Short Interest in Rent-A-Center Inc (NASDAQ:RCII) Declines By 29.6%

Rent-A-Center Inc (NASDAQ:RCII) saw a large drop in short interest during the month of August. As of August 31st, there was short interest totalling 2,070,000 shares, a drop of 29.6% from the August 15th total of 2,940,000 shares. Based on an average daily trading volume, of 532,600 shares, the short-interest ratio is presently 3.9 days. Approximately 3.9% of the shares of the company are short sold.

A number of equities research analysts have recently weighed in on the company. BidaskClub downgraded Rent-A-Center from a “buy” rating to a “hold” rating in a report on Thursday, September 3rd. Janney Montgomery Scott lowered shares of Rent-A-Center from a “buy” rating to a “neutral” rating and set a $28.00 price target for the company. in a report on Wednesday, July 1st. They noted that the move was a valuation call. ValuEngine downgraded shares of Rent-A-Center from a “hold” rating to a “sell” rating in a research report on Tuesday, August 18th. Loop Capital raised their target price on shares of Rent-A-Center from $29.00 to $34.00 and gave the stock a “buy” rating in a report on Friday, August 7th. Finally, Zacks Investment Research upgraded Rent-A-Center from a “hold” rating to a “strong-buy” rating and set a $38.00 target price for the company in a research note on Tuesday, August 11th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, four have issued a buy rating and two have assigned a strong buy rating to the stock. Rent-A-Center currently has a consensus rating of “Buy” and an average price target of $31.67.

A number of hedge funds have recently modified their holdings of RCII. State Street Corp raised its stake in Rent-A-Center by 8.4% during the 1st quarter. State Street Corp now owns 1,622,279 shares of the company’s stock valued at $22,939,000 after acquiring an additional 125,086 shares in the last quarter. Goldman Sachs Group Inc. raised its stake in shares of Rent-A-Center by 35.6% during the second quarter. Goldman Sachs Group Inc. now owns 1,432,763 shares of the company’s stock valued at $39,860,000 after purchasing an additional 375,898 shares in the last quarter. Cloverdale Capital Management LLC lifted its holdings in Rent-A-Center by 61.3% in the first quarter. Cloverdale Capital Management LLC now owns 1,138,993 shares of the company’s stock worth $16,105,000 after purchasing an additional 432,946 shares during the period. Acadian Asset Management LLC grew its position in Rent-A-Center by 28.2% in the 1st quarter. Acadian Asset Management LLC now owns 1,105,959 shares of the company’s stock valued at $15,641,000 after buying an additional 242,950 shares in the last quarter. Finally, Geode Capital Management LLC grew its position in Rent-A-Center by 3.9% in the 1st quarter. Geode Capital Management LLC now owns 835,439 shares of the company’s stock valued at $11,812,000 after buying an additional 31,490 shares in the last quarter. 98.64% of the stock is owned by institutional investors and hedge funds.

RCII stock opened at $28.61 on Thursday. The stock has a market cap of $1.54 billion, a PE ratio of 10.00 and a beta of 1.58. The firm’s 50-day simple moving average is $30.89 and its 200 day simple moving average is $24.16. Rent-A-Center has a fifty-two week low of $11.69 and a fifty-two week high of $33.51. The company has a quick ratio of 0.74, a current ratio of 2.37 and a debt-to-equity ratio of 0.39.

Rent-A-Center (NASDAQ:RCII) last posted its earnings results on Wednesday, August 5th. The company reported $0.80 EPS for the quarter, topping the consensus estimate of $0.60 by $0.20. The firm had revenue of $683.75 million during the quarter, compared to analysts’ expectations of $606.96 million. Rent-A-Center had a net margin of 5.90% and a return on equity of 30.41%. Equities analysts forecast that Rent-A-Center will post 2.75 EPS for the current fiscal year.

About Rent-A-Center

Rent-A-Center, Inc, together with its subsidiaries, leases household durable goods to customers on a rent-to-own basis. The company operates through four segments: Core U.S., Acceptance Now, Mexico, and Franchising. It offers durable products, such as consumer electronics; appliances; computers, including tablets; smartphones; wheels and tires; and furniture, including accessories under rental purchase agreements.

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