Schmitt Industries, Inc. (NASDAQ:SMIT) Sees Large Growth in Short Interest

Schmitt Industries, Inc. (NASDAQ:SMIT – Get Rating) was the target of a significant increase in short interest in April. As of April 15th, there was short interest totalling 6,200 shares, an increase of 148.0% from the March 31st total of 2,500 shares. Approximately 0.2% of the company’s stock are sold short. Based on an average trading volume of 11,000 shares, the short-interest ratio is presently 0.6 days.

A hedge fund recently bought a new stake in Schmitt Industries stock. Meixler Investment Management Ltd. acquired a new stake in Schmitt Industries, Inc. (NASDAQ:SMIT – Get Rating) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 15,062 shares of the scientific and technical instruments company’s stock, valued at approximately $84,000. Meixler Investment Management Ltd. owned about 0.40% of Schmitt Industries at the end of the most recent quarter. Institutional investors and hedge funds own 30.77% of the company’s stock.

Separately, TheStreet raised Schmitt Industries from a “d” rating to a “c-” rating in a research report on Friday, January 14th.

NASDAQ:SMIT opened at $4.47 on Friday. Schmitt Industries has a 12 month low of $3.61 and a 12 month high of $6.76. The company has a debt-to-equity ratio of 3.00, a current ratio of 1.34 and a quick ratio of 1.40. The firm has a market capitalization of $17.09 million, a PE ratio of -5.14 and a beta of 0.84. The business’s fifty day moving average price is $4.62 and its 200 day moving average price is $4.93.

About Schmitt Industries (Get Rating)

Schmitt Industries, Inc, together with its subsidiaries, designs, manufactures, and sells test and measurement products worldwide. The company operates through two segments, Measurement and Ice Cream. The Measurement segment designs, manufactures, and sells laser and confocal chromatic white light sensors for distance measurement and dimensional sizing products under the Acuity brand name for various industrial applications, including manufacturing, lumber production, steel casting, glass and paper production, medical imaging, crane control and micron-level part, and surface inspection.

Further Reading

• Get a free copy of the StockNews.com research report on Schmitt Industries (SMIT)
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