CS Disco (NYSE:LAW) Stock Price Down 2.8% – Here’s What Happened

CS Disco, Inc. (NYSE:LAW)’s share price dropped 2.8% on Tuesday . The stock traded as low as $7.15 and last traded at $7.1950. Approximately 100,588 shares changed hands during trading, a decline of 19% from the average daily volume of 124,512 shares. The stock had previously closed at $7.40.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on LAW. Jefferies Financial Group upped their price objective on CS Disco from $6.00 to $8.00 and gave the company a “hold” rating in a research report on Monday, January 5th. Weiss Ratings restated a “sell (d-)” rating on shares of CS Disco in a report on Wednesday, October 8th. Wall Street Zen upgraded shares of CS Disco from a “hold” rating to a “buy” rating in a report on Saturday, November 8th. Finally, Needham & Company LLC boosted their price objective on shares of CS Disco from $8.00 to $10.00 and gave the company a “buy” rating in a research report on Thursday, November 6th. One research analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $9.00.

CS Disco Stock Performance

The firm has a fifty day simple moving average of $7.50 and a 200 day simple moving average of $6.11. The company has a market cap of $449.62 million, a PE ratio of -7.12 and a beta of 2.09.

CS Disco (NYSE:LAW) last released its earnings results on Wednesday, November 5th. The company reported ($0.01) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.06) by $0.05. CS Disco had a negative net margin of 40.00% and a negative return on equity of 26.05%. The business had revenue of $40.92 million for the quarter, compared to analysts’ expectations of $38.52 million. As a group, equities analysts predict that CS Disco, Inc. will post -0.64 EPS for the current fiscal year.

Insider Buying and Selling at CS Disco

In related news, Director Thomas F. Bogan purchased 17,902 shares of the firm’s stock in a transaction on Friday, October 17th. The shares were bought at an average price of $5.94 per share, for a total transaction of $106,337.88. Following the acquisition, the director directly owned 157,160 shares in the company, valued at $933,530.40. This trade represents a 12.86% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is available at this link. In the last quarter, insiders have acquired 31,832 shares of company stock valued at $189,639. 16.10% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Topline Capital Management LLC raised its holdings in shares of CS Disco by 8.1% in the 3rd quarter. Topline Capital Management LLC now owns 3,206,003 shares of the company’s stock worth $20,711,000 after purchasing an additional 240,735 shares during the period. Vanguard Group Inc. grew its holdings in shares of CS Disco by 1.7% during the 3rd quarter. Vanguard Group Inc. now owns 1,959,087 shares of the company’s stock worth $12,656,000 after purchasing an additional 33,672 shares during the period. Formula Growth Ltd. increased its position in CS Disco by 3.8% during the 2nd quarter. Formula Growth Ltd. now owns 830,000 shares of the company’s stock worth $3,627,000 after purchasing an additional 30,000 shares in the last quarter. Norges Bank purchased a new position in CS Disco in the second quarter valued at approximately $2,863,000. Finally, Essex Investment Management Co. LLC acquired a new position in CS Disco during the third quarter valued at approximately $2,868,000. Institutional investors and hedge funds own 58.05% of the company’s stock.

CS Disco Company Profile

CS Disco, Inc is a provider of cloud-native, artificial intelligence-driven legal applications designed to streamline e-discovery, document review and compliance processes for law firms and corporate legal departments. The Austin, Texas–based company offers a unified platform that automates labor-intensive tasks using machine learning and predictive analytics, enabling legal professionals to process, search and review large volumes of data with greater speed and accuracy.

At the core of CS Disco’s product suite is its flagship e-discovery application, which supports early case assessment, data processing, review analytics and production workflows.