Short Interest in Digi International Inc. (NASDAQ:DGII) Drops By 20.5%

Digi International Inc. (NASDAQ:DGII) saw a large decrease in short interest in October. As of October 31st, there was short interest totalling 343,800 shares, a decrease of 20.5% from the September 30th total of 432,300 shares. Based on an average daily volume of 92,100 shares, the days-to-cover ratio is currently 3.7 days. Approximately 1.3% of the shares of the stock are sold short.

A number of large investors have recently added to or reduced their stakes in DGII. Meeder Asset Management Inc. boosted its stake in Digi International by 288.9% in the third quarter. Meeder Asset Management Inc. now owns 11,811 shares of the technology company’s stock valued at $161,000 after buying an additional 8,774 shares in the last quarter. Strs Ohio boosted its stake in Digi International by 7.7% in the second quarter. Strs Ohio now owns 16,700 shares of the technology company’s stock valued at $211,000 after buying an additional 1,200 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. boosted its stake in Digi International by 32.6% in the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 21,676 shares of the technology company’s stock valued at $275,000 after buying an additional 5,325 shares in the last quarter. Russell Investments Group Ltd. boosted its stake in Digi International by 5.0% in the second quarter. Russell Investments Group Ltd. now owns 33,360 shares of the technology company’s stock valued at $423,000 after buying an additional 1,600 shares in the last quarter. Finally, Arizona State Retirement System boosted its stake in Digi International by 2.0% in the second quarter. Arizona State Retirement System now owns 43,525 shares of the technology company’s stock valued at $552,000 after buying an additional 833 shares in the last quarter. 81.48% of the stock is currently owned by institutional investors and hedge funds.

NASDAQ:DGII traded up $0.33 during trading hours on Thursday, hitting $15.10. The company’s stock had a trading volume of 325,200 shares, compared to its average volume of 135,377. The stock has a fifty day simple moving average of $14.04 and a 200-day simple moving average of $12.98. The company has a market capitalization of $417.83 million, a P/E ratio of 302.00, a PEG ratio of 2.28 and a beta of 1.58. Digi International has a twelve month low of $9.28 and a twelve month high of $15.87.

Several research firms have recently issued reports on DGII. Robert W. Baird began coverage on Digi International in a report on Friday, November 1st. They set an “outperform” rating and a $19.00 target price on the stock. BidaskClub raised Digi International from a “hold” rating to a “buy” rating in a report on Saturday, October 19th. Zacks Investment Research lowered Digi International from a “buy” rating to a “hold” rating in a report on Friday, November 1st. Finally, ValuEngine lowered Digi International from a “hold” rating to a “sell” rating in a report on Friday, November 1st. One research analyst has rated the stock with a sell rating, one has given a hold rating and four have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus price target of $18.25.

Digi International Company Profile

Digi International Inc provides Internet of Things connectivity products, services, and solutions in North America, Europe, the Middle East, Africa, Asia, and Latin America. The company operates in two segments, IoT Products & Services and IoT Solutions. It offers cellular routers that provide connectivity for devices over a cellular data network; cellular gateway products that enable devices or groups of devices to be networked in locations where there is no existing network or where access to a network is prohibited; radio frequency products that utilize a range of wireless protocols for PC-to-device or device-to-device connectivity; and Connect, Rabbit, and ARM-based embedded systems on module and single board computers for medical, transportation, and industrial device manufacturers.

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