Byrna Technologies Inc. (NASDAQ:BYRN) Sees Significant Growth in Short Interest

Byrna Technologies Inc. (NASDAQ:BYRN) was the recipient of a large growth in short interest in the month of October. As of October 15th, there was short interest totaling 2,024,506 shares, a growth of 93.5% from the September 30th total of 1,046,526 shares. Approximately 8.8% of the shares of the company are short sold. Based on an average daily trading volume, of 867,575 shares, the days-to-cover ratio is currently 2.3 days.

Insiders Place Their Bets

In other Byrna Technologies news, Director Leonard J. Elmore acquired 10,000 shares of Byrna Technologies stock in a transaction dated Thursday, August 6th. The stock was bought at an average cost of $4.64 per share, with a total value of $46,400.00. Following the acquisition, the director owned 60,811 shares of the company’s stock, valued at approximately $282,163.04. The trade was a 19.68% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Adam L. Roth bought 10,000 shares of the firm’s stock in a transaction dated Thursday, October 15th. The shares were acquired at an average price of $4.77 per share, for a total transaction of $47,700.00. Following the completion of the transaction, the director owned 19,379 shares in the company, valued at $92,437.83. This represents a 106.62% increase in their position. The SEC filing for this purchase provides additional information. In the last 90 days, insiders bought 25,000 shares of company stock valued at $116,750. Corporate insiders own 1.60% of the company’s stock.

Hedge Funds Weigh In On Byrna Technologies

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. MGO One Seven LLC grew its stake in Byrna Technologies by 18.9% during the third quarter. MGO One Seven LLC now owns 16,867 shares of the company’s stock worth $55,000 after buying an additional 2,684 shares during the last quarter. Squarepoint Ops LLC raised its stake in shares of Byrna Technologies by 9.0% in the second quarter. Squarepoint Ops LLC now owns 51,696 shares of the company’s stock valued at $347,000 after acquiring an additional 4,254 shares during the last quarter. Maverick Capital Ltd. boosted its holdings in shares of Byrna Technologies by 57.3% in the 1st quarter. Maverick Capital Ltd. now owns 18,430 shares of the company’s stock worth $169,000 after acquiring an additional 6,715 shares in the last quarter. Byrne Asset Management LLC boosted its holdings in shares of Byrna Technologies by 107.0% in the 3rd quarter. Byrne Asset Management LLC now owns 22,600 shares of the company’s stock worth $79,000 after acquiring an additional 11,680 shares in the last quarter. Finally, Demars Financial Group LLC acquired a new position in shares of Byrna Technologies in the 1st quarter worth approximately $112,000. 25.46% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

BYRN has been the subject of several recent research reports. Wall Street Zen raised shares of Byrna Technologies from a “strong sell” rating to a “sell” rating in a research report on Saturday, October 10th. Roth Capital cut shares of Byrna Technologies from a “buy” rating to a “neutral” rating and set a $4.50 price target for the company. in a research note on Friday, July 10th. B. Riley Financial decreased their price objective on Byrna Technologies from $12.00 to $11.00 and set a “buy” rating on the stock in a report on Monday, October 12th. Zacks Research upgraded Byrna Technologies from a “strong sell” rating to a “hold” rating in a research note on Tuesday, September 8th. Finally, Craig Hallum reissued a “hold” rating and issued a $3.50 target price on shares of Byrna Technologies in a report on Friday, October 9th. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $6.62.

Byrna Technologies Stock Performance

Shares of NASDAQ BYRN opened at $4.30 on Friday. The stock has a market cap of $100.66 million, a PE ratio of -10.75 and a beta of 1.70. The business has a fifty day moving average of $3.98 and a two-hundred day moving average of $7.03. Byrna Technologies has a 52-week low of $3.16 and a 52-week high of $21.19.

Byrna Technologies (NASDAQ:BYRN) last issued its earnings results on Thursday, October 8th. The company reported ($0.13) EPS for the quarter, beating the consensus estimate of ($0.16) by $0.03. Byrna Technologies had a negative net margin of 9.20% and a negative return on equity of 14.46%. The company had revenue of $15.30 million for the quarter, compared to the consensus estimate of $16.27 million. Analysts predict that Byrna Technologies will post -0.65 earnings per share for the current year.

Byrna Technologies Company Profile

Byrna Technologies Inc is a developer and manufacturer of non-lethal personal security products. The company’s product portfolio is centered on compact, CO2-powered launchers designed to provide an alternative to traditional firearms for personal protection, home security and professional use.

Byrna offers launchers, projectiles and related accessories, including chemical-irritant, kinetic and training ammunition. Its products are marketed through direct-to-consumer and wholesale channels and are intended for consumers, private security personnel, law enforcement agencies and other professional users.

The company was previously known as Security Devices International before adopting the Byrna Technologies name.