OMS Energy Technologies Inc. (NASDAQ:OMSE) Sees Significant Drop in Short Interest

Key Points

• Short interest fell sharply: Shares sold short declined 36.9% to 31,508 as of July 15, representing approximately 0.1% of OMS Energy Technologies’ outstanding shares and 1.7 days to cover.
• Shares remain near the lower end of their annual range: OMSE traded at $4.35, compared with a 52-week range of $3.27 to $7.70; its 50-day and 200-day moving averages were $4.32 and $4.49, respectively.
• Analyst sentiment remains negative despite institutional interest: Weiss Ratings improved its rating from “sell (d-)” to “sell (d),” while MarketBeat reported an overall “Sell” rating. Several hedge funds, including Millennium Management and Two Sigma, recently established positions.

OMS Energy Technologies Inc. (NASDAQ:OMSE - Get Free Report) was the recipient of a large decrease in short interest in the month of July. As of July 15th, there was short interest totaling 31,508 shares, a decrease of 36.9% from the June 30th total of 49,925 shares. Approximately 0.1% of the shares of the stock are sold short. Based on an average trading volume of 18,227 shares, the days-to-cover ratio is presently 1.7 days.

OMS Energy Technologies Price Performance

Shares of NASDAQ:OMSE traded up $0.17 during midday trading on Thursday, hitting $4.35. The stock had a trading volume of 9,874 shares, compared to its average volume of 15,079. The company's 50-day moving average price is $4.32 and its 200-day moving average price is $4.49. OMS Energy Technologies has a fifty-two week low of $3.27 and a fifty-two week high of $7.70.

Wall Street Analyst Weigh In

Separately, Weiss Ratings upgraded OMS Energy Technologies from a "sell (d-)" rating to a "sell (d)" rating in a research report on Monday, June 1st. One research analyst has rated the stock with a Sell rating, Based on data from MarketBeat, the stock currently has an average rating of "Sell".

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in OMSE. Millennium Management LLC acquired a new position in OMS Energy Technologies during the third quarter valued at approximately $474,000. Two Sigma Investments LP acquired a new stake in shares of OMS Energy Technologies in the 3rd quarter valued at $310,000. Ramsey Quantitative Systems acquired a new stake in shares of OMS Energy Technologies in the 2nd quarter valued at $143,000. Marex Group plc bought a new position in shares of OMS Energy Technologies in the 4th quarter valued at $127,000. Finally, Susquehanna International Group LLP bought a new position in shares of OMS Energy Technologies in the 3rd quarter valued at $97,000.

OMS Energy Technologies Company Profile

We are a growth-oriented manufacturer of surface wellhead systems, or SWS, and oil country tubular goods, or OCTG products used in the oil and gas industry. These products are primarily used for both onshore and offshore oil exploration and production, or E&P activities in the Asia Pacific and the Middle Eastern and North Africa (MENA) Regions. Our customers often operate in geographic locations where the operating environment requires wellheads, casing and tubing materials capable of meeting exact standards for temperature, pressure, corrosion, torque resistance and abrasion.

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