Data Storage Corp. (NASDAQ:DTST) Sees Large Drop in Short Interest

Data Storage Corp. (NASDAQ:DTST) was the target of a large decrease in short interest in July. As of July 15th, there was short interest totaling 28,063 shares, a decrease of 37.3% from the June 30th total of 44,772 shares. Based on an average daily trading volume, of 13,954 shares, the days-to-cover ratio is presently 2.0 days. Approximately 1.5% of the shares of the company are short sold.

Insider Buying and Selling

In other Data Storage news, CEO Charles M. Piluso sold 32,610 shares of Data Storage stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $3.82, for a total transaction of $124,570.20. Following the sale, the chief executive officer owned 223,074 shares of the company’s stock, valued at $852,142.68. The trade was a 12.75% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last 90 days, insiders sold 86,958 shares of company stock valued at $333,310. 21.20% of the stock is owned by company insiders.

Institutional Trading of Data Storage

Hedge funds and other institutional investors have recently made changes to their positions in the business. Rothschild Wealth LLC acquired a new position in Data Storage in the fourth quarter worth approximately $205,000. Renaissance Technologies LLC increased its holdings in shares of Data Storage by 54.8% in the fourth quarter. Renaissance Technologies LLC now owns 136,100 shares of the company’s stock valued at $697,000 after buying an additional 48,200 shares in the last quarter. Elevation Point Wealth Partners LLC acquired a new stake in shares of Data Storage during the 3rd quarter valued at $186,000. Alpine Global Management LLC acquired a new stake in shares of Data Storage during the 4th quarter valued at $256,000. Finally, XTX Topco Ltd acquired a new stake in shares of Data Storage during the 4th quarter valued at $134,000. 11.56% of the stock is currently owned by institutional investors.

Data Storage Stock Up 5.2%

Shares of DTST stock opened at $3.05 on Friday. The stock has a 50-day simple moving average of $3.40 and a 200 day simple moving average of $3.89. Data Storage has a fifty-two week low of $2.85 and a fifty-two week high of $5.15. The stock has a market capitalization of $7.14 million, a P/E ratio of -9.24 and a beta of 1.10.

Data Storage (NASDAQ:DTST) last released its earnings results on Friday, May 15th. The company reported ($0.25) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.34) by $0.09. The firm had revenue of $0.35 million for the quarter, compared to analyst estimates of $0.40 million.

Analysts Set New Price Targets

Separately, Weiss Ratings reissued a “hold (c)” rating on shares of Data Storage in a report on Thursday, July 2nd. Two investment analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the stock currently has an average rating of “Hold”.

Data Storage Company Profile

Data Storage Corporation provides data management and cloud solutions in the United States and internationally. It offers a suite of multi-cloud IT solutions, including cyber security solutions, which comprise ezSecurity, a security solution for endpoint security, system assessments, and risk analysis, as well as IBM system protection, including Ransomware defense. The company also provides data protection and recovery solutions, such as ezVault for offsite data protection; ezRecovery for fast data recovery; ezAvailability for real-time data replication with minimal recovery objectives; and ezMirror for data mirroring at the storage level.