Short Interest in CSP Inc. (NASDAQ:CSPI) Declines By 13.0%

CSP Inc. (NASDAQ:CSPI) saw a large drop in short interest in the month of August. As of August 31st, there was short interest totalling 246,900 shares, a drop of 13.0% from the August 15th total of 283,900 shares. Based on an average daily volume of 41,600 shares, the days-to-cover ratio is currently 5.9 days.

Insider Activity at CSP

In other CSP news, major shareholder Joseph R. Nerges bought 2,000 shares of the firm’s stock in a transaction that occurred on Wednesday, July 17th. The shares were bought at an average price of $14.38 per share, with a total value of $28,760.00. Following the purchase, the insider now owns 1,371,326 shares of the company’s stock, valued at $19,719,667.88. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In the last 90 days, insiders have acquired 5,740 shares of company stock valued at $79,191. 16.60% of the stock is owned by company insiders.

Hedge Funds Weigh In On CSP

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Renaissance Technologies LLC boosted its holdings in shares of CSP by 3.7% in the 2nd quarter. Renaissance Technologies LLC now owns 442,226 shares of the information technology services provider’s stock worth $6,589,000 after purchasing an additional 15,800 shares during the period. Vanguard Group Inc. boosted its holdings in shares of CSP by 102.4% in the 1st quarter. Vanguard Group Inc. now owns 409,566 shares of the information technology services provider’s stock worth $7,561,000 after purchasing an additional 207,253 shares during the period. Visionary Wealth Advisors boosted its holdings in shares of CSP by 3.3% in the 4th quarter. Visionary Wealth Advisors now owns 293,403 shares of the information technology services provider’s stock worth $5,868,000 after purchasing an additional 9,363 shares during the period. Mercer Global Advisors Inc. ADV boosted its holdings in shares of CSP by 122.5% in the 2nd quarter. Mercer Global Advisors Inc. ADV now owns 197,556 shares of the information technology services provider’s stock worth $2,944,000 after purchasing an additional 108,778 shares during the period. Finally, Apis Capital Advisors LLC boosted its holdings in shares of CSP by 50.0% in the 2nd quarter. Apis Capital Advisors LLC now owns 36,000 shares of the information technology services provider’s stock worth $536,000 after purchasing an additional 12,000 shares during the period. Hedge funds and other institutional investors own 26.74% of the company’s stock.

CSP Stock Down 4.8 %

NASDAQ CSPI traded down $0.62 during trading on Wednesday, hitting $12.26. 27,034 shares of the stock traded hands, compared to its average volume of 98,514. The company has a market capitalization of $119.58 million, a P/E ratio of 21.89 and a beta of 1.37. The firm has a 50-day simple moving average of $14.07 and a 200-day simple moving average of $15.37. CSP has a 12-month low of $7.76 and a 12-month high of $29.92.

CSP (NASDAQ:CSPI) last released its quarterly earnings results on Tuesday, August 13th. The information technology services provider reported ($0.02) earnings per share for the quarter. The firm had revenue of $13.11 million for the quarter. CSP had a net margin of 4.42% and a return on equity of 5.38%.

CSP Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 10th. Stockholders of record on Friday, August 23rd were issued a $0.03 dividend. This represents a $0.12 dividend on an annualized basis and a dividend yield of 0.98%. The ex-dividend date was Friday, August 23rd. CSP’s dividend payout ratio (DPR) is 21.43%.

Analysts Set New Price Targets

Separately, StockNews.com cut CSP from a “buy” rating to a “hold” rating in a report on Tuesday, August 20th.

About CSP

CSP Inc develops and markets IT integration solutions, security products, managed IT services, cloud services, purpose-built network adapters, and cluster computer systems for commercial and defense customers worldwide. It operates in two segments, Technology Solutions and High Performance Products. The Technology Solutions segment provides third-party computer hardware and software as a value-added reseller to various customers in web and infrastructure hosting, education, telecommunications, healthcare services, distribution, financial and professional services, and manufacturing industries.