Comtech Telecommunications Corp. (NASDAQ:CMTL) Sees Significant Increase in Short Interest

Comtech Telecommunications Corp. (NASDAQ:CMTL) was the target of a significant increase in short interest in October. As of October 15th, there was short interest totaling 616,738 shares, an increase of 84.7% from the September 30th total of 333,833 shares. Currently, 2.1% of the company’s shares are short sold. Based on an average daily trading volume, of 395,363 shares, the days-to-cover ratio is presently 1.6 days.

Comtech Telecommunications Trading Down 2.4%

NASDAQ CMTL opened at $1.24 on Tuesday. The stock has a market cap of $37.37 million, a P/E ratio of -0.54 and a beta of 1.72. The company’s fifty day simple moving average is $1.42 and its 200-day simple moving average is $3.18. The company has a current ratio of 0.84, a quick ratio of 0.80 and a debt-to-equity ratio of 2.17. Comtech Telecommunications has a 52 week low of $1.14 and a 52 week high of $6.21.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of CMTL. Vontobel Holding Ltd. bought a new position in Comtech Telecommunications in the 3rd quarter worth about $29,000. Squarepoint Ops LLC increased its stake in shares of Comtech Telecommunications by 61.7% in the second quarter. Squarepoint Ops LLC now owns 63,649 shares of the communications equipment provider’s stock valued at $134,000 after purchasing an additional 24,295 shares during the period. Globeflex Capital L P bought a new stake in shares of Comtech Telecommunications during the second quarter valued at approximately $269,000. Renaissance Technologies LLC boosted its position in shares of Comtech Telecommunications by 153.9% during the first quarter. Renaissance Technologies LLC now owns 235,649 shares of the communications equipment provider’s stock worth $782,000 after buying an additional 142,849 shares during the period. Finally, Cetera Investment Advisers boosted its position in shares of Comtech Telecommunications by 80.6% during the first quarter. Cetera Investment Advisers now owns 40,962 shares of the communications equipment provider’s stock worth $136,000 after buying an additional 18,287 shares during the period.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on CMTL shares. Northcoast Research assumed coverage on shares of Comtech Telecommunications in a report on Thursday, July 23rd. They set a “buy” rating and a $2.50 price objective on the stock. Weiss Ratings raised shares of Comtech Telecommunications from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Tuesday, October 6th. B. Riley Financial decreased their price target on shares of Comtech Telecommunications from $6.00 to $4.75 and set a “buy” rating on the stock in a report on Thursday, October 15th. Finally, Wall Street Zen raised shares of Comtech Telecommunications from a “sell” rating to a “hold” rating in a research note on Saturday, October 17th. Two analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Comtech Telecommunications has a consensus rating of “Hold” and a consensus price target of $3.62.

About Comtech Telecommunications

Comtech Telecommunications Corp. (NASDAQ: CMTL) is a technology company that develops communications infrastructure and systems for government, defense, public safety, commercial, and wireless-network customers. Founded in 1967, the company provides solutions designed to support reliable connectivity in remote, mobile, and mission-critical environments.

Its product and service offerings include satellite and terrestrial communications systems, satellite modems, high-performance data links, troposcatter communications equipment, location-based technologies, and network-management solutions.