Casa Systems Inc (NASDAQ:CASA) saw a large increase in short interest during the month of July. As of July 31st, there was short interest totalling 1,282,200 shares, an increase of 10.5% from the June 30th total of 1,160,000 shares. Based on an average trading volume of 309,200 shares, the days-to-cover ratio is currently 4.1 days. Approximately 4.7% of the shares of the company are short sold.
CASA stock traded down $0.31 during mid-day trading on Wednesday, reaching $6.51. 9,055 shares of the company traded hands, compared to its average volume of 406,507. The company has a quick ratio of 5.02, a current ratio of 6.25 and a debt-to-equity ratio of 4.20. The stock has a market capitalization of $571.72 million, a P/E ratio of 8.24 and a beta of 0.76. Casa Systems has a 52-week low of $5.46 and a 52-week high of $16.75. The company has a fifty day moving average price of $6.69.
Casa Systems (NASDAQ:CASA) last posted its earnings results on Wednesday, July 31st. The company reported $0.07 earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.08) by $0.15. The business had revenue of $52.10 million during the quarter, compared to analyst estimates of $49.59 million. Casa Systems had a return on equity of 32.65% and a net margin of 8.71%. The company’s quarterly revenue was down 24.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.24 EPS. Analysts expect that Casa Systems will post 0.12 earnings per share for the current fiscal year.
A number of hedge funds have recently bought and sold shares of CASA. Vaughan Nelson Investment Management L.P. purchased a new position in Casa Systems during the 2nd quarter valued at about $10,655,000. Elk Creek Partners LLC grew its holdings in Casa Systems by 59.7% during the 1st quarter. Elk Creek Partners LLC now owns 1,778,520 shares of the company’s stock valued at $14,762,000 after buying an additional 664,521 shares in the last quarter. Peregrine Capital Management LLC grew its holdings in Casa Systems by 71.4% during the 2nd quarter. Peregrine Capital Management LLC now owns 969,918 shares of the company’s stock valued at $6,237,000 after buying an additional 404,079 shares in the last quarter. Thornburg Investment Management Inc. grew its holdings in Casa Systems by 24.3% during the 1st quarter. Thornburg Investment Management Inc. now owns 1,516,372 shares of the company’s stock valued at $12,586,000 after buying an additional 296,604 shares in the last quarter. Finally, BlackRock Inc. grew its holdings in Casa Systems by 15.8% during the 2nd quarter. BlackRock Inc. now owns 2,024,287 shares of the company’s stock valued at $13,016,000 after buying an additional 276,302 shares in the last quarter. 67.07% of the stock is owned by institutional investors and hedge funds.
Several equities research analysts recently weighed in on the company. Barclays assumed coverage on Casa Systems in a report on Wednesday, August 7th. They issued an “equal weight” rating and a $8.00 price objective for the company. Raymond James lowered Casa Systems from a “market perform” rating to an “underperform” rating in a report on Tuesday, July 30th. Morgan Stanley decreased their price objective on Casa Systems from $11.00 to $7.00 and set an “equal weight” rating for the company in a report on Thursday, July 11th. Zacks Investment Research raised Casa Systems from a “hold” rating to a “buy” rating and set a $7.50 price objective for the company in a report on Tuesday, July 16th. Finally, ValuEngine raised Casa Systems from a “sell” rating to a “hold” rating in a report on Monday, May 13th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and four have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $13.28.
About Casa Systems
Casa Systems, Inc provides software-centric broadband products in North America, Latin America, the Asia-Pacific, Europe, the Middle East, and Africa. The company offers solutions that allow cable service providers to deliver voice, video, and data services over a single platform at multi-gigabit speeds.
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