CSP (NASDAQ:CSPI) Shares Break Above Fifty Day Moving Average - Here's What Happened

Key Points

• CSP shares climbed above their 50-day moving average, reaching $7.89 before closing at $7.74, compared with a 50-day average of $7.65.
• Analyst sentiment remained negative: Weiss Ratings downgraded CSP’s rating to “sell,” and the stock has an average MarketBeat rating of “Sell.”
• CSP reported a quarterly loss of $0.09 per share on $14.4 million in revenue, while maintaining a $0.03 quarterly dividend, equivalent to a 1.6% yield.

CSP Inc. (NASDAQ:CSPI - Get Free Report) shares passed above its 50 day moving average during trading on Friday. The stock has a 50 day moving average of $7.65 and traded as high as $7.89. CSP shares last traded at $7.74, with a volume of 16,651 shares trading hands.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings cut CSP from a "sell (d+)" rating to a "sell (d)" rating in a research report on Monday, August 24th. One investment analyst has rated the stock with a Sell rating. According to MarketBeat, the company has an average rating of "Sell".

CSP Price Performance

The stock has a market cap of $78.02 million, a PE ratio of -110.56 and a beta of 0.87. The firm's 50 day moving average price is $7.65 and its two-hundred day moving average price is $8.73.

CSP (NASDAQ:CSPI - Get Free Report) last announced its quarterly earnings results on Friday, August 14th. The information technology services provider reported ($0.09) EPS for the quarter. CSP had a negative net margin of 1.22% and a negative return on equity of 1.56%. The business had revenue of $14.40 million for the quarter.

CSP Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 15th. Stockholders of record on Friday, August 28th were given a dividend of $0.03 per share. The ex-dividend date was Friday, August 28th. This represents a $0.12 annualized dividend and a dividend yield of 1.6%. CSP's dividend payout ratio is currently -171.43%.

Hedge Funds Weigh In On CSP

A number of large investors have recently modified their holdings of the company. Visionary Wealth Advisors purchased a new stake in CSP in the 2nd quarter worth approximately $6,361,000. BlackRock Inc. bought a new position in CSP in the 2nd quarter valued at $512,000. Bank of New York Mellon Corp bought a new position in CSP in the 2nd quarter valued at $364,000. Susquehanna International Group LLP purchased a new position in shares of CSP during the 2nd quarter valued at $233,000. Finally, Squarepoint Ops LLC purchased a new position in shares of CSP during the 2nd quarter valued at $196,000. 26.74% of the stock is currently owned by institutional investors.

CSP Company Profile

CSP Inc NASDAQ: CSPI is a technology company that provides information technology solutions and high-performance networking products. The company serves organizations that need infrastructure, cybersecurity, data management, and specialized computing capabilities.

Through its Technology Solutions operations, CSPi offers IT integration, professional services, managed services, cloud-related solutions, and cybersecurity services. Its offerings are designed to help businesses and government organizations deploy, secure, monitor, and maintain technology environments.

CSPi also develops and supplies high-performance networking products under the Myricom brand.

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