Short Interest in ADI Global Distribution Inc. Common Stock (NYSE:ADIG) Expands By 336,922.8%

Key Points

• Short interest surged 336,922.8% to 2.37 million shares as of August 14, representing 3.1% of ADIG’s shares and 1.4 days to cover.
• Analyst sentiment is mixed: coverage includes one Buy, two Hold ratings, and a consensus price target of $27.50, with targets ranging from $25 to $35.
• ADIG shares rose 1.5% to $22.43 in midday trading, while J. Safra Asset Management disclosed a new 3,145-share stake valued at approximately $1.18 million.

ADI Global Distribution Inc. Common Stock (NYSE:ADIG - Get Free Report) was the target of a significant increase in short interest in August. As of August 14th, there was short interest totaling 2,365,900 shares, an increase of 336,922.8% from the July 30th total of 702 shares. Currently, 3.1% of the company's shares are short sold. Based on an average daily volume of 1,660,800 shares, the days-to-cover ratio is currently 1.4 days.

Institutional Trading of ADI Global Distribution Inc. Common Stock

An institutional investor recently bought a new stake in ADI Global Distribution Inc. Common Stock stock. J.Safra Asset Management Corp acquired a new stake in ADI Global Distribution Inc. Common Stock (NYSE:ADIG - Free Report) during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm acquired 3,145 shares of the company's stock, valued at approximately $1,175,000.

Analysts Set New Price Targets

ADIG has been the subject of several recent analyst reports. Oppenheimer started coverage on shares of ADI Global Distribution Inc. Common Stock in a research report on Tuesday, August 4th. They set an "outperform" rating and a $30.00 price objective for the company. Zacks Research upgraded shares of ADI Global Distribution Inc. Common Stock to a "hold" rating in a research report on Friday, August 7th. Seaport Research Partners started coverage on shares of ADI Global Distribution Inc. Common Stock in a research note on Friday, August 14th. They set a "buy" rating and a $35.00 target price on the stock. Finally, JPMorgan Chase & Co. assumed coverage on shares of ADI Global Distribution Inc. Common Stock in a report on Friday, August 7th. They issued a "neutral" rating and a $25.00 price target for the company. One equities research analyst has rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $27.50.

ADI Global Distribution Inc. Common Stock Trading Up 1.5%

Shares of NYSE ADIG traded up $0.33 during midday trading on Tuesday, hitting $22.43. 763,815 shares of the stock traded hands, compared to its average volume of 1,467,454. ADI Global Distribution Inc. Common Stock has a one year low of $20.21 and a one year high of $30.99. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.62 and a current ratio of 2.80.

ADI Global Distribution Inc. Common Stock Company Profile

ADI Global Distribution, Inc is a wholesale distributor serving the security, low-voltage, and smart-building technology markets. The company supplies products from multiple manufacturers to professional installers, systems integrators, contractors, and other channel partners rather than selling primarily to consumers.

Its product categories include video surveillance equipment, access-control systems, intrusion and fire-alarm products, networking and data-communications equipment, audio-visual solutions, smart-home technologies, and related wire, cable, and installation accessories.

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