Garmin Short Interest Up 9.5% in May (GRMN)
Garmin (NASDAQ:GRMN) saw a large growth in short interest in the month of May. As of May 15th, there was short interest totalling 18,215,353 shares, a growth of 9.5% from the April 30th total of 16,641,635 shares, AR Network reports. Based on an average daily volume of 1,716,989 shares, the days-to-cover ratio is presently 10.6 days. Currently, 15.7% of the company’s shares are short sold.
In other Garmin news, Insider Pao-Chang Huang sold 16,000 shares of the stock in a transaction dated Friday, May 23rd. The shares were sold at an average price of $57.26, for a total value of $916,160.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.
A number of analysts have recently weighed in on GRMN shares. Analysts at Citigroup Inc. reiterated a “buy” rating on shares of Garmin in a research note on Tuesday, May 27th. They now have a $65.00 price target on the stock. Separately, analysts at Needham & Company LLC raised their EPS on shares of Garmin in a research note on Thursday, May 1st. They now have a “hold” rating on the stock. They noted that the move was a valuation call. Finally, analysts at Zacks reiterated a “neutral” rating on shares of Garmin in a research note on Thursday, May 1st. They now have a $60.00 price target on the stock. Eight investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $55.61.
Shares of Garmin (NASDAQ:GRMN) opened at 58.91 on Monday. Garmin has a 52-week low of $33.67 and a 52-week high of $59.57. The stock’s 50-day moving average is $56.22 and its 200-day moving average is $50.97. The company has a market cap of $11.474 billion and a P/E ratio of 17.93.
Garmin (NASDAQ:GRMN) last announced its earnings results on Wednesday, April 30th. The company reported $0.55 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.44 by $0.11. The company had revenue of $583.00 million for the quarter, compared to the consensus estimate of $541.00 million. During the same quarter in the previous year, the company posted $0.40 earnings per share. The company’s revenue for the quarter was up 9.6% on a year-over-year basis. On average, analysts predict that Garmin will post $2.77 earnings per share for the current fiscal year.
Garmin Ltd. (NASDAQ:GRMN) is a provider of navigation, communication and information devices and applications, which are enabled by global positioning system (GPS) technology.
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