Fatpipe Inc/UT (NASDAQ:FATN) Sees Significant Decline in Short Interest

Fatpipe Inc/UT (NASDAQ:FATN) saw a large decrease in short interest in the month of May. As of May 29th, there was short interest totaling 88,636 shares, a decrease of 37.2% from the May 14th total of 141,159 shares. Based on an average daily trading volume, of 950,908 shares, the days-to-cover ratio is currently 0.1 days. Approximately 0.6% of the shares of the company are short sold.

Analyst Ratings Changes

Several brokerages recently weighed in on FATN. Weiss Ratings upgraded shares of Fatpipe Inc/UT from a “sell (d-)” rating to a “sell (d)” rating in a report on Friday, May 8th. Northland Securities started coverage on shares of Fatpipe Inc/UT in a report on Monday, May 11th. They issued an “outperform” rating and a $12.00 price target on the stock. Wall Street Zen lowered Fatpipe Inc/UT from a “buy” rating to a “hold” rating in a research report on Monday, June 1st. Finally, D. Boral Capital restated a “buy” rating and issued a $8.00 price objective on shares of Fatpipe Inc/UT in a research report on Friday, May 1st. Two analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $10.00.

Institutional Inflows and Outflows

A hedge fund recently bought a new stake in Fatpipe Inc/UT stock. Renaissance Technologies LLC bought a new stake in shares of Fatpipe Inc/UT (NASDAQ:FATN) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 25,300 shares of the company’s stock, valued at approximately $51,000. Renaissance Technologies LLC owned approximately 0.18% of Fatpipe Inc/UT at the end of the most recent reporting period.

Fatpipe Inc/UT Stock Performance

Shares of NASDAQ:FATN traded down $0.13 during midday trading on Tuesday, reaching $5.60. 110,744 shares of the company’s stock traded hands, compared to its average volume of 1,376,941. Fatpipe Inc/UT has a 1 year low of $1.31 and a 1 year high of $10.90. The stock has a market cap of $78.51 million, a P/E ratio of 16.00 and a beta of 2.30. The company has a debt-to-equity ratio of 0.17, a quick ratio of 3.75 and a current ratio of 3.85. The company has a fifty day simple moving average of $3.96.

About Fatpipe Inc/UT

FatPipe is a pioneer in enterprise-class, application-aware, secure software-defined wide area network (“SD-WAN”) solutions for organizations, including enterprises, communication service providers, security service providers, government organizations, and middle-market companies. Organizations, large and small, have become increasingly dependent on their information technology (“IT”) network infrastructure for data access and communications, and the critical importance of network reliability, extensibility, and durability has continued to grow as the volume of traffic across those networks expands.