Short Interest in SP Plus Co. (NASDAQ:SP) Declines By 22.1%

SP Plus Co. (NASDAQ:SP) saw a large decline in short interest in August. As of August 31st, there was short interest totalling 105,300 shares, a decline of 22.1% from the August 15th total of 135,200 shares. Based on an average trading volume of 64,500 shares, the days-to-cover ratio is currently 1.6 days. Currently, 0.6% of the company’s stock are short sold.

Institutional Investors Weigh In On SP Plus

Several large investors have recently made changes to their positions in SP. International Assets Investment Management LLC bought a new stake in SP Plus during the first quarter worth approximately $26,000. Dark Forest Capital Management LP bought a new stake in SP Plus during the first quarter worth approximately $27,000. Tower Research Capital LLC TRC boosted its position in SP Plus by 75.8% during the second quarter. Tower Research Capital LLC TRC now owns 1,004 shares of the business services provider’s stock worth $39,000 after purchasing an additional 433 shares during the period. Citigroup Inc. boosted its position in SP Plus by 44.5% during the fourth quarter. Citigroup Inc. now owns 2,272 shares of the business services provider’s stock worth $79,000 after purchasing an additional 700 shares during the period. Finally, Quantbot Technologies LP bought a new stake in SP Plus during the second quarter worth approximately $129,000. Institutional investors own 96.63% of the company’s stock.

SP Plus Stock Down 1.6 %

Shares of NASDAQ SP traded down $0.59 during trading hours on Friday, hitting $36.06. The stock had a trading volume of 229,989 shares, compared to its average volume of 53,998. The company has a market capitalization of $708.58 million, a P/E ratio of 18.40 and a beta of 1.34. The firm’s 50-day moving average price is $39.27 and its two-hundred day moving average price is $36.86. SP Plus has a 52 week low of $30.25 and a 52 week high of $42.29. The company has a debt-to-equity ratio of 1.46, a quick ratio of 0.76 and a current ratio of 0.76.

SP Plus (NASDAQ:SP) last announced its quarterly earnings results on Wednesday, August 2nd. The business services provider reported $0.78 EPS for the quarter, beating the consensus estimate of $0.64 by $0.14. The business had revenue of $221.30 million during the quarter, compared to analysts’ expectations of $220.41 million. SP Plus had a return on equity of 23.68% and a net margin of 2.35%. Analysts anticipate that SP Plus will post 2.96 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research firms have weighed in on SP. StockNews.com began coverage on SP Plus in a research note on Thursday, August 17th. They set a “buy” rating on the stock. Barrington Research lifted their target price on SP Plus from $50.00 to $52.00 and gave the company an “outperform” rating in a research note on Thursday, August 17th.

About SP Plus

SP Plus Corporation provides mobility solutions, parking management, ground transportation, baggage, and other ancillary services in North America. The company operates in Commercial and Aviation segments. It provides on-site parking management, valet parking, ground transportation, facility maintenance, event logistics, remote airline check-in, security, municipal meter revenue collection and enforcement, and consulting services, as well as shuttle bus vehicles and drivers; baggage services, including delivery of delayed luggage and baggage handling services; wheelchair assist services; baggage repair and replacement services; and on-street parking meter collection and other forms of parking enforcement services.