Comtech Telecommunications Corp. (NASDAQ:CMTL) Sees Large Growth in Short Interest

Comtech Telecommunications Corp. (NASDAQ:CMTL) saw a large increase in short interest in the month of June. As of June 30th, there was short interest totaling 422,928 shares, an increase of 88.2% from the June 15th total of 224,681 shares. Based on an average trading volume of 1,396,558 shares, the short-interest ratio is currently 0.3 days. Approximately 1.4% of the company’s stock are sold short.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Renaissance Technologies LLC lifted its holdings in shares of Comtech Telecommunications by 153.9% during the first quarter. Renaissance Technologies LLC now owns 235,649 shares of the communications equipment provider’s stock valued at $782,000 after purchasing an additional 142,849 shares in the last quarter. Globeflex Capital L P bought a new stake in Comtech Telecommunications in the 1st quarter worth about $654,000. Cetera Investment Advisers increased its holdings in Comtech Telecommunications by 80.6% in the 1st quarter. Cetera Investment Advisers now owns 40,962 shares of the communications equipment provider’s stock worth $136,000 after buying an additional 18,287 shares in the last quarter. Hillsdale Investment Management Inc. purchased a new position in shares of Comtech Telecommunications during the first quarter valued at approximately $236,000. Finally, Hsbc Holdings PLC raised its holdings in shares of Comtech Telecommunications by 17.0% during the first quarter. Hsbc Holdings PLC now owns 22,609 shares of the communications equipment provider’s stock valued at $72,000 after purchasing an additional 3,278 shares during the last quarter.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on CMTL. Weiss Ratings downgraded shares of Comtech Telecommunications from a “sell (d)” rating to a “sell (d-)” rating in a research note on Tuesday, June 30th. Wall Street Zen raised Comtech Telecommunications from a “sell” rating to a “hold” rating in a research report on Sunday. One equities research analyst has rated the stock with a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Reduce”.

Comtech Telecommunications Stock Down 4.9%

Shares of NASDAQ CMTL traded down $0.09 during midday trading on Thursday, hitting $1.67. The stock had a trading volume of 192,022 shares, compared to its average volume of 440,034. The business’s 50 day moving average is $3.44 and its 200-day moving average is $4.33. The company has a market cap of $49.88 million, a P/E ratio of -0.75 and a beta of 1.51. Comtech Telecommunications has a 52 week low of $1.66 and a 52 week high of $6.21. The company has a quick ratio of 1.19, a current ratio of 1.61 and a debt-to-equity ratio of 4.02.

Comtech Telecommunications (NASDAQ:CMTL) last announced its quarterly earnings results on Monday, June 15th. The communications equipment provider reported ($0.22) earnings per share for the quarter, beating the consensus estimate of ($0.27) by $0.05. The company had revenue of $106.00 million during the quarter, compared to the consensus estimate of $110.20 million. Comtech Telecommunications had a negative net margin of 5.52% and a positive return on equity of 9.77%. As a group, analysts predict that Comtech Telecommunications will post -0.9 EPS for the current year.

About Comtech Telecommunications

Comtech Telecommunications Corporation (NASDAQ:CMTL), founded in 1969 and headquartered in Melville, New York, is a leading global provider of advanced communications solutions. The company designs, develops, and deploys equipment, systems, and services that enable secure and reliable transmission of voice, video, and data. Over its history, Comtech has built a reputation for innovation across satellite communications, wireless data systems, and public safety networks, serving both commercial and government customers worldwide.

Comtech operates through two primary business segments: Commercial Solutions and Government Solutions.