Virco Mfg. Co. (NASDAQ:VIRC) Sees Significant Drop in Short Interest

Virco Mfg. Co. (NASDAQ:VIRC) was the target of a large decrease in short interest during the month of December. As of December 31st, there was short interest totalling 18,300 shares, a decrease of 15.3% from the December 15th total of 21,600 shares. Based on an average daily volume of 10,400 shares, the short-interest ratio is presently 1.8 days. Approximately 0.2% of the company’s shares are short sold.

An institutional investor recently raised its position in Virco Mfg. stock. D.A. Davidson & CO. raised its holdings in shares of Virco Mfg. Co. (NASDAQ:VIRC) by 9.6% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 843,824 shares of the company’s stock after purchasing an additional 73,884 shares during the period. D.A. Davidson & CO. owned 5.37% of Virco Mfg. worth $3,249,000 at the end of the most recent reporting period. 31.43% of the stock is owned by hedge funds and other institutional investors.

VIRC opened at $4.37 on Wednesday. The business has a 50 day simple moving average of $4.14 and a two-hundred day simple moving average of $4.17. The firm has a market capitalization of $68.66 million, a price-to-earnings ratio of -43.69 and a beta of 0.69. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.49 and a quick ratio of 0.80. Virco Mfg. has a one year low of $3.30 and a one year high of $5.00.

A number of research analysts have commented on the company. ValuEngine raised Virco Mfg. from a “hold” rating to a “buy” rating in a research report on Friday, October 25th. Zacks Investment Research raised Virco Mfg. from a “hold” rating to a “strong-buy” rating and set a $4.75 price target for the company in a research report on Thursday, December 19th.

Virco Mfg. Company Profile

Virco Mfg. Corporation engages in the design, production, and distribution of furniture for the commercial and education markets in the United States. It offers seating products, including 4-leg chairs, cantilever and tablet arm chairs, work surfaces and compact footprints, steel-frame rockers, stools, task and classroom chairs, stack and folding chairs, hard plastic seats, upholstered stack and ergonomic chairs, and plastic stack chairs.

See Also: Accumulation/Distribution

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