CS Disco, Inc. (NYSE:LAW) Sees Large Decrease in Short Interest

CS Disco, Inc. (NYSE:LAW) was the target of a significant decrease in short interest in the month of October. As of October 31st, there was short interest totalling 609,900 shares, a decrease of 20.2% from the October 15th total of 763,900 shares. Based on an average trading volume of 123,200 shares, the days-to-cover ratio is presently 5.0 days. Approximately 2.8% of the shares of the company are sold short.

Analyst Ratings Changes

A number of equities research analysts recently commented on LAW shares. Jefferies Financial Group boosted their target price on shares of CS Disco from $5.50 to $6.00 and gave the stock a “hold” rating in a research report on Tuesday, October 29th. Needham & Company LLC reiterated a “buy” rating and set a $8.00 price target on shares of CS Disco in a research report on Thursday, November 7th.

CS Disco Stock Performance

NYSE:LAW traded down $0.20 during trading hours on Friday, reaching $5.48. 200,136 shares of the company were exchanged, compared to its average volume of 123,862. CS Disco has a 52-week low of $4.71 and a 52-week high of $8.80. The stock has a 50 day simple moving average of $5.85 and a 200 day simple moving average of $5.90.

CS Disco (NYSE:LAW) last released its quarterly earnings data on Wednesday, November 6th. The company reported ($0.15) EPS for the quarter, missing the consensus estimate of ($0.09) by ($0.06). CS Disco had a negative net margin of 25.36% and a negative return on equity of 19.20%. The company had revenue of $36.27 million during the quarter, compared to analysts’ expectations of $36.33 million. During the same period last year, the business earned ($0.02) earnings per share. The company’s revenue for the quarter was up 3.8% compared to the same quarter last year. Analysts expect that CS Disco will post -0.69 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. California State Teachers Retirement System lifted its holdings in CS Disco by 6.9% in the first quarter. California State Teachers Retirement System now owns 26,808 shares of the company’s stock worth $218,000 after acquiring an additional 1,730 shares during the last quarter. State Street Corp raised its position in shares of CS Disco by 0.4% during the 3rd quarter. State Street Corp now owns 507,626 shares of the company’s stock worth $2,985,000 after purchasing an additional 1,995 shares during the period. The Manufacturers Life Insurance Company lifted its holdings in shares of CS Disco by 27.0% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 13,498 shares of the company’s stock worth $80,000 after purchasing an additional 2,871 shares during the last quarter. Rhumbline Advisers boosted its position in CS Disco by 8.4% during the 2nd quarter. Rhumbline Advisers now owns 38,105 shares of the company’s stock valued at $227,000 after purchasing an additional 2,946 shares during the period. Finally, American Century Companies Inc. grew its stake in CS Disco by 16.8% during the 2nd quarter. American Century Companies Inc. now owns 32,180 shares of the company’s stock worth $192,000 after buying an additional 4,632 shares during the last quarter. 58.05% of the stock is owned by institutional investors and hedge funds.

CS Disco Company Profile

CS Disco, Inc provides cloud-native and artificial intelligence-powered legal solutions for legal hold, legal request, ediscovery, legal document review, and case management in the United States and internationally. It offers DISCO Request, a solution that automates response compliance for legal requests; and DISCO Ediscovery, a solution that automates the ediscovery process and saves legal departments from manual tasks associated with collecting, processing, enriching, searching, reviewing, analyzing, producing, and using enterprise data that is at issue in legal matters.