Arlo Technologies, Inc. (NYSE:ARLO) Sees Significant Drop in Short Interest

Arlo Technologies, Inc. (NYSE:ARLO) saw a significant decline in short interest during the month of August. As of August 31st, there was short interest totalling 3,500,000 shares, a decline of 5.1% from the August 15th total of 3,690,000 shares. Based on an average trading volume of 932,800 shares, the days-to-cover ratio is currently 3.8 days.

Arlo Technologies Trading Down 0.5 %

NYSE:ARLO opened at $10.89 on Tuesday. Arlo Technologies has a 1 year low of $2.93 and a 1 year high of $11.54. The stock has a market cap of $1.02 billion, a price-to-earnings ratio of -16.75 and a beta of 1.65. The stock has a 50-day moving average price of $10.60 and a two-hundred day moving average price of $8.71.

Arlo Technologies (NYSE:ARLO) last posted its earnings results on Thursday, August 10th. The company reported ($0.08) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.10) by $0.02. Arlo Technologies had a negative return on equity of 62.09% and a negative net margin of 12.31%. The firm had revenue of $115.08 million during the quarter, compared to analysts’ expectations of $111.75 million. Sell-side analysts forecast that Arlo Technologies will post -0.31 earnings per share for the current year.

Insider Transactions at Arlo Technologies

In other news, CEO Matthew Blake Mcrae sold 187,623 shares of the business’s stock in a transaction on Friday, September 1st. The stock was sold at an average price of $9.82, for a total transaction of $1,842,457.86. Following the completion of the sale, the chief executive officer now owns 2,438,972 shares in the company, valued at $23,950,705.04. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 2.90% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its position in shares of Arlo Technologies by 13.9% during the third quarter. Vanguard Group Inc. now owns 7,090,278 shares of the company’s stock worth $32,898,000 after buying an additional 864,735 shares during the period. Nuveen Asset Management LLC boosted its position in shares of Arlo Technologies by 77.1% during the second quarter. Nuveen Asset Management LLC now owns 1,770,362 shares of the company’s stock worth $19,315,000 after buying an additional 770,980 shares during the period. G2 Investment Partners Management LLC acquired a new position in shares of Arlo Technologies during the first quarter worth about $4,494,000. Goldman Sachs Group Inc. boosted its position in shares of Arlo Technologies by 239.2% during the first quarter. Goldman Sachs Group Inc. now owns 1,013,652 shares of the company’s stock worth $8,981,000 after buying an additional 714,843 shares during the period. Finally, Rice Hall James & Associates LLC boosted its position in shares of Arlo Technologies by 18.1% during the first quarter. Rice Hall James & Associates LLC now owns 3,700,976 shares of the company’s stock worth $22,428,000 after buying an additional 568,457 shares during the period. 78.82% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on ARLO shares. BWS Financial lifted their price objective on Arlo Technologies from $11.00 to $17.00 and gave the stock a “buy” rating in a research note on Friday, August 11th. Lake Street Capital lifted their price objective on Arlo Technologies from $12.00 to $14.00 and gave the stock a “buy” rating in a research note on Friday, August 11th. Finally, Craig Hallum started coverage on Arlo Technologies in a research note on Thursday, June 29th. They set a “buy” rating and a $17.00 price objective for the company.

About Arlo Technologies

Arlo Technologies, Inc, together with its subsidiaries, provides a cloud-based platform in the Americas, Europe, the Middle East, Africa, and the Asia Pacific regions. It combines an intelligent cloud infrastructure and mobile app with various smart connected devices. The company offers Arlo Home Security System, an all-in-one multi-sensor that provides access to security experts for monitoring and responding to emergency situations; Arlo Pro 5S, a pro 5S 2K security camera; Arlo Go 2, a camera for monitoring remote areas, large properties, construction sites, vacation homes, boat or RV slips, and hard-to-access areas; Arlo Video Doorbell delivers direct-to-mobile video calls and personalized alerts; Arlo Floodlight Camera, a wire-free floodlight camera; Arlo Ultra 2; Arlo Essential XL spotlight camera for stand-alone home security; Arlo Essential Video Doorbell that enables users to see packages on the ground or visitors from head-to-toe on their mobile devices; Arlo Pro 4 camera; and Arlo Essential indoor camera; Arlo Go 2 LTE/Wi-Fi security camera.