Silver Spring Networks, Inc. (NYSE:SSNI) Stock Traded Above Its 50 Day Moving Average


Shares of the company are trading at $12.62 which is marginally higher than the 50 day moving average which is $11.63 and which is quite a bit higher than the 200 day moving average of $11.30. The 50 day moving average was up by +8.54% and the 200 day average was up $1.32. 548K shares changed hands in the last trading session. Shares saw a steep increase in trading volume of 90.00% over the normal average daily volume.

Short traders are feeling a little more bullish of late if you look at the change in short interest. The company recorded a fall in short interest between July 31, 2017 and August 15, 2017 of -1.81%. Short shares decreased 55,896 over that timeframe. Days to cover increased 8.0 to 8.0 and the percentage of shorted shares is 0.06% as of August 15.

There has been some selling insider activity on Silver Spring Networks, Inc. (NYSE:SSNI) recently. Raj Vaswani, Co-Founder sold $201,107 worth of shares at a price of $12.82 on August 17th. That brings the Co-Founder’s holdings to $8,115,534 per an SEC filing yesterday. Raj Vaswani, Co-Founder let go of $210,156 worth of shares at a price of $10.32 on Thu the 8th. Vaswani now owns $6,007,489 of stock as reported to the SEC.

The following firms have also recently changed their position in SSNI. As of the end of the quarter Neuberger Berman Group LLC had acquired a total of 197,957 shares growing its position 7.3%. The value of the company’s investment in Silver Spring Networks, Inc. increased from $30,420,000 to $32,626,000 a change of 7.3% quarter to quarter. As of quarter end Gam Holding Ag had sold 18,000 shares trimming its stake by 23.1%. The value of the investment in SSNI went from $878,000 to $675,000 decreasing 23.1% for the reporting period.

Raymond James Financial Services Advisors, Inc. trimmed its ownership by selling 25,920 shares a decrease of 45.5% from 12/31/2016 to 06/30/2017. Raymond James Financial Services Advisors, Inc. now controls 31,010 shares with a value of $350,000. The value of the position overall is down by 53.8%. As of the end of the quarter Two Sigma Advisers, Lp had disposed of a total of 7,100 shares trimming its holdings by 20.5%. The value of the investment in Silver Spring Networks, Inc. went from $392,000 to $311,000 a change of $81,000 since the last quarter.

August 14 investment analysts at Canaccord Genuity maintained a company rating of “Hold” but moved up the price target from $9.50 to $11.50.

The company is so far trading up from yesterday’s close of $12.54. As of the last earnings report the EPS was $-0.64 and is estimated to be $0.03 for the current year with 53,565,000 shares now outstanding. Next quarter’s EPS is estimated at $0.07 and the next full year EPS is anticipated to be $0.24.

Silver Spring Networks, Inc., launched on July 3, 2002, is involved 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. Its networking platform enables customers to communicate with devices connected to the power grid. Its networking platform comprises hardware, such as access points and relays; its communications modules; its SilverLinkOS network operating software, and its GridScape management and security software. The Company offers an array of solutions built upon SilverLink Network and Data platforms, including advanced metering, distribution automation, demand-side management, street lights and its wireless Internet protocol version 6 (IPv6) network service for the IoT, Starfish..