Hurco Companies, Inc. (NASDAQ:HURC) Shares Shorted: Short Interest Up 259.2% in October

Key Points

• Hurco’s short interest surged 259.2% to 34,085 shares as of October 15, up from 9,489 shares at the end of September. Short interest represents 0.6% of outstanding shares, with a days-to-cover ratio of 1.8.
• The stock recently traded at $21.73, within its $14.50–$24.49 one-year range. Hurco reported quarterly revenue of $47.29 million and earnings of $0.35 per share, but posted a negative net margin and return on equity.
• Analyst sentiment remains negative: the consensus rating is “Sell,” despite one upgrade from “Hold” to “Buy.” Institutional investors own 74.36% of the company, with several hedge funds establishing new positions.

Hurco Companies, Inc. (NASDAQ:HURC - Get Free Report) was the recipient of a significant growth in short interest during the month of October. As of October 15th, there was short interest totaling 34,085 shares, a growth of 259.2% from the September 30th total of 9,489 shares. Based on an average daily trading volume, of 19,143 shares, the days-to-cover ratio is presently 1.8 days. Currently, 0.6% of the company's stock are short sold.

Hurco Companies Stock Performance

NASDAQ HURC traded up $0.61 during trading hours on Wednesday, hitting $21.73. The company had a trading volume of 22,664 shares, compared to its average volume of 26,927. Hurco Companies has a 1-year low of $14.50 and a 1-year high of $24.49. The company has a market cap of $140.72 million, a PE ratio of -21.10 and a beta of 0.71. The business has a 50 day moving average of $21.89 and a 200-day moving average of $19.23.

Hurco Companies (NASDAQ:HURC - Get Free Report) last issued its quarterly earnings data on Friday, September 4th. The scientific and technical instruments company reported $0.35 earnings per share (EPS) for the quarter. Hurco Companies had a negative return on equity of 3.37% and a negative net margin of 3.58%. The company had revenue of $47.29 million for the quarter.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Susquehanna International Group LLP purchased a new stake in Hurco Companies in the second quarter valued at approximately $202,000. Empowered Funds LLC acquired a new stake in shares of Hurco Companies in the second quarter valued at approximately $569,000. Meros Investment Management LP acquired a new stake in shares of Hurco Companies in the second quarter valued at approximately $4,838,126. Hsbc Holdings PLC acquired a new stake in shares of Hurco Companies in the second quarter valued at approximately $357,000. Finally, Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of Hurco Companies during the second quarter worth approximately $511,000. Hedge funds and other institutional investors own 74.36% of the company's stock.

Analysts Set New Price Targets

Several brokerages have recently weighed in on HURC. Weiss Ratings reissued a "sell (d-)" rating on shares of Hurco Companies in a research report on Thursday, October 15th. Wall Street Zen upgraded Hurco Companies from a "hold" rating to a "buy" rating in a research note on Saturday, September 12th. One equities research analyst has rated the stock with a Sell rating. Based on data from MarketBeat.com, Hurco Companies currently has a consensus rating of "Sell".

Hurco Companies Company Profile

Hurco Companies, Inc designs and manufactures computerized machine tools used by manufacturers to produce precision metal components. Its product portfolio primarily includes computer numerical control (CNC) machining centers, turning centers and related equipment for milling, drilling, tapping and turning applications.

The company also develops CNC controls, software and computer-aided manufacturing products intended to simplify machine programming, improve productivity and support flexible, small-batch manufacturing.

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