Universal Electronics Inc. (NASDAQ:UEIC) Short Interest Down 21.2% in August

Key Points

• The short interest in Universal Electronics Inc. (NASDAQ:UEIC) declined by 21.2%, with a total of 90,200 shares short sold as of August 31st.
• The company's stock opened at $4.47, showing a 1-year low of $4.25 and a high of $12.50, while currently having a market cap of $59.62 million.
• Rosenblatt Securities downgraded Universal Electronics from a "buy" to a "neutral" rating, setting a price target of $8.00, although the stock maintains an average rating of "Moderate Buy" with a consensus price target of $11.00.

Universal Electronics Inc. (NASDAQ:UEIC - Get Free Report) saw a significant drop in short interest in the month of August. As of August 31st, there was short interest totaling 90,200 shares, a drop of 21.2% from the August 15th total of 114,500 shares. Approximately 0.8% of the company's shares are sold short. Based on an average daily volume of 59,400 shares, the short-interest ratio is presently 1.5 days. Based on an average daily volume of 59,400 shares, the short-interest ratio is presently 1.5 days. Approximately 0.8% of the company's shares are sold short.

Institutional Investors Weigh In On Universal Electronics

A number of hedge funds have recently made changes to their positions in UEIC. Empowered Funds LLC raised its position in shares of Universal Electronics by 8.4% in the first quarter. Empowered Funds LLC now owns 48,816 shares of the technology company's stock worth $299,000 after buying an additional 3,802 shares in the last quarter. Bridgeway Capital Management LLC raised its position in shares of Universal Electronics by 3.3% in the 2nd quarter. Bridgeway Capital Management LLC now owns 131,164 shares of the technology company's stock worth $868,000 after purchasing an additional 4,143 shares during the last quarter. Goldman Sachs Group Inc. grew its position in Universal Electronics by 15.6% during the 1st quarter. Goldman Sachs Group Inc. now owns 36,341 shares of the technology company's stock valued at $222,000 after purchasing an additional 4,893 shares during the last quarter. Wellington Shields & Co. LLC purchased a new position in Universal Electronics in the 1st quarter worth approximately $45,000. Finally, First Eagle Investment Management LLC boosted its position in shares of Universal Electronics by 5.4% during the second quarter. First Eagle Investment Management LLC now owns 174,936 shares of the technology company's stock valued at $1,158,000 after buying an additional 9,000 shares during the last quarter. 79.35% of the stock is currently owned by institutional investors.

Universal Electronics Stock Down 0.2%

UEIC traded down $0.01 during trading on Monday, reaching $4.58. 20,139 shares of the stock traded hands, compared to its average volume of 69,319. The stock's 50-day moving average is $5.38 and its 200 day moving average is $5.96. Universal Electronics has a 12 month low of $4.25 and a 12 month high of $12.50. The stock has a market capitalization of $61.11 million, a PE ratio of -3.66 and a beta of 1.62.

Wall Street Analyst Weigh In

Separately, Rosenblatt Securities cut shares of Universal Electronics from a "buy" rating to a "neutral" rating and set a $8.00 price target on the stock. in a research report on Friday, August 8th. One equities research analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $11.00.

About Universal Electronics

Universal Electronics Inc designs, develops, manufactures, ships, and supports control and sensor technology solutions in the United States, the People's Republic of China, rest of Asia, Europe, Latin America, and internationally. The company offers voice-enabled automatically-programmed universal two-way radio frequency, as well as infrared remote controls to video service providers, original equipment manufacturers (OEMs), retailers, and private label customers; wall-mount and handheld thermostat controllers and connected accessories for smart energy management systems to OEM customers, hotels, hospitality, and system integrators; proprietary and standards-based RF sensors for residential security, safety, and home automation applications; and integrated circuits on which its software and universal device control database is embedded to OEMs, video service providers, and private label customers.