Short Interest in ShoreTel, Inc. (NASDAQ:SHOR) Drops By 26.5%
ShoreTel, Inc. (NASDAQ:SHOR) saw a large decrease in short interest during the month of July. As of July 31st, there was short interest totalling 811,697 shares, a decrease of 26.5% from the July 14th total of 1,103,897 shares. Based on an average daily trading volume, of 4,505,206 shares, the days-to-cover ratio is presently 0.2 days. Approximately 1.2% of the company’s stock are sold short.
A number of hedge funds and other institutional investors have recently made changes to their positions in SHOR. PEAK6 Investments L.P. increased its position in shares of ShoreTel by 92.9% in the first quarter. PEAK6 Investments L.P. now owns 22,686 shares of the communications equipment provider’s stock worth $140,000 after buying an additional 10,927 shares during the period. Virtu KCG Holdings LLC increased its position in shares of ShoreTel by 54.5% in the second quarter. Virtu KCG Holdings LLC now owns 22,827 shares of the communications equipment provider’s stock worth $132,000 after buying an additional 8,048 shares during the period. Princeton Alpha Management LP acquired a new position in shares of ShoreTel during the first quarter worth about $159,000. Marshall Wace North America L.P. acquired a new position in shares of ShoreTel during the second quarter worth about $162,000. Finally, Stevens Capital Management LP acquired a new position in shares of ShoreTel during the first quarter worth about $174,000. Hedge funds and other institutional investors own 86.37% of the company’s stock.
Shares of ShoreTel (SHOR) opened at 7.45 on Monday. ShoreTel has a 12-month low of $5.55 and a 12-month high of $8.50. The firm’s market cap is $510.45 million. The stock has a 50 day moving average price of $6.39 and a 200 day moving average price of $6.35.
ShoreTel (NASDAQ:SHOR) last announced its quarterly earnings data on Wednesday, August 2nd. The communications equipment provider reported $0.06 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.02 by $0.04. The firm had revenue of $95.72 million during the quarter, compared to the consensus estimate of $90.69 million. ShoreTel had a negative return on equity of 0.67% and a negative net margin of 3.48%. On average, equities analysts expect that ShoreTel will post $0.15 earnings per share for the current year.
Several research firms have recently commented on SHOR. BidaskClub raised ShoreTel from a “strong sell” rating to a “sell” rating in a report on Monday, July 31st. Lake Street Capital downgraded ShoreTel from a “buy” rating to a “hold” rating and set a $7.50 price objective for the company. in a report on Monday, July 31st. Sidoti downgraded ShoreTel from a “buy” rating to a “neutral” rating in a report on Friday, July 28th. Northland Securities downgraded ShoreTel from an “outperform” rating to a “market perform” rating and cut their price objective for the company from $10.00 to $7.50 in a report on Friday, July 28th. Finally, William Blair downgraded ShoreTel from an “outperform” rating to a “market perform” rating in a report on Thursday, July 27th. Two research analysts have rated the stock with a sell rating and six have issued a hold rating to the company’s stock. ShoreTel presently has an average rating of “Hold” and an average target price of $7.17.
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ShoreTel Company Profile
ShoreTel, Inc is a provider of business communication solutions. The Company is engaged in the design, development, marketing and sale of business communication solutions. The Company is focused on the small and medium sized businesses seeking a unified communications (UC) solution allowing them to communicate anytime, anyplace and through any device they chose.
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