Short Interest in Transcat, Inc. (NASDAQ:TRNS) Grows By 33.4%

Transcat, Inc. (NASDAQ:TRNS) was the recipient of a large growth in short interest in August. As of August 15th, there was short interest totalling 265,800 shares, a growth of 33.4% from the July 31st total of 199,300 shares. Based on an average daily trading volume, of 56,700 shares, the days-to-cover ratio is currently 4.7 days.

Transcat Stock Performance

Shares of TRNS opened at $123.46 on Friday. The firm’s 50-day simple moving average is $123.71 and its 200 day simple moving average is $117.86. Transcat has a 52 week low of $84.45 and a 52 week high of $147.12. The firm has a market cap of $1.13 billion, a P/E ratio of 77.65 and a beta of 0.68.

Transcat (NASDAQ:TRNS) last announced its earnings results on Monday, July 29th. The scientific and technical instruments company reported $0.48 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.28 by $0.20. Transcat had a net margin of 5.69% and a return on equity of 8.48%. The firm had revenue of $66.70 million for the quarter, compared to analyst estimates of $69.35 million. During the same quarter in the prior year, the business posted $0.38 EPS. The business’s revenue was up 10.1% compared to the same quarter last year. As a group, equities analysts forecast that Transcat will post 2.06 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Charles P. Hadeed sold 1,358 shares of the company’s stock in a transaction dated Wednesday, June 12th. The shares were sold at an average price of $130.00, for a total value of $176,540.00. Following the sale, the director now directly owns 21,320 shares of the company’s stock, valued at approximately $2,771,600. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders own 4.20% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in TRNS. Wasatch Advisors LP grew its position in shares of Transcat by 13.3% during the 4th quarter. Wasatch Advisors LP now owns 701,099 shares of the scientific and technical instruments company’s stock worth $76,651,000 after purchasing an additional 82,458 shares in the last quarter. Broadcrest Asset Management LLC boosted its position in shares of Transcat by 17.6% during the 4th quarter. Broadcrest Asset Management LLC now owns 400,000 shares of the scientific and technical instruments company’s stock worth $43,732,000 after acquiring an additional 60,000 shares in the last quarter. Hood River Capital Management LLC boosted its position in shares of Transcat by 21.6% during the 2nd quarter. Hood River Capital Management LLC now owns 196,838 shares of the scientific and technical instruments company’s stock worth $23,558,000 after acquiring an additional 34,947 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in shares of Transcat by 14.9% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 68,339 shares of the scientific and technical instruments company’s stock worth $7,472,000 after acquiring an additional 8,857 shares in the last quarter. Finally, Janus Henderson Group PLC boosted its position in shares of Transcat by 208.3% during the 1st quarter. Janus Henderson Group PLC now owns 10,297 shares of the scientific and technical instruments company’s stock worth $1,147,000 after acquiring an additional 6,957 shares in the last quarter. Institutional investors and hedge funds own 98.34% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the stock. Oppenheimer upped their target price on shares of Transcat from $125.00 to $160.00 and gave the company an “outperform” rating in a report on Wednesday, May 22nd. HC Wainwright reaffirmed a “buy” rating and issued a $156.00 target price on shares of Transcat in a report on Tuesday, July 30th. Craig Hallum decreased their price target on shares of Transcat from $150.00 to $138.00 and set a “buy” rating on the stock in a research note on Wednesday, July 31st. Northland Capmk lowered shares of Transcat from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, May 22nd. Finally, Northland Securities lowered shares of Transcat from an “outperform” rating to a “market perform” rating in a research note on Wednesday, May 22nd. Three investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $151.33.

Transcat Company Profile

Transcat, Inc provides calibration and laboratory instrument services in the United States, Canada, and internationally. It operates through two segments: Service and Distribution. The Service segment offers calibration, repair, inspection, analytical qualification, preventative maintenance, consulting, and other related services.