Conn’s Inc (NASDAQ:CONN) Sees Significant Increase in Short Interest

Conn’s Inc (NASDAQ:CONN) was the recipient of a large growth in short interest in the month of June. As of June 15th, there was short interest totalling 4,650,500 shares, a growth of 8.9% from the May 15th total of 4,268,700 shares. Approximately 22.7% of the shares of the company are short sold. Based on an average daily trading volume, of 435,500 shares, the days-to-cover ratio is currently 10.7 days.

A number of equities research analysts have commented on the stock. Zacks Investment Research lowered shares of H&E Equipment Services from a “hold” rating to a “sell” rating in a report on Wednesday. ValuEngine lowered shares of Intersect ENT from a “buy” rating to a “hold” rating in a report on Monday, June 3rd. BidaskClub downgraded shares of Westport Fuel Systems from a “buy” rating to a “hold” rating in a research report on Friday. Finally, TheStreet upgraded shares of Social Reality from a “d+” rating to a “c-” rating in a research report on Wednesday, April 17th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the stock. Conn’s has an average rating of “Hold” and an average price target of $36.00.

In related news, Chairman Norman Miller acquired 11,765 shares of the firm’s stock in a transaction on Tuesday, June 4th. The shares were purchased at an average price of $17.03 per share, with a total value of $200,357.95. Following the acquisition, the chairman now directly owns 388,761 shares in the company, valued at $6,620,599.83. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Also, COO Lee A. Wright acquired 5,882 shares of the firm’s stock in a transaction on Tuesday, June 4th. The shares were bought at an average cost of $17.03 per share, for a total transaction of $100,170.46. Following the acquisition, the chief operating officer now owns 203,189 shares in the company, valued at $3,460,308.67. The disclosure for this purchase can be found here. Insiders acquired a total of 27,647 shares of company stock worth $480,228 in the last three months. Insiders own 3.68% of the company’s stock.

Institutional investors and hedge funds have recently modified their holdings of the company. Investors Research Corp bought a new position in shares of Conn’s in the first quarter valued at $106,000. Metropolitan Life Insurance Co. NY grew its stake in shares of Conn’s by 339.6% in the fourth quarter. Metropolitan Life Insurance Co. NY now owns 6,959 shares of the specialty retailer’s stock valued at $131,000 after buying an additional 5,376 shares in the last quarter. Mason Street Advisors LLC bought a new position in shares of Conn’s in the first quarter valued at $179,000. State of Alaska Department of Revenue bought a new position in shares of Conn’s in the first quarter valued at $188,000. Finally, Victory Capital Management Inc. grew its stake in shares of Conn’s by 60.4% in the first quarter. Victory Capital Management Inc. now owns 8,813 shares of the specialty retailer’s stock valued at $201,000 after buying an additional 3,319 shares in the last quarter. 75.31% of the stock is owned by institutional investors.

Shares of NASDAQ:CONN traded up $0.37 during mid-day trading on Friday, reaching $18.95. The stock had a trading volume of 375,036 shares, compared to its average volume of 384,251. The company has a market cap of $604.92 million, a price-to-earnings ratio of 7.55, a PEG ratio of 0.30 and a beta of 2.25. The stock has a 50 day moving average of $17.71. The company has a debt-to-equity ratio of 1.90, a quick ratio of 4.28 and a current ratio of 5.41. Conn’s has a twelve month low of $15.40 and a twelve month high of $42.65.

Conn’s (NASDAQ:CONN) last announced its earnings results on Friday, May 31st. The specialty retailer reported $0.58 EPS for the quarter, topping the consensus estimate of $0.53 by $0.05. The firm had revenue of $353.50 million for the quarter, compared to the consensus estimate of $366.66 million. Conn’s had a net margin of 5.22% and a return on equity of 14.38%. The business’s quarterly revenue was down 1.4% on a year-over-year basis. During the same period last year, the company posted $0.39 EPS. On average, equities research analysts expect that Conn’s will post 2.74 EPS for the current fiscal year.

About Conn’s

Conn's, Inc operates as a specialty retailer of durable consumer goods and related services in the United States. It operates through two segments, Retail and Credit. The company's stores offer furniture and mattress, including furniture and related accessories for the living room, dining room, and bedroom, as well as traditional and specialty mattresses; and home appliances, such as refrigerators, freezers, washers, dryers, dishwashers, and ranges.

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