Formula Systems (1985) Ltd. (NASDAQ:FORTY) Shares Shorted: Short Interest Up 3,203.3% in October

Key Points

• Short interest surged 3,203.3% in October, rising from 60 to 1,982 shares; this represented a three-day days-to-cover ratio based on average trading volume.
• Formula Systems shares traded at $129.90, with a market capitalization of approximately $1.99 billion and a 12-month trading range of $102.01 to $190.56.
• Analysts maintained a consensus “Hold” rating, while the company reported quarterly EPS of $1.47 and paid a special dividend of $1.63 per share.

Formula Systems (1985) Ltd. (NASDAQ:FORTY - Get Free Report) was the recipient of a significant increase in short interest during the month of October. As of October 15th, there was short interest totaling 1,982 shares, an increase of 3,203.3% from the September 30th total of 60 shares. Currently, 0.0% of the company's stock are short sold. Based on an average daily volume of 658 shares, the days-to-cover ratio is presently 3.0 days.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reiterated a "hold (c)" rating on shares of Formula Systems (1985) in a research note on Thursday, August 27th. One equities research analyst has rated the stock with a Hold rating. According to MarketBeat, Formula Systems (1985) has a consensus rating of "Hold".

Formula Systems (1985) Stock Performance

Shares of FORTY traded up $12.90 during midday trading on Monday, reaching $129.90. 2,043 shares of the stock were exchanged, compared to its average volume of 787. Formula Systems has a twelve month low of $102.01 and a twelve month high of $190.56. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.48 and a quick ratio of 1.44. The company has a market capitalization of $1.99 billion, a price-to-earnings ratio of 3.26 and a beta of 1.25. The business's 50-day moving average price is $118.99 and its 200 day moving average price is $120.81.

Formula Systems (1985) (NASDAQ:FORTY - Get Free Report) last announced its earnings results on Wednesday, August 26th. The technology company reported $1.47 earnings per share (EPS) for the quarter. Formula Systems (1985) had a return on equity of 4.38% and a net margin of 21.57%.

Formula Systems (1985) Dividend Announcement

The firm also recently announced a special dividend, which was paid on Friday, October 16th. Stockholders of record on Tuesday, September 22nd were given a dividend of $1.63 per share. The ex-dividend date was Tuesday, September 22nd. Formula Systems (1985)'s dividend payout ratio (DPR) is 6.03%.

Institutional Trading of Formula Systems (1985)

Institutional investors and hedge funds have recently bought and sold shares of the business. Elevation Point Wealth Partners LLC purchased a new position in Formula Systems (1985) during the 1st quarter worth $206,000. Dimensional Fund Advisors LP increased its stake in Formula Systems (1985) by 2.7% in the first quarter. Dimensional Fund Advisors LP now owns 3,315 shares of the technology company's stock valued at $391,000 after purchasing an additional 86 shares during the period. Finally, Altshuler Shaham Ltd increased its stake in Formula Systems (1985) by 10.4% in the first quarter. Altshuler Shaham Ltd now owns 7,742 shares of the technology company's stock valued at $926,000 after purchasing an additional 727 shares during the period. Hedge funds and other institutional investors own 34.76% of the company's stock.

About Formula Systems (1985)

Formula Systems (1985) Ltd. is an Israel-based holding company that invests in and manages technology businesses. Established in 1985, the company focuses primarily on software, information technology services and technology-enabled business solutions through its principal operating subsidiaries.

Formula Systems' portfolio includes Matrix IT, an Israeli provider of systems integration, consulting, outsourcing, cloud, cybersecurity and other information technology services; Magic Software Enterprises, which provides software development, digital transformation, cloud, data and application integration services; and Sapiens International, a provider of software platforms and solutions for the insurance, financial services and retirement markets.

Through these businesses, Formula Systems serves customers in Israel and international markets, including North America, Europe and the Asia-Pacific region.

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