Short Interest in Sono-Tek Corporation (NASDAQ:SOTK) Rises By 83.4%

Sono-Tek Corporation (NASDAQ:SOTK) was the recipient of a large growth in short interest in August. As of August 31st, there was short interest totaling 19,279 shares, a growth of 83.4% from the August 15th total of 10,512 shares. Based on an average trading volume of 35,095 shares, the short-interest ratio is presently 0.5 days. Approximately 0.1% of the company’s stock are sold short.

Sono-Tek Stock Performance

Shares of SOTK stock traded up $0.12 on Thursday, reaching $4.58. The stock had a trading volume of 12,453 shares, compared to its average volume of 36,348. The stock has a market cap of $72.08 million, a P/E ratio of 35.29 and a beta of -0.02. Sono-Tek has a 1 year low of $3.40 and a 1 year high of $6.24. The company has a 50 day simple moving average of $5.15 and a 200 day simple moving average of $4.85.

Sono-Tek (NASDAQ:SOTK) last announced its earnings results on Wednesday, July 8th. The industrial products company reported $0.05 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.05. The business had revenue of $5.66 million for the quarter, compared to analysts’ expectations of $5.60 million. Sono-Tek had a return on equity of 10.55% and a net margin of 9.62%.During the same period last year, the firm posted $0.03 earnings per share. On average, equities research analysts anticipate that Sono-Tek will post 0.11 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Stephen James Bagley sold 8,346 shares of the company’s stock in a transaction dated Thursday, July 30th. The shares were sold at an average price of $5.13, for a total value of $42,814.98. Following the sale, the chief financial officer directly owned 21,254 shares of the company’s stock, valued at $109,033.02. This represents a 28.20% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders sold 13,000 shares of company stock valued at $67,666 over the last 90 days. 5.57% of the stock is owned by corporate insiders.

Institutional Trading of Sono-Tek

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Bard Associates Inc. increased its position in Sono-Tek by 7.0% in the fourth quarter. Bard Associates Inc. now owns 43,244 shares of the industrial products company’s stock worth $179,000 after buying an additional 2,838 shares in the last quarter. Northwestern Mutual Wealth Management Co. purchased a new stake in shares of Sono-Tek during the second quarter valued at $73,000. Renaissance Technologies LLC lifted its position in shares of Sono-Tek by 41.6% during the first quarter. Renaissance Technologies LLC now owns 89,100 shares of the industrial products company’s stock valued at $362,000 after buying an additional 26,161 shares during the last quarter. Finally, BlackRock Inc. purchased a new position in Sono-Tek in the 2nd quarter worth $179,000. 47.89% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

SOTK has been the topic of a number of recent research reports. Wall Street Zen upgraded shares of Sono-Tek to a “strong-buy” rating in a report on Sunday, July 12th. Weiss Ratings lowered Sono-Tek from a “buy (b-)” rating to a “hold (c+)” rating in a report on Friday, August 28th. Two analysts have rated the stock with a Hold rating, According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $8.50.

Sono-Tek Company Profile

Sono-Tek Corporation develops and manufactures ultrasonic coating systems used to apply precise, uniform coatings to a variety of surfaces and components. Its technology uses high-frequency sound energy to atomize liquids into fine droplets, enabling controlled coating application with reduced overspray and material waste compared with conventional spray methods.

The company offers ultrasonic spray nozzles, coating systems, and integrated coating solutions, including automated and computer-controlled equipment.