BRP Inc. (NASDAQ:DOO) Shares Shorted: Short Interest Up 62.5% in October

BRP Inc. (NASDAQ:DOO) was the target of a large increase in short interest in the month of October. As of October 15th, there was short interest totaling 1,135,269 shares, an increase of 62.5% from the September 30th total of 698,456 shares. Approximately 1.6% of the shares of the company are sold short. Based on an average daily volume of 260,919 shares, the days-to-cover ratio is presently 4.4 days.

BRP Price Performance

DOO stock traded up $2.60 during trading on Monday, reaching $63.67. The company’s stock had a trading volume of 72,254 shares, compared to its average volume of 298,274. BRP has a 1 year low of $48.83 and a 1 year high of $81.89. The company has a quick ratio of 0.52, a current ratio of 1.19 and a debt-to-equity ratio of 7.31. The company has a market capitalization of $4.53 billion, a P/E ratio of 57.90 and a beta of 1.00. The company’s fifty day moving average is $58.59 and its 200-day moving average is $63.74.

BRP Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 13th. Stockholders of record on Tuesday, September 29th were given a C$0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 1.6%. The ex-dividend date was Tuesday, September 29th. BRP’s payout ratio is presently 65.45%.

Wall Street Analysts Forecast Growth

DOO has been the topic of several recent research reports. Wall Street Zen cut shares of BRP from a “buy” rating to a “hold” rating in a research note on Saturday, September 5th. National Bank Financial raised shares of BRP from a “sector perform” rating to an “outperform” rating in a report on Thursday, September 3rd. Citigroup upped their target price on shares of BRP from $74.00 to $77.00 and gave the company a “buy” rating in a report on Tuesday, September 8th. Zacks Research cut shares of BRP from a “strong-buy” rating to a “hold” rating in a report on Thursday, October 8th. Finally, TD Securities upgraded shares of BRP from a “hold” rating to a “buy” rating in a research report on Tuesday, August 18th. Six equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, BRP presently has an average rating of “Hold” and an average price target of $84.00.

Hedge Funds Weigh In On BRP

A number of hedge funds have recently made changes to their positions in DOO. Caitong International Asset Management Co. Ltd raised its stake in BRP by 4,070.6% during the 2nd quarter. Caitong International Asset Management Co. Ltd now owns 709 shares of the company’s stock valued at $43,000 after purchasing an additional 692 shares during the period. Nykredit A S purchased a new position in BRP in the 2nd quarter worth approximately $61,000. NewEdge Advisors LLC bought a new position in BRP in the 2nd quarter worth approximately $79,000. State of Wyoming boosted its stake in BRP by 21.4% in the 2nd quarter. State of Wyoming now owns 2,317 shares of the company’s stock worth $141,000 after purchasing an additional 408 shares during the period. Finally, Persistent Asset Partners Ltd bought a new position in BRP in the 2nd quarter worth approximately $214,000.

BRP Company Profile

BRP Inc is a Canadian powersports and recreational products manufacturer headquartered in Valcourt, Quebec. The company traces its origins to 1942, when Joseph-Armand Bombardier founded a business focused on tracked vehicles, and became an independent public company after separating from Bombardier Inc in 2003.

BRP develops, manufactures and distributes powersports vehicles and marine products. Its portfolio includes Ski-Doo snowmobiles, Sea-Doo personal watercraft, Can-Am side-by-side and three-wheel vehicles, Rotax engines, and marine brands such as Alumacraft and Manitou.