TESSCO Technologies Incorporated (NASDAQ:TESS) Sees Large Decline in Short Interest

TESSCO Technologies Incorporated (NASDAQ:TESS) saw a large drop in short interest in December. As of December 31st, there was short interest totalling 18,700 shares, a drop of 80.7% from the December 15th total of 97,000 shares. Currently, 0.3% of the company’s stock are short sold. Based on an average trading volume of 243,100 shares, the days-to-cover ratio is presently 0.1 days.

Shares of NASDAQ TESS opened at $6.51 on Friday. The firm’s 50-day moving average price is $6.37 and its 200-day moving average price is $6.03. The company has a quick ratio of 1.25, a current ratio of 2.05 and a debt-to-equity ratio of 0.61. The company has a market cap of $58.38 million, a PE ratio of -9.04 and a beta of 1.09. TESSCO Technologies has a 52-week low of $5.08 and a 52-week high of $9.25.

TESSCO Technologies (NASDAQ:TESS) last announced its earnings results on Wednesday, October 27th. The communications equipment provider reported ($0.14) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.18) by $0.04. The company had revenue of $108.54 million during the quarter, compared to analyst estimates of $101.50 million. TESSCO Technologies had a negative net margin of 1.59% and a negative return on equity of 14.26%. During the same period in the previous year, the business posted ($0.03) earnings per share. As a group, equities research analysts anticipate that TESSCO Technologies will post -0.68 EPS for the current fiscal year.

Separately, Zacks Investment Research downgraded shares of TESSCO Technologies from a “buy” rating to a “hold” rating in a research report on Tuesday, November 16th.

In other news, major shareholder Lakeview Investment Group & Tr acquired 300,000 shares of the business’s stock in a transaction that occurred on Thursday, October 28th. The shares were bought at an average cost of $5.08 per share, with a total value of $1,524,000.00. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director J Timothy Bryan acquired 5,000 shares of the business’s stock in a transaction that occurred on Friday, October 29th. The shares were purchased at an average cost of $5.43 per share, for a total transaction of $27,150.00. The disclosure for this purchase can be found here. 24.30% of the stock is owned by company insiders.

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Capital Management Corp VA grew its position in TESSCO Technologies by 17.8% during the third quarter. Capital Management Corp VA now owns 606,515 shares of the communications equipment provider’s stock valued at $3,384,000 after buying an additional 91,790 shares during the period. Morgan Stanley lifted its holdings in TESSCO Technologies by 16.7% during the third quarter. Morgan Stanley now owns 37,173 shares of the communications equipment provider’s stock valued at $207,000 after purchasing an additional 5,317 shares in the last quarter. State Street Corp purchased a new position in TESSCO Technologies during the second quarter valued at approximately $162,000. Advisor Group Holdings Inc. lifted its holdings in TESSCO Technologies by 268.8% during the third quarter. Advisor Group Holdings Inc. now owns 12,354 shares of the communications equipment provider’s stock valued at $69,000 after purchasing an additional 9,004 shares in the last quarter. Finally, Squarepoint Ops LLC purchased a new position in TESSCO Technologies during the second quarter valued at approximately $75,000. Institutional investors own 73.85% of the company’s stock.

About TESSCO Technologies

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