Short Interest in CS Disco, Inc. (NYSE:LAW) Declines By 20.2%

CS Disco, Inc. (NYSE:LAW) was the recipient of a large drop in short interest in the month of October. As of October 31st, there was short interest totalling 609,900 shares, a drop of 20.2% from the October 15th total of 763,900 shares. Currently, 2.8% of the shares of the stock are short sold. Based on an average daily trading volume, of 123,200 shares, the days-to-cover ratio is presently 5.0 days.

Wall Street Analysts Forecast Growth

LAW has been the topic of a number of recent analyst reports. Jefferies Financial Group lifted their price objective on shares of CS Disco from $5.50 to $6.00 and gave the company a “hold” rating in a research note on Tuesday, October 29th. Needham & Company LLC reiterated a “buy” rating and issued a $8.00 price target on shares of CS Disco in a research note on Thursday, November 7th.

Institutional Investors Weigh In On CS Disco

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. California State Teachers Retirement System increased its position in CS Disco by 6.9% in the 1st quarter. California State Teachers Retirement System now owns 26,808 shares of the company’s stock valued at $218,000 after acquiring an additional 1,730 shares during the period. The Manufacturers Life Insurance Company increased its holdings in CS Disco by 27.0% in the second quarter. The Manufacturers Life Insurance Company now owns 13,498 shares of the company’s stock valued at $80,000 after purchasing an additional 2,871 shares during the period. Rhumbline Advisers increased its holdings in CS Disco by 8.4% in the second quarter. Rhumbline Advisers now owns 38,105 shares of the company’s stock valued at $227,000 after purchasing an additional 2,946 shares during the period. American Century Companies Inc. raised its position in CS Disco by 16.8% during the 2nd quarter. American Century Companies Inc. now owns 32,180 shares of the company’s stock worth $192,000 after purchasing an additional 4,632 shares during the last quarter. Finally, nVerses Capital LLC acquired a new position in CS Disco during the 2nd quarter worth about $36,000. Institutional investors own 58.05% of the company’s stock.

CS Disco Trading Down 2.6 %

LAW opened at $5.68 on Friday. The company’s 50 day moving average is $5.84 and its 200-day moving average is $5.92. The company has a market cap of $340.29 million, a P/E ratio of -9.47 and a beta of 2.07. CS Disco has a 1-year low of $4.71 and a 1-year high of $8.80.

CS Disco (NYSE:LAW) last issued its earnings results on Wednesday, November 6th. The company reported ($0.15) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.06). The company had revenue of $36.27 million during the quarter, compared to analyst estimates of $36.33 million. CS Disco had a negative net margin of 25.36% and a negative return on equity of 19.20%. The business’s quarterly revenue was up 3.8% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.02) EPS. On average, equities analysts forecast that CS Disco will post -0.69 EPS for the current year.

About CS Disco

CS Disco, Inc provides cloud-native and artificial intelligence-powered legal solutions for legal hold, legal request, ediscovery, legal document review, and case management in the United States and internationally. It offers DISCO Request, a solution that automates response compliance for legal requests; and DISCO Ediscovery, a solution that automates the ediscovery process and saves legal departments from manual tasks associated with collecting, processing, enriching, searching, reviewing, analyzing, producing, and using enterprise data that is at issue in legal matters.