Bankrate, Inc. (RATE) Sees Large Drop in Short Interest
Bankrate, Inc. (NYSE:RATE) was the recipient of a large drop in short interest in August. As of August 15th, there was short interest totalling 555,466 shares, a drop of 47.1% from the July 31st total of 1,049,743 shares. Currently, 1.2% of the shares of the stock are sold short. Based on an average daily trading volume, of 874,945 shares, the days-to-cover ratio is currently 0.6 days.
In other news, CEO Christopher J. Speltz sold 12,300 shares of the firm’s stock in a transaction on Thursday, June 22nd. The shares were sold at an average price of $11.95, for a total transaction of $146,985.00. Following the sale, the chief executive officer now owns 279,733 shares in the company, valued at approximately $3,342,809.35. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Steven Barnhart sold 9,712 shares of the firm’s stock in a transaction on Thursday, June 22nd. The shares were sold at an average price of $12.00, for a total transaction of $116,544.00. Following the sale, the chief financial officer now owns 295,222 shares in the company, valued at approximately $3,542,664. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 22,745 shares of company stock worth $273,021. Corporate insiders own 6.30% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in the stock. Dimensional Fund Advisors LP increased its stake in Bankrate by 9.2% in the second quarter. Dimensional Fund Advisors LP now owns 3,931,727 shares of the bank’s stock worth $50,522,000 after buying an additional 330,048 shares during the last quarter. Elk Creek Partners LLC increased its stake in Bankrate by 7.1% in the first quarter. Elk Creek Partners LLC now owns 1,695,563 shares of the bank’s stock worth $16,362,000 after buying an additional 111,699 shares during the last quarter. Renaissance Technologies LLC increased its stake in Bankrate by 6.9% in the first quarter. Renaissance Technologies LLC now owns 1,403,000 shares of the bank’s stock worth $13,539,000 after buying an additional 91,042 shares during the last quarter. Oaktop Capital Management II L.P. acquired a new stake in Bankrate during the second quarter worth about $14,501,000. Finally, Thrivent Financial For Lutherans increased its stake in Bankrate by 905.3% in the second quarter. Thrivent Financial For Lutherans now owns 1,014,059 shares of the bank’s stock worth $13,031,000 after buying an additional 913,189 shares during the last quarter. 47.24% of the stock is currently owned by institutional investors.
Bankrate (RATE) opened at 13.85 on Friday. The company’s 50 day moving average is $13.88 and its 200 day moving average is $11.65. Bankrate has a 12-month low of $7.10 and a 12-month high of $14.25. The company’s market cap is $1.23 billion.
Bankrate (NYSE:RATE) last released its quarterly earnings results on Monday, August 7th. The bank reported $0.13 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.14 by $0.01. The business had revenue of $115.90 million for the quarter, compared to analysts’ expectations of $117.60 million. Bankrate had a negative net margin of 4.61% and a positive return on equity of 6.50%. Bankrate’s revenue for the quarter was up 17.9% compared to the same quarter last year. During the same period in the previous year, the company earned $0.01 EPS. Analysts forecast that Bankrate will post $0.70 earnings per share for the current fiscal year.
Several analysts have recently weighed in on RATE shares. ValuEngine cut shares of Bankrate from a “buy” rating to a “hold” rating in a research report on Friday, June 2nd. BidaskClub raised shares of Bankrate from a “hold” rating to a “buy” rating in a report on Tuesday, June 20th. Sidoti lowered shares of Bankrate from a “buy” rating to a “neutral” rating and set a $14.00 target price on the stock. in a report on Monday, July 3rd. Needham & Company LLC lowered shares of Bankrate from a “buy” rating to a “hold” rating in a report on Wednesday, July 5th. Finally, Zacks Investment Research lowered shares of Bankrate from a “hold” rating to a “sell” rating in a report on Wednesday, July 5th. One research analyst has rated the stock with a sell rating, five have given a hold rating and four have issued a buy rating to the company. Bankrate currently has a consensus rating of “Hold” and a consensus target price of $12.71.
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Bankrate, Inc is a publisher, aggregator and distributor of personal finance content on the Internet. The Company provides consumers personal finance editorial content across multiple vertical categories, including mortgages, deposits, credit cards, senior care and other personal finance categories. The Company’s segments include Banking, Credit Cards, Senior Care and Other.
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