interest totaling 18,300 shares, agrowthof30.7% from the July 31st total of 14,000 shares. Approximately0.6% of the company's stock are short sold. Based on an average daily volume of 14,100 shares, the days-to-cover ratio is currently 1.3 days. Based on an average daily volume of 14,100 shares, the days-to-cover ratio is currently 1.3 days. Approximately0.6% of the company's stock are short sold.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen downgraded Mastech Digital from a "buy" rating to a "hold" rating in a research report on Wednesday, May 21st.

Mastech Digital Trading Down 2.6%

Shares of NYSE MHH opened at $7.78 on Tuesday. Mastech Digital has a twelve month low of $6.20 and a twelve month high of $16.00. The stock has a fifty day simple moving average of $7.55 and a 200-day simple moving average of $7.38. The stock has a market capitalization of $91.68 million, a PE ratio of 26.83, a PEG ratio of 0.79 and a beta of 0.89.

Insider Buying and Selling at Mastech Digital

In other Mastech Digital news, major shareholder Steven A. Shaw bought 3,500 shares of Mastech Digital stock in a transaction that occurred on Friday, August 29th. The shares were bought at an average cost of $8.00 per share, with a total value of $28,000.00. Following the transaction, the insider directly owned 1,331,568 shares of the company's stock, valued at approximately $10,652,544. This represents a 0.26% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In the last three months, insiders acquired 12,168 shares of company stock worth $95,925. Corporate insiders own 43.00% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Barclays PLC raised its position in shares of Mastech Digital by 24.1% during the 4th quarter. Barclays PLC now owns 8,120 shares of the company's stock worth $122,000 after acquiring an additional 1,576 shares in the last quarter. Dimensional Fund Advisors LP increased its position in Mastech Digital by 1.7% during the 4th quarter. Dimensional Fund Advisors LP now owns 238,705 shares of the company's stock worth $3,557,000 after purchasing an additional 3,922 shares during the period. Northern Trust Corp increased its position in Mastech Digital by 74.3% during the 4th quarter. Northern Trust Corp now owns 25,631 shares of the company's stock worth $382,000 after purchasing an additional 10,930 shares during the period. Citadel Advisors LLC acquired a new stake in shares of Mastech Digital in the 4th quarter worth approximately $159,000. Finally, Millennium Management LLC acquired a new stake in shares of Mastech Digital in the 4th quarter worth approximately $223,000. 18.43% of the stock is currently owned by hedge funds and other institutional investors.

Mastech Digital Company Profile

Mastech Digital, Inc, together with its subsidiaries, provides digital transformation IT services to large, medium-sized, and small companies in the United States. The company operates through Data and Analytics Services and IT Staffing Services segments. It offers data management and analytics services, including project-based consulting services in the areas of master data management, enterprise data integration, big data and analytics, and digital transformation by using onsite and offshore resources.

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