Titan Machinery Inc. (NASDAQ:TITN) Short Interest Up 25.9% in August

Titan Machinery Inc. (NASDAQ:TITN) was the target of a large growth in short interest during the month of August. As of August 31st, there was short interest totalling 806,200 shares, a growth of 25.9% from the August 15th total of 640,500 shares. Based on an average daily trading volume, of 261,000 shares, the days-to-cover ratio is currently 3.1 days. Currently, 3.9% of the shares of the stock are short sold.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the stock. Northland Capmk cut Titan Machinery from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, August 20th. Northland Securities reissued a “market perform” rating and set a $25.00 price objective on shares of Titan Machinery in a research note on Friday. Lake Street Capital cut shares of Titan Machinery from a “buy” rating to a “hold” rating and set a $15.00 target price for the company. in a research note on Thursday, August 15th. StockNews.com downgraded Titan Machinery from a “hold” rating to a “sell” rating in a report on Friday, May 24th. Finally, Craig Hallum decreased their price objective on Titan Machinery from $25.00 to $16.00 and set a “buy” rating on the stock in a report on Thursday, August 15th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $21.00.

Titan Machinery Trading Up 0.5 %

Shares of Titan Machinery stock traded up $0.06 during trading hours on Friday, reaching $13.31. The stock had a trading volume of 164,754 shares, compared to its average volume of 232,259. The company has a current ratio of 1.27, a quick ratio of 0.13 and a debt-to-equity ratio of 0.18. Titan Machinery has a 1 year low of $12.30 and a 1 year high of $29.30. The firm has a market capitalization of $307.86 million, a price-to-earnings ratio of 3.20 and a beta of 1.26. The firm has a 50 day simple moving average of $15.25 and a two-hundred day simple moving average of $19.39.

Titan Machinery (NASDAQ:TITN) last announced its quarterly earnings results on Thursday, August 29th. The company reported $0.17 earnings per share for the quarter, missing analysts’ consensus estimates of $0.26 by ($0.09). Titan Machinery had a net margin of 2.11% and a return on equity of 10.38%. The business had revenue of $633.70 million for the quarter, compared to analyst estimates of $645.28 million. During the same period last year, the firm earned $1.38 earnings per share. The company’s quarterly revenue was down 1.4% on a year-over-year basis. As a group, equities research analysts anticipate that Titan Machinery will post 0.21 earnings per share for the current year.

Institutional Trading of Titan Machinery

Large investors have recently added to or reduced their stakes in the stock. Innealta Capital LLC acquired a new position in Titan Machinery during the 2nd quarter worth approximately $36,000. Canada Pension Plan Investment Board purchased a new position in shares of Titan Machinery in the second quarter valued at $37,000. nVerses Capital LLC grew its holdings in Titan Machinery by 118.2% during the 2nd quarter. nVerses Capital LLC now owns 2,400 shares of the company’s stock valued at $38,000 after purchasing an additional 1,300 shares in the last quarter. Quest Partners LLC purchased a new stake in Titan Machinery during the 4th quarter worth $165,000. Finally, Waterfront Wealth Inc. acquired a new position in Titan Machinery in the 2nd quarter worth $177,000. 78.38% of the stock is currently owned by institutional investors and hedge funds.

About Titan Machinery

Titan Machinery Inc owns and operates a network of full service agricultural and construction equipment stores in the United States, Europe, and Australia. It operates through four segments: Agriculture, Construction, Europe, and Australia. The company sells new and used equipment, including agricultural and construction equipment manufactured under the CNH Industrial family of brands, as well as equipment from various other manufacturers.