Wageworks Inc (NYSE:WAGE) Short Interest Down 6.8% in June

Wageworks Inc (NYSE:WAGE) was the recipient of a significant drop in short interest during the month of June. As of June 15th, there was short interest totalling 947,400 shares, a drop of 6.8% from the May 15th total of 1,016,800 shares. Based on an average daily volume of 509,600 shares, the days-to-cover ratio is presently 1.9 days. Approximately 2.4% of the shares of the company are short sold.

Wageworks stock traded up $0.26 during midday trading on Friday, hitting $51.05. 1,152,102 shares of the company were exchanged, compared to its average volume of 1,167,851. The company has a market cap of $2.04 billion, a price-to-earnings ratio of 62.26 and a beta of 1.43. Wageworks has a fifty-two week low of $25.15 and a fifty-two week high of $56.80. The stock’s fifty day simple moving average is $51.15. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.43 and a quick ratio of 1.43.

Wageworks (NYSE:WAGE) last issued its quarterly earnings data on Friday, June 28th. The business services provider reported $0.22 EPS for the quarter, missing the consensus estimate of $0.32 by ($0.10). Wageworks had a net margin of 4.10% and a return on equity of 3.58%. The business had revenue of $118.23 million during the quarter, compared to analyst estimates of $126.19 million. Equities research analysts expect that Wageworks will post 1.08 earnings per share for the current year.

Several brokerages have recently issued reports on WAGE. Wells Fargo & Co cut Mylan from an “outperform” rating to a “market perform” rating and reduced their price objective for the stock from $33.00 to $22.00 in a research note on Tuesday, May 7th. JMP Securities cut Wageworks from an “outperform” rating to a “market perform” rating in a research note on Friday, June 28th. Stifel Nicolaus set a $113.00 target price on Neurocrine Biosciences and gave the stock a “buy” rating in a report on Monday, July 15th. Zacks Investment Research reaffirmed a “hold” rating on shares of Western New England Bancorp in a report on Saturday, June 29th. Finally, SunTrust Banks lowered Wageworks from a “buy” rating to a “hold” rating in a report on Friday, June 28th. Six analysts have rated the stock with a hold rating, Wageworks presently has a consensus rating of “Hold” and an average price target of $54.50.

A number of institutional investors and hedge funds have recently modified their holdings of WAGE. Norges Bank acquired a new stake in Wageworks in the fourth quarter valued at approximately $11,403,000. Two Sigma Investments LP acquired a new stake in Wageworks in the fourth quarter valued at approximately $10,908,000. Chicago Capital LLC grew its holdings in Wageworks by 145.5% in the first quarter. Chicago Capital LLC now owns 663,707 shares of the business services provider’s stock valued at $25,062,000 after purchasing an additional 393,350 shares during the period. Eagle Asset Management Inc. grew its holdings in Wageworks by 55.0% in the first quarter. Eagle Asset Management Inc. now owns 934,458 shares of the business services provider’s stock valued at $35,285,000 after purchasing an additional 331,698 shares during the period. Finally, Two Sigma Advisers LP grew its holdings in Wageworks by 359.4% in the fourth quarter. Two Sigma Advisers LP now owns 386,040 shares of the business services provider’s stock valued at $10,485,000 after purchasing an additional 302,004 shares during the period. 98.75% of the stock is currently owned by institutional investors.

About Wageworks

WageWorks, Inc is a leader in administering Consumer-Directed Benefits (CDBs). WageWorks is solely dedicated to administering CDBs, including pre-tax spending accounts, such as Health Savings Accounts (HSAs), health and dependent care Flexible Spending Accounts (FSAs), Health Reimbursement Arrangements (HRAs), as well as Commuter Benefit Services, including transit and parking programs, wellness programs, COBRA, and other employee benefits.

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