Short Interest in Stoneridge, Inc. (NYSE:SRI) Drops By 43.0%

Key Points

• Stoneridge, Inc. experienced a significant 43% decrease in short interest from July to August, with totals dropping from 411,500 shares to 234,400 shares.
• Institutional investors control 98.07% of Stoneridge’s stock, with notable investments including a 366.2% increase in holdings by GSA Capital Partners LLP.
• The company's stock declined 3.5% to $8.05, amid poor earnings results reporting a loss of $0.25 per share, falling short of estimates.

Stoneridge, Inc. (NYSE:SRI - Get Free Report) was the target of a large drop in short interest in August. As of August 15th, there was short interest totaling 234,400 shares, a drop of 43.0% from the July 31st total of 411,500 shares. Currently, 0.9% of the company's stock are sold short. Based on an average daily volume of 369,700 shares, the days-to-cover ratio is currently 0.6 days. Based on an average daily volume of 369,700 shares, the days-to-cover ratio is currently 0.6 days. Currently, 0.9% of the company's stock are sold short.

Wall Street Analyst Weigh In

Separately, Barrington Research restated an "outperform" rating and set a $16.00 target price on shares of Stoneridge in a report on Wednesday, August 20th. One equities research analyst has rated the stock with a Buy rating, Based on data from MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus price target of $16.00.

Stoneridge Stock Performance

SRI traded up $0.11 during trading on Thursday, hitting $8.28. The stock had a trading volume of 144,281 shares, compared to its average volume of 188,123. The firm has a market cap of $231.78 million, a PE ratio of -7.66 and a beta of 1.50. The company has a current ratio of 2.14, a quick ratio of 1.35 and a debt-to-equity ratio of 0.63. Stoneridge has a 12 month low of $3.54 and a 12 month high of $12.98. The company has a 50 day simple moving average of $7.91 and a 200-day simple moving average of $6.02.

Stoneridge (NYSE:SRI - Get Free Report) last released its quarterly earnings results on Wednesday, August 6th. The auto parts company reported ($0.25) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.09) by ($0.16). The firm had revenue of $227.95 million for the quarter, compared to the consensus estimate of $219.90 million. Stoneridge had a negative net margin of 3.39% and a negative return on equity of 9.24%. Analysts expect that Stoneridge will post -0.42 EPS for the current year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. Connor Clark & Lunn Investment Management Ltd. boosted its position in shares of Stoneridge by 78.2% in the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 88,937 shares of the auto parts company's stock valued at $408,000 after acquiring an additional 39,028 shares during the period. Two Sigma Investments LP acquired a new position in Stoneridge during the 4th quarter valued at $698,000. Public Employees Retirement System of Ohio boosted its holdings in Stoneridge by 119.2% in the 4th quarter. Public Employees Retirement System of Ohio now owns 39,324 shares of the auto parts company's stock valued at $247,000 after purchasing an additional 21,388 shares during the period. GSA Capital Partners LLP boosted its holdings in Stoneridge by 366.2% in the 1st quarter. GSA Capital Partners LLP now owns 273,563 shares of the auto parts company's stock valued at $1,256,000 after purchasing an additional 214,888 shares during the period. Finally, Two Sigma Advisers LP acquired a new stake in Stoneridge in the 4th quarter worth $165,000. 98.07% of the stock is currently owned by institutional investors and hedge funds.

About Stoneridge

Stoneridge, Inc, together with its subsidiaries, designs and manufactures engineered electrical and electronic systems, components, and modules for the automotive, commercial, off-highway, motorcycle, and agricultural vehicle markets in North America, South America, Europe, and internationally. The company operates through three segments: Control Devices, Electronics, and Stoneridge Brazil.