Stoneridge, Inc. (NYSE:SRI) Short Interest Up 100.9% in June

Key Points

• Short interest in Stoneridge surged 100.9% in June to 921,578 shares, with about 3.7% of the float sold short and a days-to-cover ratio of 1.6 days.
• The company reported a mixed quarterly result, posting a loss of $0.75 per share versus expectations for a small profit, even though revenue of $160.85 million beat analyst estimates.
• Insiders bought shares during June, including two directors who each purchased 5,000 shares, while analysts currently hold a consensus Sell rating on the stock.

Stoneridge, Inc. (NYSE:SRI - Get Free Report) was the recipient of a significant increase in short interest during the month of June. As of June 30th, there was short interest totaling 921,578 shares, an increase of 100.9% from the June 15th total of 458,810 shares. Approximately 3.7% of the shares of the company are short sold. Based on an average trading volume of 576,372 shares, the days-to-cover ratio is presently 1.6 days.

Stoneridge Stock Performance

SRI traded up $0.02 on Wednesday, reaching $7.16. The company had a trading volume of 125,852 shares, compared to its average volume of 358,461. Stoneridge has a fifty-two week low of $4.60 and a fifty-two week high of $9.71. The stock has a market cap of $202.20 million, a P/E ratio of -1.62 and a beta of 1.85. The company's fifty day moving average is $7.26 and its 200 day moving average is $6.84. The company has a debt-to-equity ratio of 1.00, a quick ratio of 1.37 and a current ratio of 2.02.

Stoneridge (NYSE:SRI - Get Free Report) last issued its quarterly earnings data on Thursday, May 7th. The auto parts company reported ($0.75) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.01 by ($0.76). Stoneridge had a negative return on equity of 22.50% and a negative net margin of 15.24%.The company had revenue of $160.85 million for the quarter, compared to analyst estimates of $139.00 million. As a group, analysts predict that Stoneridge will post -0.74 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Ira C. Kaplan acquired 5,000 shares of the firm's stock in a transaction dated Wednesday, June 3rd. The stock was bought at an average price of $7.54 per share, with a total value of $37,700.00. Following the transaction, the director directly owned 100,046 shares in the company, valued at approximately $754,346.84. The trade was a 5.26% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director William M. Lasky acquired 5,000 shares of the stock in a transaction dated Friday, June 12th. The shares were purchased at an average price of $7.46 per share, for a total transaction of $37,300.00. Following the completion of the purchase, the director directly owned 192,666 shares in the company, valued at $1,437,288.36. The trade was a 2.66% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Company insiders own 11.00% of the company's stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. AQR Capital Management LLC boosted its position in shares of Stoneridge by 213.7% in 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 acquiring an additional 363,407 shares during the period. Millennium Management LLC increased its position in Stoneridge by 3.0% during the first quarter. Millennium Management LLC now owns 954,577 shares of the auto parts company's stock worth $4,382,000 after acquiring an additional 28,037 shares during the period. Goldman Sachs Group Inc. raised its stake in Stoneridge by 55.9% in the 1st quarter. Goldman Sachs Group Inc. now owns 490,160 shares of the auto parts company's stock worth $2,250,000 after purchasing an additional 175,736 shares in the last quarter. Strs Ohio acquired a new stake in Stoneridge in the 1st quarter worth about $39,000. Finally, JPMorgan Chase & Co. boosted its holdings in Stoneridge by 25.0% in the 2nd quarter. JPMorgan Chase & Co. now owns 614,538 shares of the auto parts company's stock valued at $4,326,000 after purchasing an additional 122,897 shares during the period. 98.07% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the company. Zacks Research downgraded Stoneridge from a "hold" rating to a "strong sell" rating in a research report on Wednesday, May 27th. Wall Street Zen downgraded Stoneridge from a "buy" rating to a "hold" rating in a research note on Sunday, March 22nd. Finally, Weiss Ratings restated a "sell (d-)" rating on shares of Stoneridge in a research note on Wednesday, June 24th. One research analyst has rated the stock with a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, Stoneridge has a consensus rating of "Sell" and an average target price of $16.00.

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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