RF Industries, Ltd. (NASDAQ:RFIL) Sees Significant Decline in Short Interest

Key Points

• RF Industries experienced a significant 30.4% decline in short interest from August 15th to August 31st, with current short interest at 42,400 shares.
• The company's stock price increased by 2.6% to $7.34 per share, accompanied by a recent upgrade to a "strong-buy" rating from Wall Street Zen.
• Institutional investors hold 23.49% of RF Industries' stock, with several large firms making new positions in the company over recent quarters.

RF Industries, Ltd. (NASDAQ:RFIL - Get Free Report) saw a significant decline in short interest in the month of August. As of August 31st, there was short interest totaling 42,400 shares, a decline of 30.4% from the August 15th total of 60,900 shares. Currently, 0.5% of the shares of the company are sold short. Based on an average daily volume of 166,500 shares, the short-interest ratio is currently 0.3 days. Based on an average daily volume of 166,500 shares, the short-interest ratio is currently 0.3 days. Currently, 0.5% of the shares of the company are sold short.

Wall Street Analysts Forecast Growth

RFIL has been the subject of a number of recent research reports. Zacks Research upgraded shares of RF Industries from a "hold" rating to a "strong-buy" rating in a report on Thursday. B. Riley increased their price objective on shares of RF Industries from $6.25 to $9.25 and gave the company a "buy" rating in a report on Monday, September 15th. Finally, Wall Street Zen upgraded shares of RF Industries to a "strong-buy" rating in a report on Friday, July 18th. One research analyst has rated the stock with a Strong Buy rating and one has given a Buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Strong Buy" and a consensus price target of $9.25.

RF Industries Price Performance

Shares of RFIL traded up $0.19 during midday trading on Friday, reaching $7.75. The stock had a trading volume of 165,386 shares, compared to its average volume of 166,843. The company's fifty day simple moving average is $7.34 and its two-hundred day simple moving average is $5.50. RF Industries has a 1-year low of $3.39 and a 1-year high of $9.21. The company has a market cap of $82.69 million, a price-to-earnings ratio of -387.50 and a beta of 0.88.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in RFIL. Wealthedge Investment Advisors LLC boosted its holdings in RF Industries by 171.1% during the first quarter. Wealthedge Investment Advisors LLC now owns 58,537 shares of the electronics maker's stock worth $275,000 after buying an additional 36,942 shares in the last quarter. Bailard Inc. purchased a new position in shares of RF Industries during the first quarter valued at approximately $126,000. Goldman Sachs Group Inc. purchased a new position in shares of RF Industries during the first quarter valued at approximately $56,000. Finally, Heron Bay Capital Management acquired a new position in RF Industries during the second quarter worth approximately $67,000. 23.49% of the stock is currently owned by institutional investors and hedge funds.

About RF Industries

RF Industries, Ltd., together with its subsidiaries, designs, manufactures, and markets interconnect products and systems in the United States, Canada, Italy, Mexico, and internationally. The company operates through two segments, RF Connector and Cable Assembly, and Custom Cabling Manufacturing and Assembly.