Schmitt Industries, Inc. (NASDAQ:SMIT) Short Interest Up 507.7% in May

Schmitt Industries, Inc. (NASDAQ:SMITGet Rating) was the target of a large increase in short interest in the month of May. As of May 15th, there was short interest totalling 31,600 shares, an increase of 507.7% from the April 30th total of 5,200 shares. Based on an average daily volume of 12,000 shares, the days-to-cover ratio is currently 2.6 days. Currently, 1.0% of the shares of the stock are sold short.

Shares of NASDAQ:SMIT traded down $0.05 on Wednesday, reaching $4.50. 997 shares of the company were exchanged, compared to its average volume of 13,898. The company has a current ratio of 1.34, a quick ratio of 0.77 and a debt-to-equity ratio of 3.00. Schmitt Industries has a 1-year low of $3.61 and a 1-year high of $6.76. The firm has a market cap of $17.22 million, a price-to-earnings ratio of -5.17 and a beta of 0.87. The company has a 50-day moving average of $4.66 and a 200-day moving average of $5.01.

An institutional investor recently bought a new position in Schmitt Industries stock. Meixler Investment Management Ltd. purchased a new position in shares of Schmitt Industries, Inc. (NASDAQ:SMITGet Rating) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 15,062 shares of the scientific and technical instruments company’s stock, valued at approximately $84,000. Meixler Investment Management Ltd. owned 0.40% of Schmitt Industries as of its most recent SEC filing. Hedge funds and other institutional investors own 20.95% of the company’s stock.

Schmitt Industries Company Profile (Get Rating)

Schmitt Industries, Inc, together with its subsidiaries, designs, manufactures, and sells test and measurement products worldwide. The company operates through two segments, Measurement and Ice Cream. The Measurement segment designs, manufactures, and sells laser and confocal chromatic white light sensors for distance measurement and dimensional sizing products under the Acuity brand name for various industrial applications, including manufacturing, lumber production, steel casting, glass and paper production, medical imaging, crane control and micron-level part, and surface inspection.

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