CS Disco, Inc. (NYSE:LAW) Short Interest Up 8.8% in March

CS Disco, Inc. (NYSE:LAW) was the target of a significant growth in short interest during the month of March. As of March 31st, there was short interest totalling 887,500 shares, a growth of 8.8% from the March 15th total of 815,500 shares. Currently, 3.7% of the shares of the company are sold short. Based on an average daily trading volume, of 199,400 shares, the days-to-cover ratio is currently 4.5 days.

CS Disco Stock Performance

Shares of NYSE:LAW traded down $0.02 during trading on Wednesday, reaching $7.71. 296,068 shares of the company traded hands, compared to its average volume of 202,428. CS Disco has a 52-week low of $5.07 and a 52-week high of $10.77. The business’s fifty day moving average is $7.58 and its 200-day moving average is $7.09.

CS Disco (NYSE:LAW) last announced its quarterly earnings results on Thursday, February 22nd. The company reported ($0.09) earnings per share for the quarter, beating the consensus estimate of ($0.20) by $0.11. The business had revenue of $35.74 million during the quarter, compared to analysts’ expectations of $34.94 million. CS Disco had a negative net margin of 30.52% and a negative return on equity of 19.09%. Equities research analysts predict that CS Disco will post -0.78 earnings per share for the current year.

Insiders Place Their Bets

In other CS Disco news, CFO Michael Lafair sold 8,614 shares of the company’s stock in a transaction dated Wednesday, February 28th. The shares were sold at an average price of $6.82, for a total transaction of $58,747.48. Following the sale, the chief financial officer now directly owns 826,345 shares of the company’s stock, valued at $5,635,672.90. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Company insiders own 22.30% of the company’s stock.

Institutional Investors Weigh In On CS Disco

Large investors have recently made changes to their positions in the business. Nisa Investment Advisors LLC bought a new stake in CS Disco in the fourth quarter valued at $27,000. Ensign Peak Advisors Inc bought a new stake in shares of CS Disco during the 3rd quarter valued at about $32,000. Quantbot Technologies LP purchased a new position in shares of CS Disco during the first quarter valued at about $33,000. State of Wyoming bought a new position in CS Disco in the second quarter worth about $35,000. Finally, Barclays PLC lifted its holdings in CS Disco by 67.6% in the fourth quarter. Barclays PLC now owns 6,054 shares of the company’s stock worth $38,000 after buying an additional 2,442 shares during the period. 58.05% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

LAW has been the topic of a number of recent research reports. JPMorgan Chase & Co. assumed coverage on CS Disco in a report on Monday, March 25th. They set a “neutral” rating and a $9.00 price objective on the stock. Needham & Company LLC reissued a “buy” rating and issued a $15.00 price target on shares of CS Disco in a report on Wednesday, April 10th. Finally, Piper Sandler upped their target price on shares of CS Disco from $6.50 to $7.50 and gave the stock a “neutral” rating in a research report on Friday, February 23rd. Four analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $10.31.

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.