Short Interest in Casa Systems Inc (NASDAQ:CASA) Increases By 6.5%

Casa Systems Inc (NASDAQ:CASA) saw a significant growth in short interest during the month of June. As of June 30th, there was short interest totalling 1,045,800 shares, a growth of 6.5% from the May 30th total of 982,400 shares. Currently, 3.9% of the company’s shares are short sold. Based on an average daily volume of 331,100 shares, the days-to-cover ratio is currently 3.2 days.

Shares of CASA opened at $6.50 on Wednesday. The company has a quick ratio of 4.23, a current ratio of 5.12 and a debt-to-equity ratio of 4.47. Casa Systems has a one year low of $5.46 and a one year high of $16.75. The business has a 50-day moving average of $6.14. The stock has a market capitalization of $568.37 million, a price-to-earnings ratio of 14.74 and a beta of 0.75.

Casa Systems (NASDAQ:CASA) last issued its quarterly earnings data on Wednesday, May 1st. The company reported ($0.16) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.02 by ($0.18). Casa Systems had a return on equity of 51.33% and a net margin of 16.38%. The company had revenue of $35.50 million during the quarter, compared to analysts’ expectations of $55.83 million. During the same quarter last year, the business earned $0.23 earnings per share. The business’s quarterly revenue was down 60.2% on a year-over-year basis. Analysts anticipate that Casa Systems will post -0.01 earnings per share for the current fiscal year.

CASA has been the topic of several recent analyst reports. Zacks Investment Research raised Golub Capital BDC from a “hold” rating to a “buy” rating and set a $20.00 target price on the stock in a research note on Tuesday. ValuEngine cut Zumiez from a “hold” rating to a “sell” rating in a research note on Monday, May 13th. Finally, Morgan Stanley raised their target price on Visa from $175.00 to $191.00 and gave the stock an “overweight” rating in a research note on Thursday, July 11th. Seven analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus price target of $13.94.

Institutional investors and hedge funds have recently modified their holdings of the business. Paloma Partners Management Co purchased a new stake in Casa Systems in the fourth quarter worth about $149,000. D. E. Shaw & Co. Inc. lifted its holdings in Casa Systems by 17.3% in the fourth quarter. D. E. Shaw & Co. Inc. now owns 99,685 shares of the company’s stock worth $1,308,000 after buying an additional 14,692 shares during the period. Penserra Capital Management LLC purchased a new stake in Casa Systems in the first quarter worth about $241,000. Becker Capital Management Inc. purchased a new stake in Casa Systems in the first quarter worth about $410,000. Finally, Rhumbline Advisers lifted its holdings in Casa Systems by 66.4% in the fourth quarter. Rhumbline Advisers now owns 34,166 shares of the company’s stock worth $449,000 after buying an additional 13,634 shares during the period. Institutional investors and hedge funds own 66.85% of the company’s stock.

About Casa Systems

Casa Systems, Inc provides software-centric broadband products in North America, Latin America, the Asia-Pacific, Europe, the Middle East, and Africa. The company offers solutions that allow cable service providers to deliver voice, video, and data services over a single platform at multi-gigabit speeds.

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