Short Interest in Sono-Tek Co. (NASDAQ:SOTK) Declines By 23.7%

Sono-Tek Co. (NASDAQ:SOTKGet 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.

In related news, Director Joseph Riemer acquired 6,000 shares of the company’s stock in a transaction dated Tuesday, February 8th. The stock was bought at an average price of $5.21 per share, with a total value of $31,260.00. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders own 7.83% of the company’s stock.

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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