NVE Corp (NASDAQ:NVEC) Sees Large Decline in Short Interest
NVE Corp (NASDAQ:NVEC) saw a significant drop in short interest in July. As of July 31st, there was short interest totalling 77,000 shares, a drop of 12.1% from the June 30th total of 87,600 shares. Based on an average trading volume of 29,100 shares, the short-interest ratio is presently 2.6 days. Currently, 1.6% of the company’s stock are sold short.
In related news, Director Terrence Glarner sold 1,000 shares of the firm’s stock in a transaction that occurred on Tuesday, July 23rd. The shares were sold at an average price of $69.24, for a total transaction of $69,240.00. Following the completion of the sale, the director now owns 1,200 shares of the company’s stock, valued at $83,088. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 2.30% of the stock is owned by company insiders.
A number of large investors have recently bought and sold shares of the business. Institutional & Family Asset Management LLC boosted its stake in shares of NVE by 100.0% during the 1st quarter. Institutional & Family Asset Management LLC now owns 400 shares of the semiconductor company’s stock worth $39,000 after acquiring an additional 200 shares during the last quarter. Quantamental Technologies LLC boosted its stake in shares of NVE by 161.6% during the 2nd quarter. Quantamental Technologies LLC now owns 497 shares of the semiconductor company’s stock worth $35,000 after acquiring an additional 307 shares during the last quarter. Bank of Montreal Can boosted its stake in shares of NVE by 362.4% during the 2nd quarter. Bank of Montreal Can now owns 504 shares of the semiconductor company’s stock worth $35,000 after acquiring an additional 395 shares during the last quarter. BNP Paribas Arbitrage SA boosted its stake in shares of NVE by 49,850.0% during the 1st quarter. BNP Paribas Arbitrage SA now owns 999 shares of the semiconductor company’s stock worth $98,000 after acquiring an additional 997 shares during the last quarter. Finally, Metropolitan Life Insurance Co. NY boosted its stake in shares of NVE by 313.4% during the 4th quarter. Metropolitan Life Insurance Co. NY now owns 1,513 shares of the semiconductor company’s stock worth $132,000 after acquiring an additional 1,147 shares during the last quarter. 75.53% of the stock is owned by institutional investors and hedge funds.
NASDAQ:NVEC traded up $0.90 during trading hours on Wednesday, reaching $67.00. The company had a trading volume of 67,800 shares, compared to its average volume of 22,364. NVE has a 52 week low of $63.50 and a 52 week high of $121.20. The stock has a market cap of $315.48 million, a price-to-earnings ratio of 22.30 and a beta of 1.37. The company’s 50 day simple moving average is $68.24.
NVE (NASDAQ:NVEC) last posted its earnings results on Wednesday, July 17th. The semiconductor company reported $0.74 EPS for the quarter. NVE had a net margin of 55.22% and a return on equity of 16.97%. The business had revenue of $6.30 million during the quarter.
The business also recently announced a quarterly dividend, which will be paid on Friday, August 30th. Shareholders of record on Monday, July 29th will be given a $1.00 dividend. This represents a $4.00 dividend on an annualized basis and a yield of 5.97%. The ex-dividend date of this dividend is Friday, July 26th.
NVE Company Profile
NVE Corporation develops and sells devices that use spintronics, a nanotechnology that utilizes electron spin to acquire, store, and transmit information. The company manufactures spintronic products, including sensors and couplers for use in acquiring and transmitting data. Its products comprise standard sensors to detect the presence of a magnetic or metallic material to determine position or speed primarily for the factory automation market; and custom and medical sensors for medical devices to replace electromechanical magnetic switches.
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