Formula Growth Ltd. Takes $3.02 Million Position in CS Disco, Inc. $LAW

Formula Growth Ltd. acquired a new position in CS Disco, Inc. (NYSE:LAW) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 800,000 shares of the company’s stock, valued at approximately $3,024,000. CS Disco makes up 1.1% of Formula Growth Ltd.’s investment portfolio, making the stock its 27th largest position. Formula Growth Ltd. owned 1.23% of CS Disco at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of LAW. Tower Research Capital LLC TRC lifted its position in CS Disco by 87.1% during the second quarter. Tower Research Capital LLC TRC now owns 9,968 shares of the company’s stock valued at $44,000 after purchasing an additional 4,639 shares in the last quarter. Abel Hall LLC purchased a new stake in CS Disco in the first quarter worth about $57,000. Algert Global LLC purchased a new stake in CS Disco in the third quarter worth about $70,000. Deutsche Bank AG bought a new position in shares of CS Disco in the second quarter worth about $75,000. Finally, Occudo Quantitative Strategies LP bought a new position in shares of CS Disco in the second quarter worth about $75,000. 58.05% of the stock is owned by institutional investors.

Insider Activity

In related news, insider Susan Garcia sold 6,840 shares of the business’s stock in a transaction that occurred on Monday, August 17th. The stock was sold at an average price of $4.18, for a total value of $28,591.20. Following the transaction, the insider directly owned 139,109 shares of the company’s stock, valued at approximately $581,475.62. The trade was a 4.69% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP Karen Herckis sold 8,487 shares of the company’s stock in a transaction that occurred on Monday, August 17th. The stock was sold at an average price of $4.18, for a total value of $35,475.66. Following the completion of the transaction, the executive vice president owned 181,824 shares of the company’s stock, valued at $760,024.32. The trade was a 4.46% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 31,267 shares of company stock valued at $130,696 in the last three months. 16.80% of the stock is currently owned by insiders.

CS Disco Stock Performance

Shares of CS Disco stock opened at $4.41 on Friday. CS Disco, Inc. has a fifty-two week low of $2.45 and a fifty-two week high of $9.11. The company has a market capitalization of $285.97 million, a P/E ratio of -6.99 and a beta of 1.90. The company has a fifty day moving average of $4.01 and a 200 day moving average of $3.92.

CS Disco (NYSE:LAW) last posted its quarterly earnings results on Wednesday, August 5th. The company reported ($0.06) EPS for the quarter, meeting analysts’ consensus estimates of ($0.06). CS Disco had a negative return on equity of 26.58% and a negative net margin of 24.20%.The business had revenue of $43.15 million for the quarter, compared to analysts’ expectations of $43.10 million.

Analyst Ratings Changes

A number of research analysts recently issued reports on LAW shares. Weiss Ratings upgraded CS Disco from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Thursday, July 2nd. Wall Street Zen lowered shares of CS Disco from a “buy” rating to a “hold” rating in a report on Saturday, May 9th. Two research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, CS Disco currently has a consensus rating of “Hold” and a consensus target price of $8.00.

CS Disco Profile

CS Disco, Inc is a provider of cloud-native, artificial intelligence-driven legal applications designed to streamline e-discovery, document review and compliance processes for law firms and corporate legal departments. The Austin, Texas–based company offers a unified platform that automates labor-intensive tasks using machine learning and predictive analytics, enabling legal professionals to process, search and review large volumes of data with greater speed and accuracy.

At the core of CS Disco’s product suite is its flagship e-discovery application, which supports early case assessment, data processing, review analytics and production workflows.