Mastech Digital, Inc. (NYSE:MHH) Short Interest Down 49.1% in July

Key Points

• Mastech Digital, Inc. saw a significant decline in short interest, dropping 49.1% in July to 14,000 shares.
• Analysts downgraded Mastech Digital from a "buy" to a "hold" rating on May 21st, impacting investor sentiment.
• Institutional investors have increased their stakes in Mastech Digital, with notable increases from firms like Northern Trust Corp and Renaissance Technologies LLC.

Mastech Digital, Inc. (NYSE:MHH - Get Free Report) was the recipient of a large decrease in short interest during the month of July. As of July 31st, there was short interest totaling 14,000 shares, adecreaseof49.1% from the July 15th total of 27,500 shares. Approximately0.4% of the shares of the stock are sold short. Based on an average trading volume of 17,500 shares, the days-to-cover ratio is presently 0.8 days. Based on an average trading volume of 17,500 shares, the days-to-cover ratio is presently 0.8 days. Approximately0.4% of the shares of the stock are sold short.

Analysts Set New Price Targets

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

Mastech Digital Price Performance

Shares of NYSE:MHH traded up $0.1190 during trading on Friday, hitting $7.4290. The company had a trading volume of 10,171 shares, compared to its average volume of 19,229. The stock has a market cap of $87.54 million, a price-to-earnings ratio of 25.62, a price-to-earnings-growth ratio of 0.79 and a beta of 0.79. Mastech Digital has a one year low of $6.20 and a one year high of $16.00. The company has a fifty day simple moving average of $7.33 and a two-hundred day simple moving average of $7.37.

Insider Activity

In related news, major shareholder Steven A. Shaw acquired 4,800 shares of the stock in a transaction dated Thursday, August 21st. The stock was acquired at an average cost of $7.78 per share, with a total value of $37,344.00. Following the purchase, the insider directly owned 1,328,068 shares of the company's stock, valued at approximately $10,332,369.04. This trade represents a 0.36% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Over the last three months, insiders purchased 8,668 shares of company stock valued at $67,925. 43.00% of the stock is owned by company insiders.

Institutional Investors Weigh In On Mastech Digital

Institutional investors and hedge funds have recently modified their holdings of the business. Renaissance Technologies LLC lifted its stake in shares of Mastech Digital by 2.4% during the 4th quarter. Renaissance Technologies LLC now owns 111,727 shares of the company's stock worth $1,665,000 after acquiring an additional 2,600 shares during the last quarter. Northern Trust Corp lifted its stake in shares of 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 acquiring an additional 10,930 shares during the last quarter. Citadel Advisors LLC bought a new stake in shares of Mastech Digital during the 4th quarter worth approximately $159,000. Millennium Management LLC bought a new stake in shares of Mastech Digital during the 4th quarter worth approximately $223,000. Finally, Barclays PLC lifted its stake 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 during the last quarter. 18.43% of the stock is owned by institutional investors.

About Mastech Digital

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.