TESSCO Technologies Incorporated (NASDAQ:TESS) Short Interest Down 66.3% in May

TESSCO Technologies Incorporated (NASDAQ:TESSGet Rating) was the target of a large drop in short interest in the month of May. As of May 31st, there was short interest totalling 3,400 shares, a drop of 66.3% from the May 15th total of 10,100 shares. Based on an average daily trading volume, of 36,400 shares, the days-to-cover ratio is currently 0.1 days. Currently, 0.1% of the company’s shares are sold short.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Cetera Advisor Networks LLC purchased a new stake in shares of TESSCO Technologies during the third quarter valued at approximately $56,000. Advisor Group Holdings Inc. grew its holdings in TESSCO Technologies by 268.8% during the 3rd quarter. Advisor Group Holdings Inc. now owns 12,354 shares of the communications equipment provider’s stock valued at $69,000 after purchasing an additional 9,004 shares in the last quarter. Capital Management Corp VA grew its holdings in TESSCO Technologies by 15.2% during the 4th quarter. Capital Management Corp VA now owns 698,988 shares of the communications equipment provider’s stock valued at $4,411,000 after purchasing an additional 92,473 shares in the last quarter. Brown Advisory Inc. grew its holdings in TESSCO Technologies by 163.1% during the 4th quarter. Brown Advisory Inc. now owns 78,336 shares of the communications equipment provider’s stock valued at $494,000 after purchasing an additional 48,565 shares in the last quarter. Finally, BlackRock Inc. grew its holdings in TESSCO Technologies by 0.7% during the 1st quarter. BlackRock Inc. now owns 392,739 shares of the communications equipment provider’s stock valued at $2,373,000 after purchasing an additional 2,636 shares in the last quarter. Hedge funds and other institutional investors own 54.84% of the company’s stock.

Separately, StockNews.com assumed coverage on TESSCO Technologies in a research report on Monday, June 6th. They issued a “hold” rating on the stock.

Shares of TESS opened at $5.87 on Friday. TESSCO Technologies has a twelve month low of $5.08 and a twelve month high of $8.32. The firm has a market capitalization of $53.07 million, a P/E ratio of -19.57 and a beta of 0.97. The company has a current ratio of 1.85, a quick ratio of 1.11 and a debt-to-equity ratio of 0.57. The stock’s fifty day simple moving average is $6.03 and its 200 day simple moving average is $6.10.

TESSCO Technologies (NASDAQ:TESSGet Rating) last issued its earnings results on Tuesday, May 10th. The communications equipment provider reported ($0.12) earnings per share for the quarter, topping the consensus estimate of ($0.21) by $0.09. TESSCO Technologies had a negative return on equity of 4.37% and a negative net margin of 0.65%. The company had revenue of $101.59 million during the quarter, compared to the consensus estimate of $99.85 million. Sell-side analysts predict that TESSCO Technologies will post -0.51 earnings per share for the current year.

About TESSCO Technologies (Get Rating)

TESSCO Technologies Incorporated manufactures and distributes technology products and solutions for wireless infrastructure market in the United States and internationally. It operates through two segments, Carrier and Commercial. The company offers base station infrastructure products, including base station antennas, cable and transmission lines, small towers, lightning protection devices, connectors, power systems, enclosures, grounding products, jumpers, miscellaneous hardware products, and mobile antennas to build, repair, and upgrade wireless broadband systems.

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