Cars.com Inc. (CARS) Sees Significant Drop in Short Interest

Cars.com Inc. (NYSE:CARS) was the recipient of a significant drop in short interest during the month of October. As of October 31st, there was short interest totalling 21,467,130 shares, a drop of 17.9% from the October 13th total of 26,140,697 shares. Based on an average trading volume of 1,142,189 shares, the days-to-cover ratio is presently 18.8 days. Currently, 32.1% of the company’s shares are sold short.

Institutional investors have recently added to or reduced their stakes in the stock. Ameriprise Financial Inc. grew its holdings in Cars.com by 1.1% during the 3rd quarter. Ameriprise Financial Inc. now owns 225,089 shares of the company’s stock worth $5,989,000 after acquiring an additional 2,339 shares in the last quarter. Mutual of America Capital Management LLC grew its holdings in Cars.com by 4.7% during the 3rd quarter. Mutual of America Capital Management LLC now owns 60,608 shares of the company’s stock worth $1,613,000 after acquiring an additional 2,705 shares in the last quarter. FNY Partners Fund LP grew its holdings in Cars.com by 17.0% during the 3rd quarter. FNY Partners Fund LP now owns 23,857 shares of the company’s stock worth $634,000 after acquiring an additional 3,470 shares in the last quarter. First Personal Financial Services acquired a new position in Cars.com during the 2nd quarter worth $118,000. Finally, American International Group Inc. grew its holdings in Cars.com by 2.4% during the 3rd quarter. American International Group Inc. now owns 209,501 shares of the company’s stock worth $5,575,000 after acquiring an additional 4,855 shares in the last quarter.

Shares of Cars.com (NYSE:CARS) traded up $0.75 during mid-day trading on Monday, hitting $24.56. 2,512,612 shares of the stock were exchanged, compared to its average volume of 1,745,073. Cars.com has a fifty-two week low of $19.90 and a fifty-two week high of $29.47. The company has a current ratio of 1.43, a quick ratio of 1.43 and a debt-to-equity ratio of 0.40.

CARS has been the topic of a number of recent analyst reports. Zacks Investment Research downgraded shares of Cars.com from a “hold” rating to a “strong sell” rating in a research note on Monday, November 13th. B. Riley cut their price target on shares of Cars.com from $36.00 to $32.00 and set a “buy” rating on the stock in a research note on Thursday, November 9th. Finally, Barrington Research raised their target price on shares of Cars.com from $40.00 to $45.00 and gave the company an “outperform” rating in a research note on Monday, November 6th.

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About Cars.com

Cars.com Inc owns a digital automotive marketplace business (Cars.com). Cars.com is an online research destination for car shoppers. The Company is engaged in the sale of online subscription advertising products targeting car dealerships. It offers a suite of products and services targeting the automotive needs of its buyer and seller customers.

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