Stoneridge, Inc. (NYSE:SRI) Sees Large Drop in Short Interest

Stoneridge, Inc. (NYSE:SRI) was the target of a large decline in short interest in January. As of January 30th, there was short interest totaling 173,832 shares, a decline of 50.5% from the January 15th total of 351,476 shares. Approximately 0.6% of the shares of the stock are sold short. Based on an average daily volume of 154,447 shares, the days-to-cover ratio is presently 1.1 days. Based on an average daily volume of 154,447 shares, the days-to-cover ratio is presently 1.1 days. Approximately 0.6% of the shares of the stock are sold short.

Analysts Set New Price Targets

Several research analysts have commented on SRI shares. Barrington Research reaffirmed an “outperform” rating and set a $16.00 price objective on shares of Stoneridge in a research note on Monday, November 3rd. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Stoneridge in a research note on Monday, December 29th. One equities research analyst has rated the stock with a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Stoneridge has a consensus rating of “Hold” and a consensus price target of $16.00.

Stoneridge Price Performance

Shares of Stoneridge stock traded down $0.48 during mid-day trading on Thursday, reaching $8.56. 94,429 shares of the stock traded hands, compared to its average volume of 191,460. Stoneridge has a fifty-two week low of $3.54 and a fifty-two week high of $9.71. The stock has a market capitalization of $239.77 million, a PE ratio of -7.33 and a beta of 1.51. The company has a quick ratio of 1.33, a current ratio of 2.13 and a debt-to-equity ratio of 0.68. The business has a 50-day moving average of $6.39 and a 200 day moving average of $6.96.

Institutional Trading of Stoneridge

Hedge funds have recently added to or reduced their stakes in the company. AQR Capital Management LLC grew its holdings in Stoneridge by 213.7% during the 1st quarter. AQR Capital Management LLC now owns 533,470 shares of the auto parts company’s stock worth $2,449,000 after acquiring an additional 363,407 shares in the last quarter. Millennium Management LLC increased its holdings in Stoneridge by 3.0% in the first quarter. Millennium Management LLC now owns 954,577 shares of the auto parts company’s stock valued at $4,382,000 after buying an additional 28,037 shares during the last quarter. Goldman Sachs Group Inc. lifted its holdings in Stoneridge by 55.9% during the 1st quarter. Goldman Sachs Group Inc. now owns 490,160 shares of the auto parts company’s stock worth $2,250,000 after buying an additional 175,736 shares during the last quarter. Strs Ohio acquired a new position in shares of Stoneridge during the 1st quarter worth about $39,000. Finally, CWM LLC lifted its stake in Stoneridge by 38.4% during the second quarter. CWM LLC now owns 17,783 shares of the auto parts company’s stock worth $125,000 after purchasing an additional 4,934 shares during the last quarter. Institutional investors and hedge funds own 98.07% of the company’s stock.

Stoneridge Company Profile

Stoneridge, Inc (NYSE: SRI) is a global developer and manufacturer of highly engineered electrical and electronic components for the automotive and commercial vehicle markets. The company’s product offerings span a range of safety, convenience and control systems, delivering tailored solutions that help original equipment manufacturers (OEMs) meet increasingly stringent regulatory and performance requirements.

Among Stoneridge’s core products are rearview and side-view mirror systems, camera-based advanced driver assistance systems (ADAS) and interior and exterior lighting solutions.