Short Interest in Hooker Furnishings Corp. (NASDAQ:HOFT) Drops By 19.4%

Key Points

• Short interest in Hooker Furnishings Corp. (NASDAQ:HOFT) has decreased by 19.4% in August, dropping from 241,800 shares to 194,800 shares.
• The company reported a net loss of ($0.29) EPS for the last quarter, missing expectations and generating revenue of $85.32 million against a forecast of $88.87 million.
• Institutional investors own 73.60% of Hooker Furnishings, indicating significant confidence from larger investment firms, while Zacks Research has recently upgraded the stock to a "hold" rating.

Hooker Furnishings Corp. (NASDAQ:HOFT - Get Free Report) was the recipient of a large decrease in short interest in August. As of August 15th, there was short interest totaling 194,800 shares, adecreaseof19.4% from the July 31st total of 241,800 shares. Approximately1.9% of the company's stock are sold short. Based on an average trading volume of 94,800 shares, the short-interest ratio is currently 2.1 days. Based on an average trading volume of 94,800 shares, the short-interest ratio is currently 2.1 days. Approximately1.9% of the company's stock are sold short.

Hooker Furnishings Stock Performance

HOFT opened at $10.79 on Tuesday. The stock's 50 day moving average price is $10.40 and its two-hundred day moving average price is $10.32. The company has a quick ratio of 1.96, a current ratio of 3.94 and a debt-to-equity ratio of 0.11. Hooker Furnishings has a 12-month low of $7.34 and a 12-month high of $19.79. The firm has a market capitalization of $115.49 million, a P/E ratio of -9.90, a price-to-earnings-growth ratio of 6.00 and a beta of 1.32.

Hooker Furnishings (NASDAQ:HOFT - Get Free Report) last announced its quarterly earnings data on Thursday, June 12th. The company reported ($0.29) EPS for the quarter, missing analysts' consensus estimates of ($0.16) by ($0.13). Hooker Furnishings had a negative return on equity of 3.41% and a negative net margin of 2.95%.The firm had revenue of $85.32 million during the quarter, compared to the consensus estimate of $88.87 million. On average, equities analysts forecast that Hooker Furnishings will post -0.44 earnings per share for the current year.

Institutional Trading of Hooker Furnishings

A number of hedge funds have recently modified their holdings of HOFT. Tower Research Capital LLC TRC lifted its position in shares of Hooker Furnishings by 225.6% in the 4th quarter. Tower Research Capital LLC TRC now owns 3,074 shares of the company's stock worth $43,000 after acquiring an additional 2,130 shares during the period. Wells Fargo & Company MN lifted its position in shares of Hooker Furnishings by 27.8% in the 4th quarter. Wells Fargo & Company MN now owns 6,227 shares of the company's stock worth $87,000 after acquiring an additional 1,356 shares during the period. Osaic Holdings Inc. lifted its position in shares of Hooker Furnishings by 940.0% in the 2nd quarter. Osaic Holdings Inc. now owns 10,400 shares of the company's stock worth $110,000 after acquiring an additional 9,400 shares during the period. Strs Ohio bought a new stake in shares of Hooker Furnishings in the 1st quarter worth approximately $124,000. Finally, Jane Street Group LLC bought a new stake in shares of Hooker Furnishings in the 1st quarter worth approximately $146,000. Institutional investors own 73.60% of the company's stock.

Wall Street Analyst Weigh In

Separately, Zacks Research raised Hooker Furnishings to a "hold" rating in a research note on Tuesday, August 12th. One analyst has rated the stock with a Hold rating, According to MarketBeat.com, Hooker Furnishings has a consensus rating of "Hold".

Hooker Furnishings Company Profile

Hooker Furnishings Corporation designs, manufactures, imports, and markets residential household, hospitality, and contract furniture. It operates in three segments: Hooker Branded, Home Meridian, and Domestic Upholstery. The Hooker Branded segment offers design categories, including home entertainment, home office, accent, dining, and bedroom furniture under the Hooker Furniture brand; and imported upholstered furniture under the Hooker Upholstery brand.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.