Short Interest in Stoneridge, Inc. (NYSE:SRI) Declines By 18.7%

Key Points

• Short interest fell 18.7% to 427,079 shares as of March 31, equal to about 1.6% of shares short and a days-to-cover ratio of 1.6 days.
• Wall Street sentiment is negative, with a MarketBeat consensus rating of "Reduce" (two Holds and one Sell) and an average target price of $16.00.
• Stoneridge reported a quarterly EPS miss of ($0.53) versus $0.02 expected and revenue of $205.15M (below estimates), leaving the company unprofitable with negative ROE and net margin and a market cap near $192.6M.

Stoneridge, Inc. (NYSE:SRI - Get Free Report) was the recipient of a significant decline in short interest in March. As of March 31st, there was short interest totaling 427,079 shares, a decline of 18.7% from the March 15th total of 525,006 shares. Based on an average trading volume of 272,614 shares, the days-to-cover ratio is presently 1.6 days. Approximately 1.6% of the shares of the stock are short sold.

Hedge Funds Weigh In On Stoneridge

Large investors have recently made changes to their positions in the business. Strs Ohio acquired a new position in shares of Stoneridge in the 1st quarter valued at about $39,000. Quadrature Capital Ltd acquired a new position in shares of Stoneridge in the 4th quarter valued at about $61,000. NewEdge Advisors LLC acquired a new position in shares of Stoneridge in the 4th quarter valued at about $62,000. WINTON GROUP Ltd acquired a new position in shares of Stoneridge in the 4th quarter valued at about $69,000. Finally, Jain Global LLC acquired a new position in shares of Stoneridge in the 4th quarter valued at about $77,000. Institutional investors and hedge funds own 98.07% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the stock. Weiss Ratings reiterated a "sell (d-)" rating on shares of Stoneridge in a research report on Friday, March 27th. Wall Street Zen cut shares of Stoneridge from a "buy" rating to a "hold" rating in a research report on Sunday, March 22nd. Zacks Research upgraded shares of Stoneridge to a "hold" rating in a research report on Wednesday, March 18th. Finally, Barrington Research downgraded Stoneridge from an "outperform" rating to a "market perform" rating in a report on Monday, March 16th. Two equities research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of "Reduce" and an average target price of $16.00.

Stoneridge Trading Up 3.3%

NYSE SRI traded up $0.22 on Thursday, hitting $6.82. 218,284 shares of the company were exchanged, compared to its average volume of 261,299. The company's 50 day moving average price is $6.76 and its 200-day moving average price is $6.49. The company has a debt-to-equity ratio of 1.01, a current ratio of 2.30 and a quick ratio of 1.45. The firm has a market capitalization of $192.60 million, a P/E ratio of -1.84 and a beta of 1.60. Stoneridge has a twelve month low of $3.59 and a twelve month high of $9.71.

Stoneridge (NYSE:SRI - Get Free Report) last posted its quarterly earnings data on Thursday, March 12th. The auto parts company reported ($0.53) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.02 by ($0.55). The company had revenue of $205.15 million for the quarter, compared to analyst estimates of $211.70 million. Stoneridge had a negative return on equity of 13.49% and a negative net margin of 11.94%. Analysts predict that Stoneridge will post -0.42 earnings per share for the current fiscal year.

About Stoneridge

Stoneridge, Inc NYSE: SRI is a global developer and manufacturer of highly engineered electrical and electronic components for the automotive and commercial vehicle markets. The company's product offerings span a range of safety, convenience and control systems, delivering tailored solutions that help original equipment manufacturers (OEMs) meet increasingly stringent regulatory and performance requirements.

Among Stoneridge's core products are rearview and side-view mirror systems, camera-based advanced driver assistance systems (ADAS) and interior and exterior lighting solutions.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.