Short Interest in inTEST Co. (NYSE:INTT) Drops By 27.1%

Key Points

• Short interest in inTEST Co. decreased by 27.1% in September, falling from 45,700 shares to 33,300 shares, leading to a short-interest ratio of 1.0 days.
• Institutional investors have notably increased their stakes, with Russell Investments Group Ltd. raising its holdings by 187.0%, owning now 124,959 shares worth approximately $873,000.
• Lake Street Capital initiated coverage on inTEST, assigning a buy rating and a price objective of $8.00, with an average consensus price target of $12.00 according to analysts.

inTEST Co. (NYSE:INTT - Get Free Report) was the target of a large drop in short interest in the month of September. As of September 15th, there was short interest totaling 33,300 shares, a drop of 27.1% from the August 31st total of 45,700 shares. Based on an average trading volume of 34,900 shares, the short-interest ratio is presently 1.0 days. Based on an average trading volume of 34,900 shares, the short-interest ratio is presently 1.0 days.

inTEST Price Performance

NYSE:INTT opened at $7.96 on Tuesday. The company has a quick ratio of 1.38, a current ratio of 2.26 and a debt-to-equity ratio of 0.08. The business's 50-day moving average price is $7.35 and its 200 day moving average price is $6.88. inTEST has a 52-week low of $5.24 and a 52-week high of $9.77. The firm has a market cap of $99.32 million, a P/E ratio of 34.61 and a beta of 1.58.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Byrne Asset Management LLC purchased a new stake in shares of inTEST in the first quarter valued at $27,000. Farther Finance Advisors LLC acquired a new stake in inTEST during the 1st quarter worth about $41,000. Jane Street Group LLC grew its stake in inTEST by 28.4% during the 1st quarter. Jane Street Group LLC now owns 40,643 shares of the company's stock valued at $284,000 after acquiring an additional 8,999 shares in the last quarter. Russell Investments Group Ltd. increased its holdings in shares of inTEST by 187.0% in the 1st quarter. Russell Investments Group Ltd. now owns 124,959 shares of the company's stock valued at $873,000 after purchasing an additional 81,416 shares during the period. Finally, AMH Equity Ltd lifted its position in shares of inTEST by 38.1% in the second quarter. AMH Equity Ltd now owns 163,000 shares of the company's stock worth $1,187,000 after purchasing an additional 45,010 shares in the last quarter. 63.18% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Separately, Lake Street Capital began coverage on shares of inTEST in a research note on Monday, September 15th. They set a "buy" rating and a $8.00 price objective on the stock. Two equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $12.00.

inTEST Company Profile

inTEST Corporation provides test and process technology solutions for use in manufacturing and testing in automotive, defense/aerospace, industrial, life sciences, security, and semiconductor markets worldwide. The company operates through three segments: Electronic Test, Environmental Technologies, and Process Technologies.

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