Sono-Tek Corporation (NASDAQ:SOTK) Stock Short Interest Report for October

Key Points

• Sono-Tek’s short interest fell 82.8% from 66,018 shares on October 15 to 11,382 on October 30, representing about 0.1% of shares outstanding.
• Analyst ratings were mixed, but the consensus remained Hold, with a $7.75 target price; Northland Securities upgraded the stock to Outperform while two firms downgraded it to Hold.
• The company missed quarterly estimates, reporting $0.02 in EPS and $5.23 million in revenue, versus forecasts of $0.04 and $5.54 million, respectively.

Sono-Tek Corporation (NASDAQ:SOTK - Get Free Report) was the target of a large decrease in short interest in the month of October. As of October 30th, there was short interest totaling 11,382 shares, a decrease of 82.8% from the October 15th total of 66,018 shares. Approximately 0.1% of the shares of the company are short sold. Based on an average daily trading volume, of 125,869 shares, the short-interest ratio is presently 0.1 days.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the stock. Wall Street Zen lowered shares of Sono-Tek from a "strong-buy" rating to a "hold" rating in a research note on Saturday, October 17th. Weiss Ratings downgraded shares of Sono-Tek from a "buy (b-)" rating to a "hold (c+)" rating in a report on Wednesday, November 4th. Finally, Northland Securities raised shares of Sono-Tek from a "market perform" rating to an "outperform" rating and set a $7.00 target price for the company in a research report on Monday, October 26th. One equities research analyst has rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $7.75.

Sono-Tek Trading Down 2.1%

SOTK opened at $4.21 on Wednesday. The stock has a market cap of $66.31 million, a PE ratio of 35.08 and a beta of -0.10. Sono-Tek has a 1 year low of $3.40 and a 1 year high of $7.48. The stock's 50 day simple moving average is $5.27 and its 200-day simple moving average is $4.88.

Sono-Tek (NASDAQ:SOTK - Get Free Report) last issued its earnings results on Wednesday, October 14th. The industrial products company reported $0.02 EPS for the quarter, missing analysts' consensus estimates of $0.04 by ($0.02). Sono-Tek had a net margin of 9.32% and a return on equity of 9.95%. The firm had revenue of $5.23 million during the quarter, compared to analyst estimates of $5.54 million. Equities analysts forecast that Sono-Tek will post 0.08 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Sono-Tek

A number of hedge funds have recently made changes to their positions in the business. Northwestern Mutual Wealth Management Co. bought a new position in shares of Sono-Tek during the 2nd quarter worth about $73,000. BlackRock Inc. bought a new stake in Sono-Tek in the second quarter valued at about $179,000. Bard Associates Inc. bought a new stake in Sono-Tek in the second quarter valued at about $349,000. Finally, Renaissance Technologies LLC increased its stake in Sono-Tek by 41.6% in the first quarter. Renaissance Technologies LLC now owns 89,100 shares of the industrial products company's stock valued at $362,000 after acquiring an additional 26,161 shares during the period. Institutional investors and hedge funds own 47.89% of the company's stock.

About Sono-Tek

Sono-Tek Corporation is a precision technology company that designs and manufactures ultrasonic coating and spraying systems. Its equipment uses high-frequency ultrasonic energy to atomize liquids into controlled, uniform sprays, enabling manufacturers to apply thin films, coatings and other materials with minimal overspray and waste. The company offers ultrasonic spray nozzles, integrated coating systems, precision liquid-dispensing equipment and automated or robotic platforms. Its technologies are used in applications including medical devices, electronics, fuel cells, solar and alternative-energy products, glass and other industrial components.

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