SecureWorks Corp. (NASDAQ:SCWX) Short Interest Down 28.1% in August

SecureWorks Corp. (NASDAQ:SCWX) was the recipient of a significant drop in short interest during the month of August. As of August 31st, there was short interest totalling 271,500 shares, a drop of 28.1% from the August 15th total of 377,600 shares. Based on an average trading volume of 140,200 shares, the short-interest ratio is currently 1.9 days. Currently, 2.7% of the shares of the company are sold short.

Shares of NASDAQ SCWX traded up $0.94 during mid-day trading on Tuesday, reaching $25.07. 196,774 shares of the company traded hands, compared to its average volume of 116,016. SecureWorks has a fifty-two week low of $10.01 and a fifty-two week high of $26.30. The firm has a market cap of $2.14 billion, a PE ratio of -65.97 and a beta of 1.13. The stock has a fifty day simple moving average of $20.30 and a 200-day simple moving average of $17.31.

SecureWorks (NASDAQ:SCWX) last posted its quarterly earnings data on Wednesday, September 1st. The technology company reported $0.01 EPS for the quarter, beating the Zacks’ consensus estimate of ($0.01) by $0.02. SecureWorks had a negative net margin of 5.64% and a negative return on equity of 1.29%. The business had revenue of $134.20 million for the quarter, compared to analyst estimates of $135.02 million. During the same quarter last year, the business earned $0.10 earnings per share. The business’s revenue for the quarter was down 3.1% on a year-over-year basis. As a group, sell-side analysts predict that SecureWorks will post -0.4 EPS for the current fiscal year.

A number of institutional investors have recently bought and sold shares of the business. Royce & Associates LP grew its position in SecureWorks by 21.1% in the first quarter. Royce & Associates LP now owns 1,115,766 shares of the technology company’s stock worth $14,929,000 after buying an additional 194,334 shares during the last quarter. BlackRock Inc. grew its position in SecureWorks by 3.8% in the first quarter. BlackRock Inc. now owns 750,346 shares of the technology company’s stock worth $10,041,000 after buying an additional 27,814 shares during the last quarter. Vanguard Group Inc. grew its position in SecureWorks by 9.9% in the second quarter. Vanguard Group Inc. now owns 704,304 shares of the technology company’s stock worth $13,051,000 after buying an additional 63,204 shares during the last quarter. Cove Street Capital LLC grew its position in SecureWorks by 24.4% in the second quarter. Cove Street Capital LLC now owns 683,740 shares of the technology company’s stock worth $12,670,000 after buying an additional 134,098 shares during the last quarter. Finally, JPMorgan Chase & Co. grew its position in SecureWorks by 43.8% in the second quarter. JPMorgan Chase & Co. now owns 331,174 shares of the technology company’s stock worth $6,136,000 after buying an additional 100,901 shares during the last quarter. Hedge funds and other institutional investors own 10.31% of the company’s stock.

Several brokerages have commented on SCWX. Barclays raised their price target on shares of SecureWorks from $16.00 to $19.00 and gave the company an “underweight” rating in a research note on Friday, September 3rd. Zacks Investment Research lowered shares of SecureWorks from a “buy” rating to a “sell” rating in a research note on Friday, September 10th. Finally, Royal Bank of Canada raised their price target on shares of SecureWorks from $15.00 to $20.00 and gave the company a “sector perform” rating in a research note on Friday, September 3rd. Four investment analysts have rated the stock with a sell rating and two have issued a hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Sell” and an average target price of $17.67.

SecureWorks Company Profile

SecureWorks Corp. is a cyber security company, which engages in the provision of information security solutions. The firm’s products include extended detection and response, managed detection and response, and vulnerability management. Its services include managed security, incident response, threat intelligence, security consulting, adversarial security testing.

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