Comtech Telecommunications Corp. (NASDAQ:CMTL) Sees Large Growth in Short Interest

Comtech Telecommunications Corp. (NASDAQ:CMTL) was the recipient of a large growth in short interest during the month of June. As of June 30th, there was short interest totaling 422,928 shares, a growth of 88.2% from the June 15th total of 224,681 shares. Based on an average daily volume of 1,396,558 shares, the days-to-cover ratio is presently 0.3 days. Currently, 1.4% of the shares of the company are short sold.

Hedge Funds Weigh In On Comtech Telecommunications

A number of hedge funds and other institutional investors have recently modified their holdings of CMTL. Kestra Advisory Services LLC bought a new stake in shares of Comtech Telecommunications in the fourth quarter worth about $26,000. Cresset Asset Management LLC bought a new position in shares of Comtech Telecommunications during the 3rd quarter valued at approximately $39,000. Hsbc Holdings PLC grew its holdings in shares of Comtech Telecommunications by 17.0% in the first quarter. Hsbc Holdings PLC now owns 22,609 shares of the communications equipment provider’s stock valued at $72,000 after purchasing an additional 3,278 shares in the last quarter. Cetera Investment Advisers increased its position in Comtech Telecommunications by 25.9% in the second quarter. Cetera Investment Advisers now owns 25,250 shares of the communications equipment provider’s stock worth $62,000 after purchasing an additional 5,192 shares during the last quarter. Finally, NewEdge Advisors LLC increased its position in Comtech Telecommunications by 175,873.3% in the fourth quarter. NewEdge Advisors LLC now owns 26,396 shares of the communications equipment provider’s stock worth $140,000 after purchasing an additional 26,381 shares during the last quarter.

Comtech Telecommunications Stock Performance

Comtech Telecommunications stock traded down $0.09 during midday trading on Thursday, hitting $1.67. The stock had a trading volume of 192,022 shares, compared to its average volume of 440,034. Comtech Telecommunications has a 52-week low of $1.66 and a 52-week high of $6.21. The company has a market capitalization of $49.88 million, a PE ratio of -0.75 and a beta of 1.51. The firm’s fifty day moving average is $3.44 and its two-hundred day moving average is $4.33. The company has a current ratio of 1.61, a quick ratio of 1.19 and a debt-to-equity ratio of 4.02.

Comtech Telecommunications (NASDAQ:CMTL) last issued its quarterly earnings results on Monday, June 15th. The communications equipment provider reported ($0.22) earnings per share for the quarter, beating the consensus estimate of ($0.27) by $0.05. The business had revenue of $106.00 million for the quarter, compared to the consensus estimate of $110.20 million. Comtech Telecommunications had a negative net margin of 5.52% and a positive return on equity of 9.77%. On average, research analysts forecast that Comtech Telecommunications will post -0.9 EPS for the current year.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the stock. Wall Street Zen upgraded shares of Comtech Telecommunications from a “sell” rating to a “hold” rating in a research report on Sunday. Weiss Ratings cut shares of Comtech Telecommunications from a “sell (d)” rating to a “sell (d-)” rating in a research note on Tuesday, June 30th. One research analyst has rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Reduce”.

Comtech Telecommunications Company Profile

Comtech Telecommunications Corporation (NASDAQ:CMTL), founded in 1969 and headquartered in Melville, New York, is a leading global provider of advanced communications solutions. The company designs, develops, and deploys equipment, systems, and services that enable secure and reliable transmission of voice, video, and data. Over its history, Comtech has built a reputation for innovation across satellite communications, wireless data systems, and public safety networks, serving both commercial and government customers worldwide.

Comtech operates through two primary business segments: Commercial Solutions and Government Solutions.