Atlantic International Corp. (NASDAQ:CIRC) Sees Large Decline in Short Interest

Key Points

• Short interest fell 43.3% to 1.16 million shares as of August 31, representing 1.4% of Atlantic International’s outstanding stock and just 0.8 days to cover.
• CEO Guus Paul Wilhelm Franke sold 308,783 shares for approximately $308,783, reducing his ownership by 2.47%; insiders still own 13.6% of the company.
• Atlantic International opened at $0.50, near its $0.41 one-year low, while analyst sentiment averaged “Hold” and the company reported a quarterly loss of $0.98 per share on $319.81 million in revenue.

Atlantic International Corp. (NASDAQ:CIRC - Get Free Report) was the recipient of a significant decline in short interest during the month of August. As of August 31st, there was short interest totaling 1,164,813 shares, a decline of 43.3% from the August 15th total of 2,054,113 shares. Currently, 1.4% of the company's stock are sold short. Based on an average trading volume of 1,377,431 shares, the days-to-cover ratio is presently 0.8 days.

Insider Buying and Selling

In other Atlantic International news, CEO Guus Paul Wilhelm Franke sold 308,783 shares of the business's stock in a transaction that occurred on Wednesday, July 1st. The shares were sold at an average price of $1.00, for a total value of $308,783.00. Following the completion of the sale, the chief executive officer directly owned 12,207,287 shares of the company's stock, valued at $12,207,287. The trade was a 2.47% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 13.60% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Bank of New York Mellon Corp acquired a new stake in shares of Atlantic International in the first quarter worth $31,000. Strs Ohio increased its position in Atlantic International by 54.4% during the first quarter. Strs Ohio now owns 53,900 shares of the company's stock worth $163,000 after acquiring an additional 19,000 shares during the period. Finally, HighTower Advisors LLC acquired a new position in Atlantic International during the 2nd quarter valued at $368,000.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings lowered shares of Atlantic International from a "sell (d-)" rating to a "sell (e+)" rating in a research note on Monday, July 20th. One research analyst has rated the stock with a Strong Buy rating, one has given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of "Hold".

Atlantic International Price Performance

Shares of CIRC opened at $0.50 on Tuesday. The company has a market cap of $46.37 million, a P/E ratio of -0.24 and a beta of 0.81. The company has a quick ratio of 0.39, a current ratio of 0.39 and a debt-to-equity ratio of 1.09. Atlantic International has a one year low of $0.41 and a one year high of $5.20. The stock has a fifty day moving average price of $0.69.

Atlantic International (NASDAQ:CIRC - Get Free Report) last released its quarterly earnings results on Wednesday, August 19th. The company reported ($0.98) earnings per share (EPS) for the quarter. The business had revenue of $319.81 million for the quarter.

About Atlantic International

Atlantic International Corp. is a specialty staffing and workforce solutions company that provides professional and administrative talent to clients across a range of industries. Through its operating businesses, the company focuses on connecting employers with qualified candidates for temporary, temp-to-perm, and permanent placement needs.

The company's services are generally centered on staffing, recruitment, and workforce management support, helping organizations address labor shortages and staffing fluctuations.

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