Short Interest in iMedia Brands, Inc. (NASDAQ:IMBI) Declines By 21.1%

iMedia Brands, Inc. (NASDAQ:IMBI) was the recipient of a large decrease in short interest during the month of August. As of August 31st, there was short interest totalling 133,200 shares, a decrease of 21.1% from the August 15th total of 168,800 shares. Based on an average daily volume of 214,000 shares, the days-to-cover ratio is presently 0.6 days. Currently, 0.8% of the shares of the company are sold short.

Shares of iMedia Brands stock traded down $0.06 during midday trading on Tuesday, hitting $5.27. 3,356 shares of the company were exchanged, compared to its average volume of 140,671. The firm has a 50 day simple moving average of $6.37 and a 200-day simple moving average of $7.48. The company has a debt-to-equity ratio of 1.62, a current ratio of 1.68 and a quick ratio of 1.05. The firm has a market cap of $86.34 million, a P/E ratio of -5.12 and a beta of 1.83. iMedia Brands has a 52 week low of $3.93 and a 52 week high of $10.48.

iMedia Brands (NASDAQ:IMBI) last issued its quarterly earnings data on Monday, August 23rd. The company reported ($0.22) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.23) by $0.01. iMedia Brands had a negative return on equity of 31.43% and a negative net margin of 3.24%. The company had revenue of $113.44 million during the quarter, compared to analysts’ expectations of $121.55 million. Equities research analysts expect that iMedia Brands will post -0.61 earnings per share for the current year.

A number of hedge funds have recently made changes to their positions in IMBI. Ophir Asset Management Pty Ltd boosted its position in iMedia Brands by 65.4% in the second quarter. Ophir Asset Management Pty Ltd now owns 1,342,400 shares of the company’s stock valued at $10,806,000 after buying an additional 530,717 shares in the last quarter. Cooper Creek Partners Management LLC raised its stake in shares of iMedia Brands by 82.8% in the first quarter. Cooper Creek Partners Management LLC now owns 905,700 shares of the company’s stock valued at $7,019,000 after acquiring an additional 410,201 shares during the last quarter. B. Riley Financial Inc. acquired a new position in shares of iMedia Brands in the 2nd quarter worth approximately $6,820,000. Vanguard Group Inc. boosted its holdings in shares of iMedia Brands by 49.3% in the 2nd quarter. Vanguard Group Inc. now owns 708,010 shares of the company’s stock worth $5,699,000 after acquiring an additional 233,679 shares in the last quarter. Finally, Union Square Park Capital Management LLC grew its position in iMedia Brands by 11.0% during the 2nd quarter. Union Square Park Capital Management LLC now owns 666,025 shares of the company’s stock worth $5,362,000 after acquiring an additional 66,025 shares during the last quarter. 49.25% of the stock is owned by hedge funds and other institutional investors.

A number of brokerages have recently commented on IMBI. DA Davidson cut their price objective on shares of iMedia Brands from $19.00 to $15.00 and set a “buy” rating for the company in a research report on Wednesday, August 25th. Lake Street Capital upped their price target on iMedia Brands from $15.00 to $19.00 and gave the company a “buy” rating in a report on Wednesday, May 26th. Zacks Investment Research downgraded iMedia Brands from a “buy” rating to a “hold” rating in a research report on Friday, September 3rd. Finally, B. Riley assumed coverage on iMedia Brands in a research report on Monday, June 14th. They set a “buy” rating and a $22.00 price objective on the stock.

iMedia Brands Company Profile

iMedia Brands, Inc operates as a interactive media company, which owns a growing portfolio of lifestyle television networks, consumer brands and media commerce services. It operates through the ShopHQ and Emerging segments. The ShopHQ segment consists of products sold on its digital commerce platforms, including jewelry and watches; home and consumer; electronics; beauty and wellness; and fashion and accessories.

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