ServiceTitan Inc. (NASDAQ:TTAN) Short Interest Update

ServiceTitan Inc. (NASDAQ:TTAN) was the recipient of a significant increase in short interest in the month of September. As of September 15th, there was short interest totaling 3,190,000 shares, an increase of 92.2% from the August 31st total of 1,660,000 shares. Currently, 6.7% of the shares of the company are sold short. Based on an average daily volume of 1,220,000 shares, the days-to-cover ratio is currently 2.6 days. Based on an average daily volume of 1,220,000 shares, the days-to-cover ratio is currently 2.6 days. Currently, 6.7% of the shares of the company are sold short.

ServiceTitan Price Performance

Shares of NASDAQ TTAN opened at $101.14 on Tuesday. ServiceTitan has a fifty-two week low of $79.81 and a fifty-two week high of $131.33. The firm’s 50-day simple moving average is $108.08 and its 200 day simple moving average is $109.72. The company has a quick ratio of 4.49, a current ratio of 4.49 and a debt-to-equity ratio of 0.07. The stock has a market cap of $9.40 billion and a P/E ratio of -18.73.

Analysts Set New Price Targets

Several brokerages have recently issued reports on TTAN. Stifel Nicolaus boosted their price target on shares of ServiceTitan from $135.00 to $145.00 and gave the company a “buy” rating in a report on Friday, September 19th. Truist Financial boosted their price target on shares of ServiceTitan from $120.00 to $130.00 and gave the company a “buy” rating in a report on Friday, September 5th. Morgan Stanley boosted their price target on shares of ServiceTitan from $109.00 to $118.00 and gave the company an “equal weight” rating in a report on Friday, September 5th. Citigroup boosted their price target on shares of ServiceTitan from $111.00 to $123.00 and gave the company a “neutral” rating in a report on Tuesday, September 9th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of ServiceTitan in a report on Saturday, September 27th. One research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $132.67.

Insider Buying and Selling at ServiceTitan

In other ServiceTitan news, major shareholder Iconiq Strategic Partners V, L sold 52,082 shares of ServiceTitan stock in a transaction on Wednesday, July 9th. The shares were sold at an average price of $109.99, for a total value of $5,728,499.18. Following the completion of the transaction, the insider owned 648,606 shares of the company’s stock, valued at $71,340,173.94. The trade was a 7.43% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Ara Mahdessian sold 45,185 shares of ServiceTitan stock in a transaction on Thursday, August 21st. The stock was sold at an average price of $103.71, for a total transaction of $4,686,136.35. The disclosure for this sale can be found here. In the last three months, insiders sold 1,432,405 shares of company stock worth $164,372,303. Company insiders own 51.72% of the company’s stock.

Institutional Investors Weigh In On ServiceTitan

A number of hedge funds and other institutional investors have recently modified their holdings of TTAN. Bank of America Corp DE bought a new stake in shares of ServiceTitan during the fourth quarter valued at about $540,000. Renaissance Capital LLC bought a new stake in shares of ServiceTitan during the first quarter valued at about $1,921,000. Miracle Mile Advisors LLC bought a new stake in ServiceTitan in the first quarter worth about $1,180,000. Harbour Capital Advisors LLC bought a new stake in ServiceTitan in the first quarter worth about $252,000. Finally, Taylor Frigon Capital Management LLC bought a new stake in ServiceTitan in the first quarter worth about $2,487,000.

About ServiceTitan

ServiceTitan, Inc engages in the collection of field service activities required to install, maintain, and service the infrastructure and systems of residences and commercial buildings. The company was founded by Ara Mahdessian and Vahe Kuzoyan on June 8, 2008 and is headquartered in Glendale, CA.