Short Interest in SP Plus Co. (NASDAQ:SP) Expands By 16.6%

SP Plus Co. (NASDAQ:SP – Get Rating) saw a large growth in short interest in February. As of February 28th, there was short interest totalling 245,200 shares, a growth of 16.6% from the February 13th total of 210,300 shares. Based on an average daily volume of 99,100 shares, the days-to-cover ratio is currently 2.5 days. Approximately 1.3% of the company’s stock are short sold.

SP Plus Trading Up 1.6 %

NASDAQ:SP opened at $32.54 on Wednesday. The company has a debt-to-equity ratio of 1.47, a quick ratio of 0.64 and a current ratio of 0.64. The firm has a market cap of $633.88 million, a price-to-earnings ratio of 15.21 and a beta of 1.36. SP Plus has a 52 week low of $27.69 and a 52 week high of $39.60. The firm has a 50-day moving average price of $36.16 and a two-hundred day moving average price of $34.66.

Analysts Set New Price Targets

Several equities analysts recently weighed in on SP shares. StockNews.com cut shares of SP Plus from a “buy” rating to a “hold” rating in a research report on Friday, March 3rd. Barrington Research raised their price target on shares of SP Plus from $48.00 to $50.00 and gave the company an “outperform” rating in a research report on Monday, February 27th.

Insider Transactions at SP Plus

In related news, CEO G Marc Baumann sold 10,408 shares of the firm’s stock in a transaction dated Monday, February 27th. The shares were sold at an average price of $34.36, for a total value of $357,618.88. Following the transaction, the chief executive officer now owns 175,471 shares of the company’s stock, valued at approximately $6,029,183.56. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 1.03% of the company’s stock.

Institutional Investors Weigh In On SP Plus

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Truist Financial Corp purchased a new stake in SP Plus in the 4th quarter valued at about $425,000. State of Wyoming increased its stake in SP Plus by 184.0% in the 4th quarter. State of Wyoming now owns 4,200 shares of the business services provider’s stock valued at $146,000 after buying an additional 2,721 shares during the last quarter. Squarepoint Ops LLC purchased a new stake in SP Plus in the 4th quarter valued at about $230,000. Mackenzie Financial Corp purchased a new stake in shares of SP Plus during the 4th quarter worth approximately $405,000. Finally, Man Group plc increased its stake in shares of SP Plus by 83.5% during the 4th quarter. Man Group plc now owns 16,700 shares of the business services provider’s stock worth $580,000 after purchasing an additional 7,600 shares during the last quarter. Hedge funds and other institutional investors own 98.85% of the company’s stock.

About SP Plus

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SP Plus Corp. provides professional parking, ground transportation, facility maintenance, security, event logistics, and baggage handling and related services to commercial, institutional, municipal and aviation clients. It also provides a wide range of event logistics services. The firm operates through the following segments: Commercial, Aviation, and Other.