Short Interest in ServiceTitan Inc. (NASDAQ:TTAN) Expands By 92.2%

Key Points

• ServiceTitan Inc. (NASDAQ:TTAN) saw a significant increase in short interest, rising by 92.2% in September, with a total of 3,190,000 shares shorted, representing approximately 6.7% of its outstanding shares.
• Analysts have raised their price targets for ServiceTitan, with Canaccord Genuity adjusting its target from $130.00 to $140.00 and Piper Sandler setting a price target of $155.00 amid a generally bullish consensus on the stock.
• Insider trading activity includes significant sales, with CEO Ara Mahdessian selling 45,185 shares and Director William J.G. Griffith selling 90,917 shares, leading to a total of over 1.4 million shares sold by insiders in the last quarter.

ServiceTitan Inc. (NASDAQ:TTAN - Get Free Report) was the recipient of a large growth in short interest during the month of September. As of September 15th, there was short interest totaling 3,190,000 shares, a growth of 92.2% from the August 31st total of 1,660,000 shares. Approximately 6.7% of the shares of the stock are sold short. Based on an average trading volume of 1,220,000 shares, the days-to-cover ratio is presently 2.6 days. Based on an average trading volume of 1,220,000 shares, the days-to-cover ratio is presently 2.6 days. Approximately 6.7% of the shares of the stock are sold short.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on TTAN shares. Canaccord Genuity Group upped their price objective on ServiceTitan from $130.00 to $140.00 and gave the company a "buy" rating in a research report on Friday, September 19th. Robert W. Baird lifted their price objective on shares of ServiceTitan from $124.00 to $130.00 and gave the stock an "outperform" rating in a research note on Friday, September 5th. Stifel Nicolaus increased their target price on shares of ServiceTitan from $135.00 to $145.00 and gave the company a "buy" rating in a research note on Friday, September 19th. Piper Sandler restated an "overweight" rating and issued a $155.00 target price on shares of ServiceTitan in a report on Friday, September 19th. Finally, Citigroup upped their price target on shares of ServiceTitan from $111.00 to $123.00 and gave the company a "neutral" rating in a report on Tuesday, September 9th. One analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $132.67.

Insider Transactions at ServiceTitan

In other ServiceTitan news, CEO Ara Mahdessian sold 45,185 shares of ServiceTitan stock in a transaction on Thursday, August 21st. The shares were sold at an average price of $103.71, for a total value of $4,686,136.35. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director William J.G. Griffith sold 90,917 shares of the company's stock in a transaction dated Wednesday, July 9th. The shares were sold at an average price of $109.99, for a total transaction of $9,999,960.83. Following the sale, the director owned 483,635 shares in the company, valued at $53,195,013.65. This represents a 15.82% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,433,284 shares of company stock valued at $164,469,468 over the last quarter. 51.72% of the stock is owned by insiders.

Institutional Trading of ServiceTitan

Several hedge funds have recently modified their holdings of the company. Northwestern Mutual Wealth Management Co. boosted its holdings in shares of ServiceTitan by 1,005.1% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 431 shares of the company's stock valued at $46,000 after buying an additional 392 shares in the last quarter. LRI Investments LLC acquired a new position in shares of ServiceTitan during the first quarter worth $58,000. PNC Financial Services Group Inc. purchased a new stake in shares of ServiceTitan during the 2nd quarter valued at $79,000. EverSource Wealth Advisors LLC acquired a new stake in shares of ServiceTitan in the 2nd quarter worth $94,000. Finally, Lazard Asset Management LLC purchased a new position in ServiceTitan during the 2nd quarter worth $99,000.

ServiceTitan Trading Down 2.0%

TTAN opened at $101.67 on Friday. The company has a current ratio of 4.49, a quick ratio of 4.49 and a debt-to-equity ratio of 0.07. The firm has a market cap of $9.45 billion and a price-to-earnings ratio of -18.83. ServiceTitan has a 12 month low of $79.81 and a 12 month high of $131.33. The stock has a fifty day moving average price of $108.42 and a 200-day moving average price of $109.56.

About ServiceTitan

ServiceTitan, Inc engages in the collection of field service activities required to install, maintain, and service the infrastructure and systems of residences and commercial buildings. The company was founded by Ara Mahdessian and Vahe Kuzoyan on June 8, 2008 and is headquartered in Glendale, CA.

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