Casa Systems, Inc. (NASDAQ:CASA) Sees Significant Drop in Short Interest

Posted by on Jun 17th, 2022

Casa Systems, Inc. (NASDAQ:CASA – Get Rating) was the target of a large decline in short interest in May. As of May 31st, there was short interest totalling 2,480,000 shares, a decline of 16.2% from the May 15th total of 2,960,000 shares. Based on an average trading volume of 4,080,000 shares, the days-to-cover ratio is currently 0.6 days. Currently, 8.0% of the company’s stock are short sold.

NASDAQ CASA opened at $3.56 on Friday. The stock’s 50 day moving average is $4.42 and its 200 day moving average is $4.63. The company has a current ratio of 4.20, a quick ratio of 3.05 and a debt-to-equity ratio of 5.52. Casa Systems has a 12 month low of $3.39 and a 12 month high of $9.75. The stock has a market cap of $335.28 million, a PE ratio of -8.76 and a beta of 1.00.

Casa Systems (NASDAQ:CASA – Get Rating) last posted its quarterly earnings results on Wednesday, May 4th. The company reported ($0.38) EPS for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.29). Casa Systems had a negative return on equity of 49.71% and a negative net margin of 9.72%. The business had revenue of $64.40 million during the quarter, compared to analysts’ expectations of $87.40 million. During the same period in the prior year, the firm posted $0.06 earnings per share. On average, analysts forecast that Casa Systems will post 0.1 EPS for the current fiscal year.

Several equities research analysts recently commented on CASA shares. TheStreet cut Casa Systems from a “c” rating to a “d+” rating in a research report on Friday, February 25th. Northland Securities dropped their price objective on Casa Systems from $10.00 to $6.00 in a research report on Thursday, May 5th. Finally, Barclays increased their price objective on Casa Systems from $7.00 to $9.00 and gave the company an “overweight” rating in a research report on Tuesday, April 19th. One analyst has rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Buy” and an average price target of $7.38.

In other Casa Systems news, Director William C. Styslinger III bought 83,923 shares of the stock in a transaction dated Wednesday, May 25th. The stock was purchased at an average cost of $4.01 per share, for a total transaction of $336,531.23. Following the completion of the acquisition, the director now owns 653,136 shares of the company’s stock, valued at $2,619,075.36. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director William C. Styslinger III bought 44,000 shares of the stock in a transaction dated Thursday, May 19th. The shares were acquired at an average price of $4.38 per share, with a total value of $192,720.00. Following the completion of the acquisition, the director now directly owns 569,213 shares of the company’s stock, valued at approximately $2,493,152.94. The disclosure for this purchase can be found here. Over the last ninety days, insiders have acquired 139,723 shares of company stock worth $576,333. Insiders own 64.80% of the company’s stock.

Institutional investors and hedge funds have recently modified their holdings of the company. BNP Paribas Arbitrage SA increased its position in shares of Casa Systems by 232.7% during the 1st quarter. BNP Paribas Arbitrage SA now owns 22,345 shares of the company’s stock valued at $101,000 after purchasing an additional 15,628 shares during the last quarter. Zebra Capital Management LLC increased its position in shares of Casa Systems by 51.9% during the 1st quarter. Zebra Capital Management LLC now owns 33,166 shares of the company’s stock valued at $149,000 after purchasing an additional 11,330 shares during the last quarter. Disciplined Growth Investors Inc. MN increased its position in shares of Casa Systems by 4.1% during the 1st quarter. Disciplined Growth Investors Inc. MN now owns 496,217 shares of the company’s stock valued at $2,243,000 after purchasing an additional 19,477 shares during the last quarter. Invesco Ltd. increased its position in shares of Casa Systems by 77.6% during the 1st quarter. Invesco Ltd. now owns 74,047 shares of the company’s stock valued at $334,000 after purchasing an additional 32,357 shares during the last quarter. Finally, Renaissance Technologies LLC increased its position in shares of Casa Systems by 9.2% during the 1st quarter. Renaissance Technologies LLC now owns 384,096 shares of the company’s stock valued at $1,736,000 after purchasing an additional 32,400 shares during the last quarter. 68.75% of the stock is currently owned by institutional investors and hedge funds.

About Casa Systems (Get Rating)

Casa Systems, Inc, a communications technology company, provides solutions for next-generation physical, virtualized, and cloud native architectures for cable broadband, fixed-line broadband, and wireless networks in North America, Latin America, the Asia-Pacific, Europe, the Middle East, and Africa.

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