Sono-Tek Corporation (NASDAQ:SOTK) Shares Shorted: Short Interest Up 77.5% in October

Sono-Tek Corporation (NASDAQ:SOTK) was the recipient of a significant increase in short interest in October. As of October 15th, there was short interest totaling 66,018 shares, an increase of 77.5% from the September 30th total of 37,185 shares. Approximately 0.4% of the shares of the stock are short sold. Based on an average daily trading volume, of 184,691 shares, the short-interest ratio is presently 0.4 days.

Analyst Ratings Changes

A number of brokerages have commented on SOTK. Wall Street Zen lowered shares of Sono-Tek from a “strong-buy” rating to a “hold” rating in a report on Saturday, October 17th. Northland Securities upgraded shares of Sono-Tek from a “market perform” rating to an “outperform” rating and set a $7.00 price objective for the company in a research report on Monday, October 26th. Finally, Weiss Ratings downgraded shares of Sono-Tek from a “buy (b)” rating to a “buy (b-)” rating in a research note on Friday, October 23rd. Two investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Sono-Tek has a consensus rating of “Moderate Buy” and an average target price of $7.75.

Sono-Tek Stock Performance

NASDAQ SOTK traded down $0.39 during trading hours on Friday, reaching $4.81. 238,256 shares of the company’s stock were exchanged, compared to its average volume of 156,836. The company has a market capitalization of $75.76 million, a price-to-earnings ratio of 40.08 and a beta of 0.07. The company’s 50-day moving average is $5.37 and its two-hundred day moving average is $4.87. Sono-Tek has a one year low of $3.40 and a one year high of $7.48.

Sono-Tek (NASDAQ:SOTK) last posted its quarterly earnings data on Wednesday, October 14th. The industrial products company reported $0.02 earnings per share for the quarter, missing the consensus estimate of $0.04 by ($0.02). The firm had revenue of $5.23 million for the quarter, compared to analyst estimates of $5.54 million. Sono-Tek had a return on equity of 9.95% and a net margin of 9.32%. Research analysts predict that Sono-Tek will post 0.08 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Northwestern Mutual Wealth Management Co. bought a new position in Sono-Tek in the second quarter valued at $73,000. BlackRock Inc. acquired a new stake in Sono-Tek in the 2nd quarter valued at $179,000. Bard Associates Inc. bought a new stake in Sono-Tek during the 2nd quarter worth about $349,000. Finally, Renaissance Technologies LLC lifted its position in Sono-Tek by 41.6% during the 1st quarter. Renaissance Technologies LLC now owns 89,100 shares of the industrial products company’s stock worth $362,000 after buying an additional 26,161 shares in the last quarter. Institutional investors and hedge funds own 47.89% of the company’s stock.

Sono-Tek Company Profile

Sono-Tek Corporation is a precision technology company that designs and manufactures ultrasonic coating and spraying systems. Its equipment uses high-frequency ultrasonic energy to atomize liquids into controlled, uniform sprays, enabling manufacturers to apply thin films, coatings and other materials with minimal overspray and waste.

The company offers ultrasonic spray nozzles, integrated coating systems, precision liquid-dispensing equipment and automated or robotic platforms. Its technologies are used in applications including medical devices, electronics, fuel cells, solar and alternative-energy products, glass and other industrial components.