Sono-Tek Corporation (NASDAQ:SOTK) Shares Shorted: Short Interest Down 82.8% in October

Sono-Tek Corporation (NASDAQ:SOTK) was the recipient of a significant decrease in short interest during the month of October. As of October 30th, there was short interest totaling 11,382 shares, a decrease of 82.8% from the October 15th total of 66,018 shares. Currently, 0.1% of the shares of the stock are sold short. Based on an average daily trading volume, of 125,869 shares, the days-to-cover ratio is presently 0.1 days.

Analysts Set New Price Targets

A number of research analysts recently issued reports on SOTK shares. Weiss Ratings cut Sono-Tek from a “buy (b-)” rating to a “hold (c+)” rating in a report on Wednesday, November 4th. Wall Street Zen cut shares of Sono-Tek from a “strong-buy” rating to a “hold” rating in a research report on Saturday, October 17th. Finally, Northland Securities raised shares of Sono-Tek from a “market perform” rating to an “outperform” rating and set a $7.00 target price for the company in a research note on Monday, October 26th. One analyst has rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $7.75.

Sono-Tek Stock Performance

NASDAQ SOTK traded up $0.12 during trading hours on Thursday, reaching $4.40. 89,670 shares of the company’s stock were exchanged, compared to its average volume of 55,155. The company’s 50-day moving average is $5.25 and its two-hundred day moving average is $4.88. Sono-Tek has a one year low of $3.40 and a one year high of $7.48. The company has a market capitalization of $69.36 million, a price-to-earnings ratio of 36.70 and a beta of -0.10.

Sono-Tek (NASDAQ:SOTK) last announced its earnings results on Wednesday, October 14th. The industrial products company reported $0.02 earnings per share for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.02). The company had revenue of $5.23 million during the quarter, compared to analyst estimates of $5.54 million. Sono-Tek had a return on equity of 9.95% and a net margin of 9.32%. Research analysts predict that Sono-Tek will post 0.08 earnings per share for the current fiscal year.

Institutional Trading of Sono-Tek

A number of institutional investors have recently made changes to their positions in SOTK. Northwestern Mutual Wealth Management Co. acquired a new position in shares of Sono-Tek during the 2nd quarter worth approximately $73,000. Bard Associates Inc. acquired a new stake in shares of Sono-Tek in the 2nd quarter valued at approximately $349,000. BlackRock Inc. acquired a new stake in shares of Sono-Tek in the 2nd quarter valued at approximately $179,000. Finally, Renaissance Technologies LLC grew its stake in shares of Sono-Tek by 41.6% in 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 in the last quarter. Institutional investors own 47.89% of the company’s stock.

Sono-Tek Company Profile

Sono-Tek Corporation is a precision technology company that designs and manufactures ultrasonic coating and spraying systems. Its equipment uses high-frequency ultrasonic energy to atomize liquids into controlled, uniform sprays, enabling manufacturers to apply thin films, coatings and other materials with minimal overspray and waste. The company offers ultrasonic spray nozzles, integrated coating systems, precision liquid-dispensing equipment and automated or robotic platforms. Its technologies are used in applications including medical devices, electronics, fuel cells, solar and alternative-energy products, glass and other industrial components.