Silver Spring Networks Inc (SSNI) Sees Large Growth in Short Interest

Silver Spring Networks Inc (NYSE:SSNI) saw a large increase in short interest during the month of November. As of November 30th, there was short interest totalling 2,967,826 shares, an increase of 39.1% from the November 15th total of 2,133,411 shares. Based on an average trading volume of 985,948 shares, the short-interest ratio is currently 3.0 days. Approximately 7.4% of the company’s stock are sold short.

A number of equities analysts recently weighed in on the stock. JMP Securities lowered shares of Silver Spring Networks to a “market perform” rating in a report on Tuesday, September 19th. Raymond James Financial lowered shares of Silver Spring Networks from a “strong-buy” rating to a “mkt perform” rating in a report on Wednesday, September 20th. ValuEngine upgraded shares of Silver Spring Networks from a “sell” rating to a “hold” rating in a report on Monday, September 18th. BidaskClub downgraded shares of Silver Spring Networks from a “sell” rating to a “strong sell” rating in a research report on Friday, November 10th. Finally, Canaccord Genuity lifted their target price on shares of Silver Spring Networks from $11.50 to $16.25 and gave the stock a “hold” rating in a research report on Tuesday, September 19th. One equities research analyst has rated the stock with a sell rating, twelve have issued a hold rating and two have issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $14.95.

Shares of Silver Spring Networks (SSNI) opened at $16.23 on Tuesday. Silver Spring Networks has a 1 year low of $9.68 and a 1 year high of $16.24.

In related news, insider Raj Vaswani sold 14,273 shares of the business’s stock in a transaction that occurred on Thursday, October 5th. The shares were sold at an average price of $16.21, for a total value of $231,365.33. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Aysegul Ildeniz sold 16,189 shares of the business’s stock in a transaction that occurred on Friday, November 17th. The stock was sold at an average price of $16.13, for a total transaction of $261,128.57. Following the completion of the transaction, the chief operating officer now owns 19,664 shares of the company’s stock, valued at $317,180.32. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 215,368 shares of company stock valued at $3,480,194. 25.20% of the stock is owned by company insiders.

Large investors have recently bought and sold shares of the business. Legal & General Group Plc grew its position in Silver Spring Networks by 10.8% in the 2nd quarter. Legal & General Group Plc now owns 10,329 shares of the technology company’s stock worth $117,000 after purchasing an additional 1,005 shares during the period. Oppenheimer & Co. Inc. bought a new stake in shares of Silver Spring Networks during the 2nd quarter valued at $117,000. Stifel Financial Corp grew its position in shares of Silver Spring Networks by 19.3% during the 2nd quarter. Stifel Financial Corp now owns 14,100 shares of the technology company’s stock valued at $162,000 after acquiring an additional 2,285 shares during the period. Longfellow Investment Management Co. LLC bought a new stake in shares of Silver Spring Networks during the 3rd quarter valued at $162,000. Finally, Trexquant Investment LP bought a new stake in shares of Silver Spring Networks during the 2nd quarter valued at $171,000. 76.05% of the stock is owned by institutional investors and hedge funds.

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Silver Spring Networks Company Profile

Silver Spring Networks, Inc is engaged in creating, building and deploying large-scale networks and solutions enabling the Internet of things (IoT) for critical infrastructure. The Company provides a networking platform and solutions that enable utilities to transform the power grid infrastructure into the smart grid.

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