Stoneridge, Inc. (NYSE:SRI) Sees Significant Increase in Short Interest
by Amy Steele · The Cerbat GemStoneridge, Inc. (NYSE:SRI – Get Free Report) was the target of a significant increase in short interest in the month of June. As of June 30th, there was short interest totaling 921,578 shares, an increase of 100.9% from the June 15th total of 458,810 shares. Currently, 3.7% of the shares of the stock are short sold. Based on an average daily trading volume, of 576,372 shares, the short-interest ratio is presently 1.6 days.
Wall Street Analyst Weigh In
Several research firms have recently issued reports on SRI. Weiss Ratings reissued a “sell (d-)” rating on shares of Stoneridge in a report on Wednesday, June 24th. Wall Street Zen downgraded Stoneridge from a “buy” rating to a “hold” rating in a research note on Sunday, March 22nd. Finally, Zacks Research cut shares of Stoneridge from a “hold” rating to a “strong sell” rating in a research report on Wednesday, May 27th. One equities research analyst has rated the stock with a Hold rating and two have given a Sell rating to the company. According to MarketBeat, Stoneridge presently has a consensus rating of “Sell” and a consensus price target of $16.00.
Get Our Latest Stock Analysis on Stoneridge
Stoneridge Price Performance
NYSE:SRI traded up $0.02 during mid-day trading on Wednesday, reaching $7.16. The stock had a trading volume of 125,852 shares, compared to its average volume of 358,461. Stoneridge has a 12 month low of $4.60 and a 12 month high of $9.71. The stock has a market capitalization of $202.20 million, a PE ratio of -1.62 and a beta of 1.85. The company has a debt-to-equity ratio of 1.00, a current ratio of 2.02 and a quick ratio of 1.37. The stock has a 50-day simple moving average of $7.26 and a two-hundred day simple moving average of $6.84.
Stoneridge (NYSE:SRI – Get Free Report) last released its earnings results on Thursday, May 7th. The auto parts company reported ($0.75) earnings per share for the quarter, missing the consensus estimate of $0.01 by ($0.76). The business had revenue of $160.85 million for the quarter, compared to the consensus estimate of $139.00 million. Stoneridge had a negative return on equity of 22.50% and a negative net margin of 15.24%. On average, equities analysts anticipate that Stoneridge will post -0.74 earnings per share for the current year.
Insider Activity at Stoneridge
In related news, Director William M. Lasky acquired 5,000 shares of the stock in a transaction on Friday, June 12th. The shares were purchased at an average price of $7.46 per share, for a total transaction of $37,300.00. Following the purchase, the director directly owned 192,666 shares in the company, valued at approximately $1,437,288.36. The trade was a 2.66% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Ira C. Kaplan acquired 5,000 shares of the company’s stock in a transaction on Wednesday, June 3rd. The stock was bought at an average cost of $7.54 per share, with a total value of $37,700.00. Following the completion of the acquisition, the director directly owned 100,046 shares in the company, valued at approximately $754,346.84. This represents a 5.26% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders own 11.00% of the company’s stock.
Institutional Trading of Stoneridge
Several institutional investors and hedge funds have recently modified their holdings of the business. AQR Capital Management LLC boosted its stake in Stoneridge by 213.7% in the first quarter. AQR Capital Management LLC now owns 533,470 shares of the auto parts company’s stock valued at $2,449,000 after buying an additional 363,407 shares in the last quarter. Millennium Management LLC raised its stake in Stoneridge by 3.0% during the first quarter. Millennium Management LLC now owns 954,577 shares of the auto parts company’s stock worth $4,382,000 after acquiring an additional 28,037 shares in the last quarter. Goldman Sachs Group Inc. lifted its holdings in shares of Stoneridge by 55.9% in the first quarter. Goldman Sachs Group Inc. now owns 490,160 shares of the auto parts company’s stock worth $2,250,000 after acquiring an additional 175,736 shares during the last quarter. Strs Ohio bought a new position in shares of Stoneridge in the first quarter worth about $39,000. Finally, JPMorgan Chase & Co. boosted its stake in shares of Stoneridge by 25.0% in the 2nd quarter. JPMorgan Chase & Co. now owns 614,538 shares of the auto parts company’s stock valued at $4,326,000 after purchasing an additional 122,897 shares in the last quarter. 98.07% of the stock is currently owned by institutional investors.
Stoneridge Company Profile
Stoneridge, Inc (NYSE: SRI) is a global developer and manufacturer of highly engineered electrical and electronic components for the automotive and commercial vehicle markets. The company’s product offerings span a range of safety, convenience and control systems, delivering tailored solutions that help original equipment manufacturers (OEMs) meet increasingly stringent regulatory and performance requirements.
Among Stoneridge’s core products are rearview and side-view mirror systems, camera-based advanced driver assistance systems (ADAS) and interior and exterior lighting solutions.