Short Interest in Limoneira Co (NASDAQ:LMNR) Drops By 15.7%

Key Points

• Short interest fell 15.7% in March to 388,004 shares (about 2.4% of shares outstanding), leaving a days-to-cover ratio of roughly 3.2 days.
• Wall Street sentiment is mixed with an average rating of "Hold" and a consensus target price of $18.50 (two Buys, two Holds, one Sell), while the stock trades around $13.15.
• In the latest quarter Limoneira reported a $0.48 loss per share

Limoneira Co (NASDAQ:LMNR - Get Free Report) was the target of a significant decline in short interest in the month of March. As of March 31st, there was short interest totaling 388,004 shares, a decline of 15.7% from the March 15th total of 460,111 shares. Currently, 2.4% of the shares of the stock are sold short. Based on an average trading volume of 122,111 shares, the days-to-cover ratio is currently 3.2 days.

Hedge Funds Weigh In On Limoneira

A number of institutional investors and hedge funds have recently added to or reduced their stakes in LMNR. BNP Paribas Financial Markets boosted its position in Limoneira by 64.8% in the second quarter. BNP Paribas Financial Markets now owns 1,699 shares of the company's stock valued at $27,000 after buying an additional 668 shares in the last quarter. CWM LLC boosted its position in Limoneira by 144.3% in the third quarter. CWM LLC now owns 2,450 shares of the company's stock valued at $36,000 after buying an additional 1,447 shares in the last quarter. MetLife Investment Management LLC boosted its position in Limoneira by 45.0% in the fourth quarter. MetLife Investment Management LLC now owns 9,765 shares of the company's stock valued at $123,000 after buying an additional 3,029 shares in the last quarter. EntryPoint Capital LLC acquired a new position in Limoneira in the fourth quarter valued at about $150,000. Finally, Envestnet Asset Management Inc. acquired a new position in Limoneira in the third quarter valued at about $151,000. 64.35% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

LMNR has been the topic of a number of analyst reports. Weiss Ratings reissued a "sell (d)" rating on shares of Limoneira in a research note on Friday, March 27th. Lake Street Capital initiated coverage on shares of Limoneira in a research note on Wednesday, December 31st. They issued a "buy" rating and a $19.00 target price on the stock. Finally, Zacks Research raised shares of Limoneira from a "strong sell" rating to a "hold" rating in a research note on Friday, February 27th. Two research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company has an average rating of "Hold" and a consensus target price of $18.50.

Limoneira Price Performance

NASDAQ LMNR traded up $0.16 on Friday, reaching $13.15. The company's stock had a trading volume of 67,087 shares, compared to its average volume of 91,871. The firm has a market cap of $238.15 million, a PE ratio of -10.27 and a beta of 0.38. The business has a 50-day moving average price of $13.65 and a 200 day moving average price of $13.91. Limoneira has a 52 week low of $12.20 and a 52 week high of $17.19. The company has a current ratio of 1.16, a quick ratio of 1.08 and a debt-to-equity ratio of 0.53.

Limoneira (NASDAQ:LMNR - Get Free Report) last released its quarterly earnings results on Thursday, March 12th. The company reported ($0.48) EPS for the quarter, missing analysts' consensus estimates of ($0.39) by ($0.09). The firm had revenue of $18.21 million during the quarter, compared to analyst estimates of $16.22 million. Limoneira had a negative net margin of 15.55% and a negative return on equity of 12.19%.

About Limoneira

Limoneira Company NASDAQ: LMNR, founded in 1893 and based in Santa Paula, California, is a diversified agribusiness and real estate enterprise. As one of the oldest citrus producers in the United States, Limoneira has built a reputation for cultivating and marketing high-quality citrus fruits, avocados and specialty crops. The company's vertically integrated model encompasses farming, packing, processing and marketing activities designed to deliver fresh produce to domestic and international markets.

In its agricultural operations, Limoneira specializes in lemons, oranges and avocados, employing modern irrigation, harvesting and packing technologies to maintain consistent product quality and supply.

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