Short Interest in Broadwind Energy, Inc. (NASDAQ:BWEN) Declines By 70.3%

Key Points

• Short interest in Broadwind Energy, Inc. decreased by 70.3% in September, dropping from 59,900 shares to 17,800 shares, indicating reduced bearish sentiment from investors.
• The company reported a net loss of $0.04 earnings per share for its last quarter, missing the consensus estimate, although its revenue of $39.24 million exceeded expectations.
• Broadwind Energy's Board of Directors has approved a $3 million stock repurchase plan, signaling confidence that the company's stock is undervalued.

Broadwind Energy, Inc. (NASDAQ:BWEN - Get Free Report) saw a significant decrease in short interest in the month of September. As of September 30th, there was short interest totaling 17,800 shares, a decrease of 70.3% from the September 15th total of 59,900 shares. Based on an average daily trading volume, of 269,100 shares, the days-to-cover ratio is presently 0.1 days. Currently, 0.1% of the shares of the stock are short sold. Currently, 0.1% of the shares of the stock are short sold. Based on an average daily trading volume, of 269,100 shares, the days-to-cover ratio is presently 0.1 days.

Broadwind Energy Stock Performance

Shares of BWEN opened at $2.36 on Friday. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.52 and a current ratio of 1.53. The company has a market capitalization of $54.38 million, a price-to-earnings ratio of -23.60 and a beta of 1.48. The company's 50 day simple moving average is $2.17 and its 200 day simple moving average is $1.98. Broadwind Energy has a 1 year low of $1.41 and a 1 year high of $3.03.

Broadwind Energy (NASDAQ:BWEN - Get Free Report) last announced its quarterly earnings data on Tuesday, August 12th. The industrial products company reported ($0.04) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.02 by ($0.06). The firm had revenue of $39.24 million for the quarter, compared to analysts' expectations of $37.65 million. Broadwind Energy had a negative net margin of 1.52% and a negative return on equity of 3.71%. On average, sell-side analysts predict that Broadwind Energy will post 0.01 EPS for the current year.

Broadwind Energy declared that its Board of Directors has initiated a stock repurchase plan on Wednesday, September 10th that permits the company to buyback $3.00 million in outstanding shares. This buyback authorization permits the industrial products company to reacquire up to 6.1% of its shares through open market purchases. Shares buyback plans are typically a sign that the company's board believes its stock is undervalued.

Hedge Funds Weigh In On Broadwind Energy

Institutional investors and hedge funds have recently modified their holdings of the company. Goldman Sachs Group Inc. purchased a new position in Broadwind Energy during the first quarter worth approximately $25,000. XTX Topco Ltd purchased a new position in Broadwind Energy during the second quarter worth approximately $25,000. Corsair Capital Management L.P. purchased a new position in Broadwind Energy during the second quarter worth approximately $30,000. Bridgeway Capital Management LLC raised its stake in Broadwind Energy by 5.0% during the second quarter. Bridgeway Capital Management LLC now owns 102,221 shares of the industrial products company's stock worth $185,000 after purchasing an additional 4,903 shares during the period. Finally, AMH Equity Ltd purchased a new position in Broadwind Energy during the first quarter worth approximately $209,000. Hedge funds and other institutional investors own 33.27% of the company's stock.

Analysts Set New Price Targets

Several research firms have recently commented on BWEN. Weiss Ratings reiterated a "sell (d)" rating on shares of Broadwind Energy in a research report on Wednesday, October 8th. Zacks Research upgraded shares of Broadwind Energy to a "hold" rating in a research report on Tuesday, August 12th. Finally, Wall Street Zen lowered shares of Broadwind Energy from a "hold" rating to a "sell" rating in a research report on Saturday, September 13th. Two analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $4.50.

Broadwind Energy Company Profile

Broadwind, Inc manufactures and sells structures, equipment, and components for clean tech and other specialized applications primarily in the United States. It operates through three segments: Heavy Fabrications, Gearing, and Industrial Solutions. The Heavy Fabrications segment provides fabrications to various industrial markets.

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