Casa Systems Inc (NASDAQ:CASA) saw a large growth in short interest during the month of September. As of September 28th, there was short interest totalling 2,645,819 shares, a growth of 47.0% from the September 14th total of 1,799,702 shares. Based on an average trading volume of 978,624 shares, the short-interest ratio is presently 2.7 days. Approximately 9.1% of the company’s shares are sold short.
Several hedge funds have recently made changes to their positions in the company. HPM Partners LLC acquired a new position in shares of Casa Systems in the 2nd quarter valued at $213,000. Millennium Management LLC acquired a new position in Casa Systems in the 2nd quarter worth $8,329,000. Point72 Asset Management L.P. acquired a new position in Casa Systems in the 2nd quarter worth $15,563,000. Bank of America Corp DE boosted its stake in Casa Systems by 1,267.8% in the 2nd quarter. Bank of America Corp DE now owns 343,719 shares of the company’s stock worth $5,613,000 after purchasing an additional 318,589 shares during the period. Finally, Dynamic Technology Lab Private Ltd acquired a new position in Casa Systems in the 2nd quarter worth $510,000. 60.74% of the stock is owned by institutional investors.
Shares of CASA stock opened at $13.69 on Friday. Casa Systems has a 12-month low of $11.26 and a 12-month high of $34.21. The firm has a market capitalization of $1.27 billion and a PE ratio of 17.33. The company has a debt-to-equity ratio of 2.74, a current ratio of 5.54 and a quick ratio of 5.13.
Casa Systems (NASDAQ:CASA) last announced its quarterly earnings results on Tuesday, August 14th. The company reported $0.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.23 by $0.01. The firm had revenue of $68.70 million during the quarter, compared to analyst estimates of $90.64 million. Casa Systems’s revenue for the quarter was up 3.2% on a year-over-year basis. Equities analysts expect that Casa Systems will post 0.73 EPS for the current fiscal year.
Several equities analysts have recently issued reports on the stock. Zacks Investment Research raised shares of Casa Systems from a “sell” rating to a “hold” rating in a report on Friday, October 5th. Loop Capital raised shares of Casa Systems from a “hold” rating to a “buy” rating and set a $16.00 price target for the company in a report on Friday, August 24th. Northland Securities set a $17.00 price target on shares of Casa Systems and gave the company a “buy” rating in a report on Wednesday, August 15th. Finally, Morgan Stanley decreased their price target on shares of Casa Systems from $23.00 to $18.00 and set a “buy” rating for the company in a report on Thursday, August 16th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and six have assigned a buy rating to the company. The company has a consensus rating of “Buy” and an average target price of $23.38.
Casa Systems Company Profile
Casa Systems, Inc provides software-centric broadband products in North America, Latin America, the Asia-Pacific, Europe, the Middle East, and Africa. The company offers software-centric infrastructure solutions that allow cable service providers to deliver voice, video, and data services over a single platform at multi-gigabit speeds.
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