HashiCorp, Inc. (NASDAQ:HCP) Short Interest Up 6.8% in March

HashiCorp, Inc. (NASDAQ:HCP) was the target of a large increase in short interest during the month of March. As of March 31st, there was short interest totalling 6,900,000 shares, an increase of 6.8% from the March 15th total of 6,460,000 shares. Based on an average daily trading volume, of 2,400,000 shares, the days-to-cover ratio is currently 2.9 days. Approximately 6.2% of the company’s shares are sold short.

Analyst Upgrades and Downgrades

Several analysts have recently commented on HCP shares. KeyCorp started coverage on shares of HashiCorp in a research report on Tuesday, March 19th. They set a “sector weight” rating for the company. Needham & Company LLC raised their price objective on shares of HashiCorp from $27.00 to $30.00 and gave the stock a “buy” rating in a research report on Monday, March 4th. TD Cowen raised their price objective on shares of HashiCorp from $23.00 to $26.00 and gave the stock a “market perform” rating in a research report on Wednesday, March 6th. StockNews.com raised shares of HashiCorp from a “sell” rating to a “hold” rating in a research report on Tuesday. Finally, JMP Securities reaffirmed a “market outperform” rating and set a $38.00 price objective on shares of HashiCorp in a research report on Thursday, March 7th. Six investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $28.77.

Insider Activity at HashiCorp

In related news, CEO David Mcjannet sold 33,331 shares of the firm’s stock in a transaction that occurred on Thursday, March 21st. The shares were sold at an average price of $27.38, for a total value of $912,602.78. Following the completion of the transaction, the chief executive officer now owns 326,912 shares in the company, valued at approximately $8,950,850.56. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In other HashiCorp news, CMO Marc Holmes sold 13,916 shares of the firm’s stock in a transaction that occurred on Wednesday, April 10th. The shares were sold at an average price of $26.30, for a total transaction of $365,990.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO David Mcjannet sold 33,331 shares of the firm’s stock in a transaction that occurred on Thursday, March 21st. The stock was sold at an average price of $27.38, for a total transaction of $912,602.78. Following the transaction, the chief executive officer now owns 326,912 shares of the company’s stock, valued at approximately $8,950,850.56. The disclosure for this sale can be found here. Insiders sold a total of 262,577 shares of company stock worth $6,484,004 in the last quarter. 26.13% of the stock is owned by insiders.

Institutional Investors Weigh In On HashiCorp

A number of hedge funds have recently made changes to their positions in HCP. Citigroup Inc. raised its stake in HashiCorp by 167.6% in the 4th quarter. Citigroup Inc. now owns 918 shares of the company’s stock valued at $25,000 after acquiring an additional 575 shares during the period. Geneos Wealth Management Inc. bought a new stake in HashiCorp in the 1st quarter valued at about $33,000. Tower Research Capital LLC TRC increased its position in shares of HashiCorp by 82.7% during the third quarter. Tower Research Capital LLC TRC now owns 1,692 shares of the company’s stock valued at $39,000 after buying an additional 766 shares during the period. Advisors Asset Management Inc. increased its position in shares of HashiCorp by 94.8% during the third quarter. Advisors Asset Management Inc. now owns 1,761 shares of the company’s stock valued at $40,000 after buying an additional 857 shares during the period. Finally, Osaic Holdings Inc. increased its position in shares of HashiCorp by 188.1% during the second quarter. Osaic Holdings Inc. now owns 1,769 shares of the company’s stock valued at $46,000 after buying an additional 1,155 shares during the period. 87.83% of the stock is currently owned by institutional investors.

HashiCorp Stock Performance

HCP traded up $0.11 during mid-day trading on Wednesday, reaching $23.77. 342,830 shares of the stock were exchanged, compared to its average volume of 2,303,763. The stock has a market capitalization of $4.74 billion, a PE ratio of -24.14 and a beta of 1.42. The company has a 50 day moving average price of $25.49 and a two-hundred day moving average price of $23.17. HashiCorp has a 1 year low of $18.91 and a 1 year high of $36.39.

HashiCorp (NASDAQ:HCP) last released its earnings results on Tuesday, March 5th. The company reported ($0.15) EPS for the quarter, topping analysts’ consensus estimates of ($0.21) by $0.06. The company had revenue of $155.78 million for the quarter, compared to analysts’ expectations of $149.47 million. HashiCorp had a negative return on equity of 15.58% and a negative net margin of 32.70%. Sell-side analysts expect that HashiCorp will post -0.8 EPS for the current fiscal year.

About HashiCorp

HashiCorp, Inc engages in the provision of multi-cloud infrastructure automation solutions worldwide. The company offers infrastructure provisioning products, including Terraform, that enables IT operations teams to apply an Infrastructure-as-Code approach, where processes and configuration required to support applications are codified and automated instead of being manual and ticket-based; Packer, that provides a consistent way to define the process of transforming the raw source inputs into a production worthy artifact, across any environment or packaging format; and Vagrant, that allows teams to define how development environments are set up.