Brilliant Earth Group, Inc. (NASDAQ:BRLT) Short Interest Update

Key Points

• Short interest in Brilliant Earth Group increased by 976.1% in August, reaching a total of 548,800 shares compared to just 51,000 shares at the end of July.
• Analysts have set a consensus rating of "Reduce" for the stock, with an average price target of $1.80 following recent downgrades and ratings.
• The company announced a $0.25 dividend to be paid on September 8th, with stockholders of record on August 22nd eligible for the payment.

Brilliant Earth Group, Inc. (NASDAQ:BRLT - Get Free Report) was the recipient of a large growth in short interest in August. As of August 15th, there was short interest totaling 548,800 shares, agrowthof976.1% from the July 31st total of 51,000 shares. Currently,4.2% of the company's shares are short sold. Based on an average daily volume of 1,060,000 shares, the days-to-cover ratio is currently 0.5 days. Based on an average daily volume of 1,060,000 shares, the days-to-cover ratio is currently 0.5 days. Currently,4.2% of the company's shares are short sold.

Analyst Ratings Changes

A number of equities analysts recently weighed in on BRLT shares. Cowen reissued a "hold" rating on shares of Brilliant Earth Group in a research note on Friday, August 8th. Telsey Advisory Group reissued a "market perform" rating and issued a $2.00 price objective on shares of Brilliant Earth Group in a research note on Thursday, August 7th. Finally, Zacks Research downgraded Brilliant Earth Group from a "hold" rating to a "strong sell" rating in a research note on Friday, August 15th. Three equities research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Reduce" and a consensus target price of $1.80.

Brilliant Earth Group Stock Performance

Shares of NASDAQ BRLT traded down $0.08 during mid-day trading on Friday, reaching $2.79. 271,322 shares of the company traded hands, compared to its average volume of 413,759. The stock has a market cap of $278.30 million, a PE ratio of -93.00 and a beta of 1.45. The company's fifty day moving average is $1.89 and its two-hundred day moving average is $1.60. Brilliant Earth Group has a fifty-two week low of $1.25 and a fifty-two week high of $3.10.

Brilliant Earth Group Announces Dividend

The business also recently disclosed a dividend, which will be paid on Monday, September 8th. Stockholders of record on Friday, August 22nd will be issued a dividend of $0.25 per share. The ex-dividend date of this dividend is Friday, August 22nd.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in BRLT. Klingman & Associates LLC boosted its holdings in Brilliant Earth Group by 61.5% during the second quarter. Klingman & Associates LLC now owns 148,273 shares of the company's stock valued at $204,000 after acquiring an additional 56,451 shares during the period. Millennium Management LLC bought a new stake in Brilliant Earth Group during the fourth quarter valued at about $65,000. Jane Street Group LLC bought a new stake in Brilliant Earth Group during the fourth quarter valued at about $25,000. Northern Trust Corp boosted its holdings in Brilliant Earth Group by 64.0% during the fourth quarter. Northern Trust Corp now owns 73,024 shares of the company's stock valued at $153,000 after acquiring an additional 28,505 shares during the period. Finally, Mariner LLC bought a new stake in Brilliant Earth Group during the fourth quarter valued at about $105,000. Institutional investors and hedge funds own 70.41% of the company's stock.

About Brilliant Earth Group

Brilliant Earth Group, Inc designs, procures, and sells diamonds, gemstones, and jewelry in the United States and internationally. The company's product assortment and merchandise include a collection of diamond engagement rings, wedding and anniversary rings, gemstone rings, and fine jewelry. It sells directly to consumers through its omnichannel sales platform, including e-commerce and showrooms.