Cepton, Inc. (NASDAQ:CPTN) Sees Large Drop in Short Interest

Cepton, Inc. (NASDAQ:CPTN) saw a significant decrease in short interest in the month of March. As of March 15th, there was short interest totalling 106,500 shares, a decrease of 22.8% from the February 29th total of 137,900 shares. Currently, 2.2% of the company’s shares are short sold. Based on an average daily trading volume, of 30,800 shares, the days-to-cover ratio is presently 3.5 days.

Institutional Trading of Cepton

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Bank of America Corp DE acquired a new stake in Cepton during the 1st quarter valued at approximately $26,000. Vanguard Group Inc. boosted its holdings in shares of Cepton by 4.6% during the 4th quarter. Vanguard Group Inc. now owns 207,557 shares of the company’s stock worth $652,000 after buying an additional 9,145 shares in the last quarter. Jane Street Group LLC bought a new position in shares of Cepton during the 1st quarter worth approximately $47,000. Bank of New York Mellon Corp bought a new position in shares of Cepton during the 1st quarter worth approximately $53,000. Finally, Royal Bank of Canada bought a new position in shares of Cepton during the 1st quarter worth approximately $54,000. Institutional investors and hedge funds own 68.16% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on CPTN shares. Westpark Capital reaffirmed a “hold” rating on shares of Cepton in a research note on Thursday, December 14th. Craig Hallum downgraded Cepton from a “buy” rating to a “hold” rating in a research note on Thursday, December 14th.

Cepton Trading Down 0.4 %

NASDAQ:CPTN traded down $0.01 on Friday, reaching $2.78. 53,218 shares of the stock traded hands, compared to its average volume of 36,733. The firm has a market capitalization of $44.05 million, a price-to-earnings ratio of -0.79 and a beta of 0.11. The company’s 50 day moving average is $2.62 and its 200-day moving average is $3.22. Cepton has a 1-year low of $2.38 and a 1-year high of $8.90.

About Cepton

Cepton, Inc provides lidar-based solutions for automotive, smart cities, smart spaces, and smart industrial applications in the United States, Japan, China, and internationally. The company offers autograde lidar sensors, including Vista-X, a compact lidar solution with a range of up to 200m for long-range applications in ADAS L2+/L3, AV L4/L5, and suitable for smart infrastructure applications; and Nova, an ultra-small form factor lidar solution with a range of up to 30m for near-range applications in ADAS L2+/L3, AV L4/L5, and suitable for smart infrastructure applications.