TAT Technologies Ltd. (NASDAQ:TATT) Sees Significant Growth in Short Interest

TAT Technologies Ltd. (NASDAQ:TATT) saw a significant growth in short interest during the month of June. As of June 15th, there was short interest totaling 715,232 shares, a growth of 88.1% from the May 31st total of 380,263 shares. Based on an average daily volume of 229,152 shares, the days-to-cover ratio is currently 3.1 days. Approximately 6.0% of the shares of the company are sold short.

TAT Technologies Price Performance

Shares of TATT stock traded down $0.51 during trading on Thursday, hitting $47.60. The company had a trading volume of 155,113 shares, compared to its average volume of 199,349. The company has a quick ratio of 2.46, a current ratio of 4.69 and a debt-to-equity ratio of 0.05. TAT Technologies has a 52 week low of $29.30 and a 52 week high of $64.50. The stock has a market capitalization of $617.85 million, a price-to-earnings ratio of 36.90 and a beta of 0.98. The stock’s 50-day moving average is $40.15 and its two-hundred day moving average is $45.67.

TAT Technologies (NASDAQ:TATT) last posted its quarterly earnings data on Thursday, May 21st. The aerospace company reported $0.26 earnings per share for the quarter, beating the consensus estimate of $0.19 by $0.07. TAT Technologies had a net margin of 9.27% and a return on equity of 9.47%. The firm had revenue of $41.15 million for the quarter, compared to analysts’ expectations of $40.25 million. As a group, analysts predict that TAT Technologies will post 1.52 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the stock. Weiss Ratings cut shares of TAT Technologies from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Monday, June 15th. Zacks Research raised TAT Technologies from a “strong sell” rating to a “hold” rating in a report on Friday, May 22nd. Stifel Nicolaus boosted their price objective on TAT Technologies from $47.00 to $60.00 and gave the company a “buy” rating in a research note on Friday, March 20th. Truist Financial raised TAT Technologies to a “strong-buy” rating in a report on Friday, May 1st. Finally, B. Riley Financial initiated coverage on TAT Technologies in a report on Wednesday, April 8th. They set a “buy” rating and a $61.00 target price for the company. Three analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $57.29.

Insiders Place Their Bets

In other news, insider Paul Maness sold 5,000 shares of the business’s stock in a transaction dated Wednesday, June 17th. The shares were sold at an average price of $45.41, for a total value of $227,050.00. Following the completion of the sale, the insider owned 5,000 shares of the company’s stock, valued at approximately $227,050. The trade was a 50.00% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, COO Jason Lewandowski sold 3,125 shares of the firm’s stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $39.22, for a total transaction of $122,562.50. Following the transaction, the chief operating officer directly owned 3,125 shares in the company, valued at approximately $122,562.50. This represents a 50.00% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 8.75% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On TAT Technologies

A number of hedge funds and other institutional investors have recently modified their holdings of TATT. Meitav Investment House Ltd. raised its holdings in shares of TAT Technologies by 0.3% during the 1st quarter. Meitav Investment House Ltd. now owns 1,211,860 shares of the aerospace company’s stock valued at $47,989,000 after buying an additional 3,122 shares in the last quarter. Wasatch Advisors LP lifted its position in TAT Technologies by 5.5% in the 3rd quarter. Wasatch Advisors LP now owns 824,238 shares of the aerospace company’s stock worth $36,291,000 after buying an additional 43,022 shares during the last quarter. Clal Insurance Enterprises Holdings Ltd boosted its stake in TAT Technologies by 26.5% in the first quarter. Clal Insurance Enterprises Holdings Ltd now owns 456,640 shares of the aerospace company’s stock worth $18,405,000 after buying an additional 95,756 shares in the last quarter. Migdal Insurance & Financial Holdings Ltd. raised its stake in shares of TAT Technologies by 92.1% during the fourth quarter. Migdal Insurance & Financial Holdings Ltd. now owns 386,996 shares of the aerospace company’s stock worth $17,283,000 after acquiring an additional 185,574 shares in the last quarter. Finally, Penn Capital Management Company LLC raised its stake in shares of TAT Technologies by 1,063.4% during the third quarter. Penn Capital Management Company LLC now owns 357,768 shares of the aerospace company’s stock worth $15,768,000 after acquiring an additional 327,015 shares in the last quarter. 15.13% of the stock is currently owned by hedge funds and other institutional investors.

TAT Technologies Company Profile

TAT Technologies Ltd. is a global provider of environmental control and thermal management solutions for the aerospace industry. The company specializes in the design, manufacturing and support of aircraft environmental control systems (ECS), heat exchangers and related components. Its product portfolio serves commercial and military airframers, engine manufacturers and airlines, offering critical systems that regulate cabin pressure, temperature and ventilation on fixed-wing and rotary aircraft.

Key offerings include air cycle machines, preconditioned air units, steam/water separators and specialty heat exchangers engineered to meet stringent aerospace standards.