Stoneridge, Inc. (NYSE:SRI) Sees Significant Growth in Short Interest

Stoneridge, Inc. (NYSE:SRI) saw a large increase in short interest in April. As of April 15th, there was short interest totaling 520,413 shares, an increase of 21.9% from the March 31st total of 427,079 shares. Based on an average daily trading volume, of 278,256 shares, the days-to-cover ratio is currently 1.9 days. Currently, 1.9% of the shares of the stock are sold short.

Analyst Upgrades and Downgrades

SRI has been the topic of several analyst reports. Barrington Research lowered shares of Stoneridge from an “outperform” rating to a “market perform” rating in a report on Monday, March 16th. Zacks Research raised shares of Stoneridge to a “hold” rating in a report on Wednesday, March 18th. Weiss Ratings reissued a “sell (d-)” rating on shares of Stoneridge in a report on Friday, March 27th. Finally, Wall Street Zen lowered shares of Stoneridge from a “buy” rating to a “hold” rating in a report on Sunday, March 22nd. Two research analysts have rated the stock with a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Reduce” and an average price target of $16.00.

Stoneridge Stock Performance

Shares of SRI stock opened at $6.89 on Friday. The company has a market capitalization of $194.43 million, a P/E ratio of -1.86 and a beta of 1.85. Stoneridge has a 52 week low of $4.16 and a 52 week high of $9.71. The company’s 50 day moving average price is $6.35 and its two-hundred day moving average price is $6.45. The company has a debt-to-equity ratio of 1.01, a quick ratio of 1.45 and a current ratio of 2.30.

Stoneridge (NYSE:SRI) last issued its quarterly earnings results on Thursday, March 12th. The auto parts company reported ($0.53) earnings per share for the quarter, missing the consensus estimate of $0.02 by ($0.55). Stoneridge had a negative return on equity of 13.49% and a negative net margin of 11.94%.The business had revenue of $205.15 million for the quarter, compared to the consensus estimate of $211.70 million. On average, analysts expect that Stoneridge will post -0.31 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Stoneridge

Hedge funds and other institutional investors have recently modified their holdings of the company. Assenagon Asset Management S.A. lifted its holdings in shares of Stoneridge by 340.0% during the fourth quarter. Assenagon Asset Management S.A. now owns 256,791 shares of the auto parts company’s stock worth $1,487,000 after buying an additional 198,423 shares in the last quarter. 22NW LP lifted its holdings in shares of Stoneridge by 8.3% during the third quarter. 22NW LP now owns 2,105,600 shares of the auto parts company’s stock worth $16,045,000 after buying an additional 162,092 shares in the last quarter. Teton Advisors LLC acquired a new stake in shares of Stoneridge during the third quarter worth $198,000. AlphaQuest LLC acquired a new stake in shares of Stoneridge during the third quarter worth $193,000. Finally, Hsbc Holdings PLC lifted its holdings in shares of Stoneridge by 36.2% during the fourth quarter. Hsbc Holdings PLC now owns 112,891 shares of the auto parts company’s stock worth $658,000 after buying an additional 29,992 shares in the last quarter. Institutional investors and hedge funds own 98.07% of the company’s stock.

About Stoneridge

Stoneridge, Inc (NYSE: SRI) is a global developer and manufacturer of highly engineered electrical and electronic components for the automotive and commercial vehicle markets. The company’s product offerings span a range of safety, convenience and control systems, delivering tailored solutions that help original equipment manufacturers (OEMs) meet increasingly stringent regulatory and performance requirements.

Among Stoneridge’s core products are rearview and side-view mirror systems, camera-based advanced driver assistance systems (ADAS) and interior and exterior lighting solutions.