MDC Partners Inc (MDCA) Short Interest Update
MDC Partners Inc (NASDAQ:MDCA) was the recipient of a large decline in short interest in May. As of May 15th, there was short interest totalling 2,820,075 shares, a decline of 9.6% from the April 28th total of 3,119,244 shares. Based on an average daily volume of 368,156 shares, the days-to-cover ratio is presently 7.7 days.
Several research firms recently issued reports on MDCA. Royal Bank of Canada reaffirmed a “hold” rating and issued a $10.00 price objective on shares of MDC Partners in a research report on Monday, May 1st. Jefferies Group LLC upgraded shares of MDC Partners from a “hold” rating to a “buy” rating and boosted their target price for the company from $4.00 to $12.00 in a research note on Thursday, February 16th. Wells Fargo & Co reiterated a “hold” rating on shares of MDC Partners in a research note on Friday, April 28th. BMO Capital Markets reiterated a “buy” rating and set a $15.00 target price on shares of MDC Partners in a research note on Monday, April 17th. Finally, Zacks Investment Research upgraded shares of MDC Partners from a “sell” rating to a “hold” rating in a research note on Tuesday, February 28th. One analyst has rated the stock with a sell rating, four have issued a hold rating and three have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $13.00.
MDC Partners (NASDAQ:MDCA) traded down 0.61% during midday trading on Friday, hitting $8.20. The stock had a trading volume of 213,352 shares. The firm’s market capitalization is $466.92 million. MDC Partners has a 52-week low of $2.75 and a 52-week high of $19.26. The firm has a 50-day moving average of $8.56 and a 200 day moving average of $7.54.
MDC Partners (NASDAQ:MDCA) last posted its earnings results on Thursday, April 27th. The business services provider reported ($0.21) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.08 by $0.29. The company had revenue of $344.70 million for the quarter, compared to the consensus estimate of $335.32 million. MDC Partners’s revenue for the quarter was up 11.6% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.47) EPS. On average, equities analysts forecast that MDC Partners will post $0.28 EPS for the current year.
In related news, insider David Corwin Ross purchased 5,000 shares of the company’s stock in a transaction dated Wednesday, March 1st. The shares were purchased at an average cost of $8.65 per share, with a total value of $43,250.00. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 2.00% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Karp Capital Management Corp purchased a new position in MDC Partners during the first quarter worth $101,000. 1st Global Advisors Inc. purchased a new position in MDC Partners during the first quarter worth $119,000. Parkwood LLC purchased a new position in MDC Partners during the first quarter worth $126,000. Stifel Financial Corp boosted its position in MDC Partners by 3.8% in the first quarter. Stifel Financial Corp now owns 13,895 shares of the business services provider’s stock worth $131,000 after buying an additional 515 shares during the last quarter. Finally, Legal & General Group Plc boosted its position in MDC Partners by 0.9% in the first quarter. Legal & General Group Plc now owns 14,767 shares of the business services provider’s stock worth $139,000 after buying an additional 127 shares during the last quarter.
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About MDC Partners
MDC Partners Inc is a provider of global marketing, advertising, activation, communications and strategic consulting solutions. The Company and its subsidiary agencies (Partner Firms) deliver a range of customized services. The Company’s segments include Reportable Segment, All Other and Corporate. The Reportable segment consists of the Company’s integrated advertising, media and public relations service companies.
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