Presto Automation Inc. (NASDAQ:PRST) Sees Significant Increase in Short Interest

Presto Automation Inc. (NASDAQ:PRST) was the recipient of a large growth in short interest in March. As of March 31st, there was short interest totalling 3,040,000 shares, a growth of 84.2% from the March 15th total of 1,650,000 shares. Currently, 6.6% of the company’s stock are sold short. Based on an average daily trading volume, of 4,600,000 shares, the days-to-cover ratio is presently 0.7 days.

Wall Street Analyst Weigh In

Separately, Jefferies Financial Group began coverage on shares of Presto Automation in a research note on Monday, December 18th. They issued a “hold” rating and a $0.62 target price on the stock.

Presto Automation Stock Performance

Shares of Presto Automation stock traded up $0.01 during trading on Friday, reaching $0.20. The company had a trading volume of 1,619,556 shares, compared to its average volume of 2,144,116. The company has a market cap of $18.71 million, a price-to-earnings ratio of -0.16 and a beta of 1.68. The firm’s fifty day moving average is $0.24 and its 200-day moving average is $0.65. Presto Automation has a fifty-two week low of $0.14 and a fifty-two week high of $5.74.

Institutional Investors Weigh In On Presto Automation

A number of institutional investors have recently modified their holdings of PRST. Susquehanna International Group LLP bought a new stake in shares of Presto Automation during the 4th quarter valued at about $5,607,000. Kepos Capital LP bought a new stake in shares of Presto Automation during the 3rd quarter valued at about $673,000. Schechter Investment Advisors LLC grew its position in Presto Automation by 370.0% in the 3rd quarter. Schechter Investment Advisors LLC now owns 486,066 shares of the leader in drive-thru voice AI’s stock worth $695,000 after purchasing an additional 382,638 shares during the last quarter. BlackRock Inc. bought a new position in Presto Automation in the 2nd quarter worth about $1,125,000. Finally, Geode Capital Management LLC grew its position in Presto Automation by 906.4% in the 2nd quarter. Geode Capital Management LLC now owns 203,635 shares of the leader in drive-thru voice AI’s stock worth $1,063,000 after purchasing an additional 183,402 shares during the last quarter. Institutional investors own 20.94% of the company’s stock.

Presto Automation Company Profile

Presto Automation Inc engages in the provision of artificial intelligence (AI) and automation solutions to the restaurant enterprise technology industry in the United States. The company offers Presto Voice, an AI solution to quick service restaurants that completes complex orders, including large orders with multiple menu modifications and add-ons, with limited on-site restaurant staff intervention; and Presto Touch, a pay-at-table tablet solution to casual dining chains that enables self-serve ordering, payment processing, personalization, and gaming experiences for restaurant guests.