IKONICS Co. (NASDAQ:IKNX) Sees Large Increase in Short Interest

IKONICS Co. (NASDAQ:IKNX) was the target of a significant growth in short interest during the month of August. As of August 31st, there was short interest totalling 34,900 shares, a growth of 41.9% from the August 15th total of 24,600 shares. Approximately 3.3% of the shares of the company are sold short. Based on an average daily volume of 410,000 shares, the short-interest ratio is currently 0.1 days.

Shares of IKNX stock traded down $0.59 during trading hours on Monday, reaching $26.56. 27,654 shares of the company traded hands, compared to its average volume of 171,378. IKONICS has a 12-month low of $3.25 and a 12-month high of $33.80. The company has a market cap of $52.62 million, a P/E ratio of 387.86 and a beta of 1.05. The firm has a 50-day moving average price of $24.21 and a 200 day moving average price of $15.89.

Separately, TheStreet raised IKONICS from a “d+” rating to a “c-” rating in a research report on Friday, June 25th.

Several hedge funds have recently bought and sold shares of the company. Emerald Mutual Fund Advisers Trust purchased a new position in shares of IKONICS during the 2nd quarter valued at about $1,807,000. Rockefeller Capital Management L.P. purchased a new position in IKONICS in the 2nd quarter worth approximately $189,000. Finally, Bank of America Corp DE lifted its holdings in IKONICS by 130,480.0% in the 2nd quarter. Bank of America Corp DE now owns 6,529 shares of the specialty chemicals company’s stock worth $126,000 after purchasing an additional 6,524 shares in the last quarter. 5.86% of the stock is currently owned by hedge funds and other institutional investors.

About IKONICS

IKONICS Corp. engages in the development, manufacture, and trade of photochemical imaging products. It operates through the following business segments: Chromaline, IKONICS Imaging, Digital Texturing (DTX) and Advanced Material Solutions (AMS). The Chromaline Segment sells screen printing film, emulsions, and inkjet receptive film primarily to distributors and some end users.

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