Short Interest in MillerKnoll, Inc. (NASDAQ:MLKN) Declines By 27.3%

MillerKnoll, Inc. (NASDAQ:MLKN) was the target of a significant drop in short interest in December. As of December 31st, there was short interest totalling 2,290,000 shares, a drop of 27.3% from the December 15th total of 3,150,000 shares. Based on an average daily volume of 701,300 shares, the short-interest ratio is currently 3.3 days. Approximately 3.4% of the shares of the stock are sold short.

Analyst Upgrades and Downgrades

Separately, StockNews.com upgraded MillerKnoll from a “hold” rating to a “buy” rating in a report on Wednesday.

MillerKnoll Price Performance

NASDAQ MLKN traded up $0.43 on Wednesday, reaching $21.90. 597,483 shares of the company’s stock traded hands, compared to its average volume of 601,220. The stock has a market cap of $1.49 billion, a PE ratio of 25.17, a P/E/G ratio of 0.96 and a beta of 1.23. MillerKnoll has a 12 month low of $20.89 and a 12 month high of $31.73. The stock has a 50-day simple moving average of $23.73 and a 200 day simple moving average of $25.66. The company has a debt-to-equity ratio of 0.99, a current ratio of 1.59 and a quick ratio of 0.93.

MillerKnoll (NASDAQ:MLKN) last released its earnings results on Wednesday, December 18th. The company reported $0.55 EPS for the quarter, beating the consensus estimate of $0.54 by $0.01. The company had revenue of $970.40 million for the quarter, compared to analyst estimates of $959.60 million. MillerKnoll had a net margin of 1.80% and a return on equity of 10.93%. The firm’s quarterly revenue was up 2.2% compared to the same quarter last year. During the same quarter last year, the firm earned $0.59 EPS. As a group, research analysts predict that MillerKnoll will post 2.17 earnings per share for the current year.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. EverSource Wealth Advisors LLC grew its position in MillerKnoll by 254.3% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,201 shares of the company’s stock worth $32,000 after acquiring an additional 862 shares during the last quarter. GAMMA Investing LLC boosted its stake in shares of MillerKnoll by 35.0% during the third quarter. GAMMA Investing LLC now owns 1,642 shares of the company’s stock valued at $41,000 after purchasing an additional 426 shares during the period. Meeder Asset Management Inc. bought a new position in shares of MillerKnoll in the third quarter worth approximately $84,000. DekaBank Deutsche Girozentrale grew its holdings in shares of MillerKnoll by 99.7% in the third quarter. DekaBank Deutsche Girozentrale now owns 4,640 shares of the company’s stock worth $112,000 after purchasing an additional 2,316 shares during the last quarter. Finally, Verition Fund Management LLC purchased a new position in shares of MillerKnoll in the third quarter worth $210,000. Hedge funds and other institutional investors own 87.50% of the company’s stock.

About MillerKnoll

MillerKnoll, Inc researches, designs, manufactures, and distributes interior furnishings worldwide. It operates through three segments: Americas Contract, International Contract & Specialty, and Global Retail. The company also provides seating products, furniture systems, other freestanding furniture elements, textiles, leather, felt, home furnishings and related services, casegoods, storage products, as well as residential, education, and healthcare furniture solutions.