Stoneridge, Inc. (NYSE:SRI) Sees Significant Increase in Short Interest

Key Points

• Short interest jumped 21.9% in April to 520,413 shares (about 1.9% of shares sold short) with a days-to-cover of 1.9 based on average daily volume.
• Multiple hedge funds have been adding large positions (Arrowstreet, AQR, Assenagon, Russell, Marshall Wace), and institutional investors now own 98.07% of the company’s stock.
• Wall Street is generally negative on SRI—consensus rating "Reduce" with a $16 average price target—and the company reported a quarterly loss (EPS -$0.53), negative margins, and an expected FY EPS of -0.31 while trading near $6.36.

Stoneridge, Inc. (NYSE:SRI - Get Free Report) was the recipient of a large increase in short interest in the month of April. As of April 15th, there was short interest totaling 520,413 shares, an increase of 21.9% from the March 31st total of 427,079 shares. Based on an average trading volume of 278,256 shares, the days-to-cover ratio is presently 1.9 days. Currently, 1.9% of the shares of the company are sold short.

Hedge Funds Weigh In On Stoneridge

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Arrowstreet Capital Limited Partnership boosted its position in shares of Stoneridge by 285.8% in the third quarter. Arrowstreet Capital Limited Partnership now owns 518,105 shares of the auto parts company's stock worth $3,948,000 after buying an additional 383,805 shares during the period. AQR Capital Management LLC raised its position in Stoneridge by 213.7% during the first quarter. AQR Capital Management LLC now owns 533,470 shares of the auto parts company's stock valued at $2,449,000 after buying an additional 363,407 shares during the period. Assenagon Asset Management S.A. lifted its stake in Stoneridge by 340.0% in the 4th quarter. Assenagon Asset Management S.A. now owns 256,791 shares of the auto parts company's stock worth $1,487,000 after acquiring an additional 198,423 shares in the last quarter. Russell Investments Group Ltd. lifted its stake in Stoneridge by 50.0% in the 4th quarter. Russell Investments Group Ltd. now owns 575,670 shares of the auto parts company's stock worth $3,333,000 after acquiring an additional 191,953 shares in the last quarter. Finally, Marshall Wace LLP grew its stake in Stoneridge by 186.7% during the 2nd quarter. Marshall Wace LLP now owns 293,987 shares of the auto parts company's stock valued at $2,070,000 after acquiring an additional 191,444 shares in the last quarter. Institutional investors and hedge funds own 98.07% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on SRI shares. Wall Street Zen cut shares of Stoneridge from a "buy" rating to a "hold" rating in a research note on Sunday, March 22nd. Barrington Research lowered shares of Stoneridge from an "outperform" rating to a "market perform" rating in a research report on Monday, March 16th. Zacks Research upgraded shares of Stoneridge to a "hold" rating in a research report on Wednesday, March 18th. Finally, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Stoneridge in a research note on Friday, March 27th. Two investment analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Reduce" and an average price target of $16.00.

Stoneridge Price Performance

NYSE SRI opened at $6.36 on Thursday. Stoneridge has a 1 year low of $3.78 and a 1 year high of $9.71. The business's fifty day moving average is $6.38 and its two-hundred day moving average is $6.45. The stock has a market capitalization of $179.55 million, a P/E ratio of -1.72 and a beta of 1.60. The company has a debt-to-equity ratio of 1.01, a quick ratio of 1.45 and a current ratio of 2.30.

Stoneridge (NYSE:SRI - Get Free Report) last released its quarterly earnings data on Thursday, March 12th. The auto parts company reported ($0.53) earnings per share 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 the consensus estimate of $211.70 million. Stoneridge had a negative return on equity of 13.49% and a negative net margin of 11.94%. On average, research analysts forecast that Stoneridge will post -0.31 earnings per share for the current fiscal year.

Stoneridge Company Profile

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.

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