Cardlytics, Inc. (NASDAQ:CDLX) Short Interest Down 90.4% in June

Cardlytics, Inc. (NASDAQ:CDLX) was the recipient of a large decline in short interest during the month of June. As of June 15th, there was short interest totaling 728,104 shares, a decline of 90.4% from the May 31st total of 7,561,046 shares. Currently, 13.3% of the company’s shares are sold short. Based on an average daily volume of 121,479 shares, the days-to-cover ratio is presently 6.0 days.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on CDLX. Lake Street Capital set a $10.00 target price on Cardlytics in a research note on Friday, May 8th. Needham & Company LLC reiterated a “hold” rating on shares of Cardlytics in a research report on Thursday, June 18th. Bank of America restated an “underperform” rating on shares of Cardlytics in a report on Thursday, March 5th. Evercore set a $10.00 price objective on shares of Cardlytics in a report on Friday, March 6th. Finally, Wall Street Zen downgraded shares of Cardlytics from a “hold” rating to a “sell” rating in a research note on Saturday, June 13th. Two research analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, Cardlytics currently has an average rating of “Reduce” and an average price target of $10.00.

Insider Activity

In other Cardlytics news, insider Nicholas Hollmeyer Lynton sold 4,029 shares of the business’s stock in a transaction on Wednesday, April 1st. The shares were sold at an average price of $9.90, for a total transaction of $39,887.10. Following the transaction, the insider owned 16,785 shares in the company, valued at $166,171.50. The trade was a 19.36% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Amit Gupta sold 6,983 shares of the business’s stock in a transaction on Monday, April 6th. The shares were sold at an average price of $11.90, for a total transaction of $83,097.70. Following the transaction, the chief executive officer owned 98,738 shares in the company, valued at $1,174,982.20. This trade represents a 6.61% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last 90 days, insiders have sold 22,688 shares of company stock valued at $241,288. 5.90% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Cardlytics

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Virtu Financial LLC purchased a new position in Cardlytics in the fourth quarter worth $39,000. Qube Research & Technologies Ltd purchased a new stake in Cardlytics in the third quarter valued at about $55,000. Marshall Wace LLP purchased a new stake in Cardlytics in the second quarter valued at about $59,000. Renaissance Technologies LLC acquired a new stake in Cardlytics in the fourth quarter worth about $62,000. Finally, Barclays PLC grew its stake in shares of Cardlytics by 31,167.6% during the fourth quarter. Barclays PLC now owns 55,969 shares of the company’s stock worth $64,000 after acquiring an additional 55,790 shares during the last quarter. Hedge funds and other institutional investors own 68.10% of the company’s stock.

Cardlytics Price Performance

NASDAQ CDLX traded down $0.23 during midday trading on Friday, hitting $4.74. 98,204 shares of the company traded hands, compared to its average volume of 89,560. The company has a market cap of $27.53 million, a PE ratio of -0.27 and a beta of 0.58. Cardlytics has a 52 week low of $4.50 and a 52 week high of $32.80. The company’s 50-day simple moving average is $6.90 and its 200-day simple moving average is $9.00.

About Cardlytics

Cardlytics, Inc operates a purchase intelligence and marketing platform that connects advertisers with consumers through bank and credit card transaction data. The company partners with financial institutions to analyze anonymized purchase information, enabling brands to deliver highly targeted offers and rewards directly to customers’ online and mobile banking channels. By leveraging real-time insights into consumer spending habits, Cardlytics helps marketers optimize campaign performance and measure return on ad spend more accurately than traditional digital advertising methods.

At the core of Cardlytics’ offering is its proprietary purchase intelligence engine, which aggregates and anonymizes transaction data from partner banks and credit unions.