Short Interest in Smith Micro Software, Inc. (NASDAQ:SMSI) Declines By 69.1%

Smith Micro Software, Inc. (NASDAQ:SMSI) saw a large drop in short interest during the month of June. As of June 30th, there was short interest totaling 124,477 shares, a drop of 69.1% from the June 15th total of 402,891 shares. Based on an average trading volume of 104,476 shares, the days-to-cover ratio is currently 1.2 days. Approximately 3.7% of the shares of the company are short sold.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Susquehanna International Group LLP increased its position in Smith Micro Software by 109.2% during the 3rd quarter. Susquehanna International Group LLP now owns 42,780 shares of the software maker’s stock valued at $31,000 after purchasing an additional 22,335 shares during the period. DRW Securities LLC purchased a new stake in shares of Smith Micro Software in the 4th quarter worth about $40,000. Renaissance Technologies LLC lifted its position in shares of Smith Micro Software by 41.7% in the 4th quarter. Renaissance Technologies LLC now owns 110,745 shares of the software maker’s stock worth $60,000 after purchasing an additional 32,604 shares during the period. Finally, Geode Capital Management LLC boosted its stake in shares of Smith Micro Software by 16.7% during the 4th quarter. Geode Capital Management LLC now owns 212,813 shares of the software maker’s stock valued at $115,000 after purchasing an additional 30,410 shares in the last quarter. Institutional investors own 20.80% of the company’s stock.

Smith Micro Software Price Performance

SMSI traded down $0.17 during trading on Monday, reaching $2.51. The stock had a trading volume of 69,626 shares, compared to its average volume of 106,981. The stock has a market cap of $12.83 million, a PE ratio of -0.36 and a beta of 0.70. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.37 and a current ratio of 1.37. Smith Micro Software has a one year low of $2.05 and a one year high of $6.50. The business has a 50-day moving average of $3.55 and a 200-day moving average of $3.29.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the company. Benchmark increased their target price on Smith Micro Software from $10.00 to $12.50 and gave the stock a “buy” rating in a research report on Friday, May 1st. Weiss Ratings upgraded Smith Micro Software from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Tuesday, July 7th. One investment analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $12.50.

About Smith Micro Software

Smith Micro Software, Inc, headquartered in Aliso Viejo, California, is a global provider of enterprise software solutions specializing in mobility management, device security and digital content distribution. Since its founding in 1982, Smith Micro has focused on delivering tools that enable wireless network operators, enterprises and software publishers to optimize performance, secure assets and manage licensing and distribution of digital media and applications.

Within its mobility and security segment, Smith Micro offers platforms for network offload, application acceleration, secure Wi-Fi connectivity and device management.