Data Storage Corp. (NASDAQ:DTST) Sees Large Decline in Short Interest

Data Storage Corp. (NASDAQ:DTST) saw a significant decline in short interest in July. As of July 15th, there was short interest totaling 28,063 shares, a decline of 37.3% from the June 30th total of 44,772 shares. Approximately 1.5% of the company’s stock are short sold. Based on an average trading volume of 13,954 shares, the short-interest ratio is presently 2.0 days.

Data Storage Stock Performance

Shares of Data Storage stock traded up $0.15 on Friday, reaching $3.05. The stock had a trading volume of 9,932 shares, compared to its average volume of 28,642. The business’s 50-day moving average price is $3.41 and its two-hundred day moving average price is $3.90. Data Storage has a fifty-two week low of $2.85 and a fifty-two week high of $5.15. The stock has a market cap of $7.13 million, a P/E ratio of -9.24 and a beta of 1.10.

Data Storage (NASDAQ:DTST) last posted its earnings results on Friday, May 15th. The company reported ($0.25) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.34) by $0.09. The firm had revenue of $0.35 million during the quarter, compared to analyst estimates of $0.40 million.

Insider Transactions at Data Storage

In related news, CEO Charles M. Piluso sold 32,610 shares of the company’s stock in a transaction on Tuesday, May 26th. The shares were sold at an average price of $3.82, for a total value of $124,570.20. Following the completion of the sale, the chief executive officer directly owned 223,074 shares in the company, valued at approximately $852,142.68. This represents a 12.75% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 86,958 shares of company stock valued at $333,310 in the last three months. Corporate insiders own 21.20% of the company’s stock.

Institutional Investors Weigh In On Data Storage

Hedge funds and other institutional investors have recently made changes to their positions in the business. Zacks Investment Management acquired a new position in shares of Data Storage during the 4th quarter worth about $83,000. XTX Topco Ltd bought a new stake in Data Storage during the 4th quarter valued at approximately $134,000. FNY Investment Advisers LLC acquired a new stake in Data Storage in the 4th quarter valued at approximately $137,000. Dimensional Fund Advisors LP grew its holdings in Data Storage by 15.1% in the 3rd quarter. Dimensional Fund Advisors LP now owns 37,574 shares of the company’s stock valued at $162,000 after buying an additional 4,920 shares during the last quarter. Finally, Yakira Capital Management Inc. bought a new position in Data Storage in the 4th quarter worth approximately $175,000. 11.56% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Separately, Weiss Ratings reiterated a “hold (c)” rating on shares of Data Storage in a research note on Thursday, July 2nd. Two analysts have rated the stock with a Hold rating, According to MarketBeat.com, the company has an average rating of “Hold”.

About Data Storage

Data Storage Corporation provides data management and cloud solutions in the United States and internationally. It offers a suite of multi-cloud IT solutions, including cyber security solutions, which comprise ezSecurity, a security solution for endpoint security, system assessments, and risk analysis, as well as IBM system protection, including Ransomware defense. The company also provides data protection and recovery solutions, such as ezVault for offsite data protection; ezRecovery for fast data recovery; ezAvailability for real-time data replication with minimal recovery objectives; and ezMirror for data mirroring at the storage level.