Sono-Tek Co. (NASDAQ:SOTK – Get Rating) was the recipient of a large decline in short interest during the month of April. As of April 15th, there was short interest totalling 33,800 shares, a decline of 23.7% from the March 31st total of 44,300 shares. Based on an average daily volume of 30,800 shares, the days-to-cover ratio is currently 1.1 days. Currently, 0.3% of the shares of the stock are short sold.
Separately, Zacks Investment Research upgraded Sono-Tek from a “sell” rating to a “hold” rating in a report on Tuesday, April 19th.
SOTK opened at $5.97 on Monday. The company has a 50-day moving average of $5.79 and a 200-day moving average of $6.33. The company has a market capitalization of $93.85 million, a P/E ratio of 39.80 and a beta of 0.27. Sono-Tek has a 1-year low of $2.67 and a 1-year high of $9.49.
Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Focused Wealth Management Inc increased its position in shares of Sono-Tek by 12.0% in the 1st quarter. Focused Wealth Management Inc now owns 16,790 shares of the industrial products company’s stock worth $113,000 after purchasing an additional 1,798 shares during the last quarter. Millennium Management LLC bought a new stake in shares of Sono-Tek in the 4th quarter worth about $227,000. O Shaughnessy Asset Management LLC bought a new stake in shares of Sono-Tek in the 4th quarter worth about $78,000. Acadian Asset Management LLC bought a new stake in shares of Sono-Tek in the 4th quarter worth about $134,000. Finally, First Republic Investment Management Inc. acquired a new position in shares of Sono-Tek in the 3rd quarter valued at about $175,000. 55.44% of the stock is owned by institutional investors.
Sono-Tek Company Profile (Get Rating)
Sono-Tek Corporation designs and manufactures ultrasonic coating systems for applying on parts and components for the microelectronics/electronics, alternative energy, medical, industrial, and research and development/other markets worldwide. It also designs and manufactures custom-engineered ultrasonic coating systems; and provides patented nozzles and generators for manufacturers' equipment.
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