Short Interest in Garmin Grows By 5.9% (GRMN)
Garmin (NASDAQ:GRMN) saw a large growth in short interest during the month of August. As of August 15th, there was short interest totalling 19,262,913 shares, a growth of 5.9% from the July 31st total of 18,198,092 shares, StockRatingsNetwork reports. Currently, 15.0% of the shares of the company are short sold. Based on an average daily volume of 955,310 shares, the short-interest ratio is currently 20.2 days.
In other Garmin news, Director Philip Straub sold 8,000 shares of the stock on the open market in a transaction dated Wednesday, August 20th. The stock was sold at an average price of $57.50, for a total transaction of $460,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.
GRMN has been the subject of a number of recent research reports. Analysts at Robert W. Baird initiated coverage on shares of Garmin in a research note on Tuesday, August 26th. They set a “neutral” rating and a $59.00 price target on the stock. Separately, analysts at Zacks reiterated an “outperform” rating on shares of Garmin in a research note on Thursday, July 31st. They now have a $65.00 price target on the stock. Finally, analysts at Davidson raised their price target on shares of Garmin from $60.00 to $62.00 in a research note on Thursday, July 31st. They now have a “neutral” rating on the stock. Three equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and four have issued a buy rating to the company. The stock has an average rating of “Hold” and an average target price of $57.31.
Garmin (NASDAQ:GRMN) opened at 54.33 on Monday. Garmin has a 1-year low of $41.08 and a 1-year high of $62.05. The stock’s 50-day moving average is $56.20 and its 200-day moving average is $56.10. The company has a market cap of $10.465 billion and a price-to-earnings ratio of 16.25.
Garmin (NASDAQ:GRMN) last released its earnings data on Wednesday, July 30th. The company reported $1.02 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.76 by $0.26. The company had revenue of $778.00 million for the quarter, compared to the consensus estimate of $709.25 million. During the same quarter in the prior year, the company posted $0.76 earnings per share. The company’s quarterly revenue was up 11.7% on a year-over-year basis. Analysts expect that Garmin will post $3.08 EPS 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.