Asante Solutions Inc (PUMP) Sees Significant Increase in Short Interest

Asante Solutions Inc (NASDAQ:PUMP) was the recipient of a significant increase in short interest during the month of April. As of April 30th, there was short interest totalling 12,799,355 shares, an increase of 30.7% from the April 13th total of 9,789,996 shares. Approximately 21.1% of the shares of the company are short sold. Based on an average trading volume of 3,113,300 shares, the days-to-cover ratio is presently 4.1 days.

Several institutional investors and hedge funds have recently modified their holdings of the company. Van ECK Associates Corp raised its position in shares of Asante Solutions by 16.0% in the first quarter. Van ECK Associates Corp now owns 4,440,900 shares of the company’s stock valued at $70,566,000 after purchasing an additional 614,100 shares during the period. Westwood Holdings Group Inc. raised its position in shares of Asante Solutions by 103.4% in the first quarter. Westwood Holdings Group Inc. now owns 1,369,717 shares of the company’s stock valued at $21,765,000 after purchasing an additional 696,242 shares during the period. Carmignac Gestion raised its position in shares of Asante Solutions by 90.0% in the first quarter. Carmignac Gestion now owns 950,000 shares of the company’s stock valued at $15,096,000 after purchasing an additional 450,000 shares during the period. Hodges Capital Management Inc. raised its position in shares of Asante Solutions by 50.9% in the first quarter. Hodges Capital Management Inc. now owns 649,740 shares of the company’s stock valued at $10,324,000 after purchasing an additional 219,240 shares during the period. Finally, Hancock Holding Co. raised its position in shares of Asante Solutions by 1.2% in the first quarter. Hancock Holding Co. now owns 520,980 shares of the company’s stock valued at $8,279,000 after purchasing an additional 6,005 shares during the period.

PUMP has been the subject of a number of recent analyst reports. Cowen initiated coverage on shares of Asante Solutions in a research note on Wednesday, February 7th. They issued a “market perform” rating and a $17.00 price target for the company. Zacks Investment Research cut shares of Asante Solutions from a “buy” rating to a “hold” rating in a research note on Thursday, March 1st. Jefferies Group set a $21.00 price target on shares of Asante Solutions and gave the company a “buy” rating in a research note on Tuesday, March 27th. Royal Bank of Canada set a $20.00 price target on shares of Asante Solutions and gave the company a “buy” rating in a research note on Wednesday, March 28th. Finally, Piper Jaffray set a $19.00 price target on shares of Asante Solutions and gave the company a “buy” rating in a research note on Wednesday, March 28th. Four analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Asante Solutions has an average rating of “Buy” and a consensus price target of $21.80.

Shares of PUMP stock opened at $19.43 on Thursday. Asante Solutions has a one year low of $19.18 and a one year high of $19.74.

Asante Solutions (NASDAQ:PUMP) last announced its quarterly earnings results on Tuesday, May 8th. The company reported $0.42 EPS for the quarter, beating analysts’ consensus estimates of $0.38 by $0.04. The firm had revenue of $385.20 million during the quarter, compared to analyst estimates of $375.75 million. The business’s revenue was up 124.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.43) EPS.

About Asante Solutions

Asante Solutions, Inc is a medical device company. The Company is a manufacturer of Asante Snap Insulin Pump System (Snap system), which is a pump featuring a modular design with pre-filled insulin cartridges and disposable pump bodies, utilized in combination with a controller. The Snap system comprises four components: the Snap system controller, a disposable pump body, disposable pre-filled insulin cartridges and disposable infusion sets.

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