Mobile Infrastructure Corporation (NASDAQ:BEEP) Sees Significant Decline in Short Interest

Key Points

• Short interest in Mobile Infrastructure (NASDAQ:BEEP) fell sharply in June, dropping 57.1% to 121,191 shares by June 30. That represents just 0.5% of shares outstanding, with a short-interest ratio of 0.7 days.
• The stock traded slightly higher at $1.79, but it remains well below its 200-day moving average of $2.36 and near the lower end of its 1-year range of $1.29 to $4.24.
• Analyst sentiment is mixed: Weiss Ratings reiterated a sell rating, while Barrington Research and Maxim Group maintained bullish calls. Overall, the consensus rating is Hold with a target price of $6.25.

Mobile Infrastructure Corporation (NASDAQ:BEEP - Get Free Report) was the recipient of a significant drop in short interest in the month of June. As of June 30th, there was short interest totaling 121,191 shares, a drop of 57.1% from the June 15th total of 282,709 shares. Currently, 0.5% of the shares of the company are sold short. Based on an average trading volume of 185,960 shares, the short-interest ratio is presently 0.7 days.

Mobile Infrastructure Trading Up 0.6%

Shares of BEEP stock opened at $1.79 on Tuesday. The company has a debt-to-equity ratio of 0.17, a current ratio of 0.09 and a quick ratio of 0.09. The company has a market cap of $73.75 million, a price-to-earnings ratio of -2.84 and a beta of 0.62. The stock has a 50 day simple moving average of $1.86 and a 200-day simple moving average of $2.36. Mobile Infrastructure has a 1-year low of $1.29 and a 1-year high of $4.24.

Hedge Funds Weigh In On Mobile Infrastructure

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Hodges Capital Management Inc. acquired a new position in shares of Mobile Infrastructure during the 1st quarter worth about $46,000. Connective Capital Management LLC raised its holdings in shares of Mobile Infrastructure by 22.2% during the fourth quarter. Connective Capital Management LLC now owns 74,507 shares of the company's stock valued at $190,000 after acquiring an additional 13,534 shares during the last quarter. XTX Topco Ltd purchased a new position in shares of Mobile Infrastructure in the fourth quarter valued at approximately $57,000. Bridgeway Capital Management LLC purchased a new position in shares of Mobile Infrastructure in the fourth quarter valued at approximately $26,000. Finally, State Street Corp boosted its stake in shares of Mobile Infrastructure by 9.7% in the fourth quarter. State Street Corp now owns 118,200 shares of the company's stock worth $301,000 after acquiring an additional 10,491 shares during the last quarter. 84.30% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on BEEP shares. Weiss Ratings reissued a "sell (d)" rating on shares of Mobile Infrastructure in a report on Wednesday, June 24th. Barrington Research restated an "outperform" rating and issued a $6.50 price objective on shares of Mobile Infrastructure in a research report on Tuesday, May 19th. Finally, Maxim Group dropped their price objective on shares of Mobile Infrastructure from $7.00 to $6.00 and set a "buy" rating on the stock in a research note on Friday, May 15th. Two equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to MarketBeat, Mobile Infrastructure presently has a consensus rating of "Hold" and a consensus target price of $6.25.

Mobile Infrastructure Company Profile

Mobile Infrastructure Corporation is a Maryland corporation. The Company owns a diversified portfolio of parking assets primarily located in the Midwest and Southwest. As of December 31, 2023, the Company owned 43 parking facilities in 21 separate markets throughout the United States, with a total of 15,700 parking spaces and approximately 5.4 million square feet. The Company also owns approximately 0.2 million square feet of retail/commercial space adjacent to its parking facilities.

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