Byrna Technologies Inc. (NASDAQ:BYRN) Sees Significant Growth in Short Interest

Key Points

• Short interest surged 93.5% to 2.02 million shares as of October 15, representing approximately 8.8% of Byrna Technologies’ outstanding shares and 2.3 days to cover.
• Byrna reported a quarterly loss of $0.13 per share, beating estimates by $0.03, while revenue of $15.3 million fell short of the $16.27 million consensus forecast. The stock opened at $4.30, well below its one-year high of $21.19.
• Insiders bought 25,000 shares worth $116,750 over the past three months, while institutional investors own 25.46% of the company. Analysts’ consensus rating is “Moderate Buy”, with a target price of $6.62.

Byrna Technologies Inc. (NASDAQ:BYRN - Get Free Report) saw a significant increase in short interest in the month of October. As of October 15th, there was short interest totaling 2,024,506 shares, an increase of 93.5% from the September 30th total of 1,046,526 shares. Based on an average daily volume of 867,575 shares, the days-to-cover ratio is presently 2.3 days. Approximately 8.8% of the shares of the company are sold short.

Byrna Technologies Price Performance

NASDAQ:BYRN opened at $4.30 on Friday. Byrna Technologies has a one year low of $3.16 and a one year high of $21.19. The company has a fifty day moving average price of $3.98 and a 200 day moving average price of $7.03. The stock has a market cap of $100.66 million, a P/E ratio of -10.75 and a beta of 1.70.

Byrna Technologies (NASDAQ:BYRN - Get Free Report) last posted its quarterly earnings results on Thursday, October 8th. The company reported ($0.13) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.16) by $0.03. Byrna Technologies had a negative net margin of 9.20% and a negative return on equity of 14.46%. The company had revenue of $15.30 million for the quarter, compared to analyst estimates of $16.27 million. As a group, equities research analysts anticipate that Byrna Technologies will post -0.65 EPS for the current year.

Insider Buying and Selling

In other news, Director Adam L. Roth acquired 10,000 shares of Byrna Technologies stock in a transaction dated Thursday, October 15th. The stock was acquired at an average cost of $4.77 per share, for a total transaction of $47,700.00. Following the completion of the purchase, the director owned 19,379 shares of the company's stock, valued at $92,437.83. This represents a 106.62% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Leonard Elmore acquired 10,000 shares of the firm's stock in a transaction that occurred on Thursday, August 6th. The shares were purchased at an average cost of $4.64 per share, with a total value of $46,400.00. Following the completion of the acquisition, the director owned 60,811 shares in the company, valued at $282,163.04. This trade represents a 19.68% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. In the last three months, insiders bought 25,000 shares of company stock worth $116,750. Insiders own 1.60% of the company's stock.

Hedge Funds Weigh In On Byrna Technologies

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Renaissance Technologies LLC lifted its position in shares of Byrna Technologies by 496.5% in the 1st quarter. Renaissance Technologies LLC now owns 382,327 shares of the company's stock worth $3,510,000 after acquiring an additional 318,227 shares during the period. Emerald Advisers LLC increased its position in shares of Byrna Technologies by 165.7% during the first quarter. Emerald Advisers LLC now owns 432,626 shares of the company's stock valued at $3,972,000 after purchasing an additional 269,817 shares during the period. Emerald Mutual Fund Advisers Trust increased its position in shares of Byrna Technologies by 184.9% during the first quarter. Emerald Mutual Fund Advisers Trust now owns 320,151 shares of the company's stock valued at $2,939,000 after purchasing an additional 207,781 shares during the period. Dimensional Fund Advisors LP increased its position in shares of Byrna Technologies by 9.5% during the first quarter. Dimensional Fund Advisors LP now owns 289,720 shares of the company's stock valued at $2,659,000 after purchasing an additional 25,188 shares during the period. Finally, Quantinno Capital Management LP raised its stake in shares of Byrna Technologies by 125.7% in the first quarter. Quantinno Capital Management LP now owns 43,340 shares of the company's stock valued at $398,000 after purchasing an additional 24,141 shares in the last quarter. 25.46% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms have weighed in on BYRN. Zacks Research raised shares of Byrna Technologies from a "strong sell" rating to a "hold" rating in a research report on Tuesday, September 8th. Craig Hallum reaffirmed a "hold" rating and issued a $3.50 price target on shares of Byrna Technologies in a research report on Friday, October 9th. B. Riley Financial cut their price objective on Byrna Technologies from $12.00 to $11.00 and set a "buy" rating for the company in a research report on Monday, October 12th. Roth Capital cut Byrna Technologies from a "buy" rating to a "neutral" rating and set a $4.50 price objective for the company. in a research report on Friday, July 10th. Finally, Wall Street Zen upgraded Byrna Technologies from a "strong sell" rating to a "sell" rating in a research note on Saturday, October 10th. One investment analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $6.62.

Byrna Technologies Company Profile

Byrna Technologies Inc is a developer and manufacturer of non-lethal personal security products. The company's product portfolio is centered on compact, CO2-powered launchers designed to provide an alternative to traditional firearms for personal protection, home security and professional use.

Byrna offers launchers, projectiles and related accessories, including chemical-irritant, kinetic and training ammunition. Its products are marketed through direct-to-consumer and wholesale channels and are intended for consumers, private security personnel, law enforcement agencies and other professional users.

The company was previously known as Security Devices International before adopting the Byrna Technologies name.

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