BRP Inc. (NASDAQ:DOO) Stock Short Interest Climbs 62.5%

BRP Inc. (NASDAQ:DOO) saw a significant increase in short interest in October. As of October 15th, there was short interest totaling 1,135,269 shares, an increase of 62.5% from the September 30th total of 698,456 shares. Approximately 1.6% of the company’s stock are sold short. Based on an average trading volume of 260,919 shares, the short-interest ratio is currently 4.4 days.

BRP Stock Down 1.6%

Shares of NASDAQ DOO opened at $62.15 on Wednesday. The company has a quick ratio of 0.52, a current ratio of 1.19 and a debt-to-equity ratio of 7.31. BRP has a 52 week low of $48.83 and a 52 week high of $81.89. The firm’s fifty day moving average is $58.46 and its 200 day moving average is $63.61. The company has a market cap of $4.42 billion, a price-to-earnings ratio of 16.03 and a beta of 1.00.

BRP Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 13th. Shareholders of record on Tuesday, September 29th were issued a C$0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 1.6%. The ex-dividend date of this dividend was Tuesday, September 29th. BRP’s dividend payout ratio (DPR) is 65.45%.

Analysts Set New Price Targets

Several brokerages have weighed in on DOO. Weiss Ratings cut BRP from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Thursday, October 8th. Zacks Research cut shares of BRP from a “strong-buy” rating to a “hold” rating in a report on Thursday, October 8th. TD Securities raised shares of BRP from a “hold” rating to a “buy” rating in a report on Tuesday, August 18th. Scotiabank reissued a “sector perform” rating on shares of BRP in a research note on Friday, September 4th. Finally, Citigroup boosted their price target on shares of BRP from $74.00 to $77.00 and gave the stock a “buy” rating in a research note on Tuesday, September 8th. Six analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $84.00.

Hedge Funds Weigh In On BRP

Several hedge funds and other institutional investors have recently modified their holdings of DOO. Caitong International Asset Management Co. Ltd grew its stake in shares of BRP by 4,070.6% in the second quarter. Caitong International Asset Management Co. Ltd now owns 709 shares of the company’s stock worth $43,000 after purchasing an additional 692 shares during the last quarter. Nykredit A S purchased a new position in BRP during the 2nd quarter valued at about $61,000. NewEdge Advisors LLC bought a new position in BRP during the 2nd quarter valued at approximately $79,000. State of Wyoming raised its position in BRP by 21.4% during the 2nd quarter. State of Wyoming now owns 2,317 shares of the company’s stock valued at $141,000 after purchasing an additional 408 shares during the last quarter. Finally, Persistent Asset Partners Ltd purchased a new stake in BRP in the second quarter worth $214,000.

About BRP

BRP Inc is a Canadian powersports and recreational products manufacturer headquartered in Valcourt, Quebec. The company traces its origins to 1942, when Joseph-Armand Bombardier founded a business focused on tracked vehicles, and became an independent public company after separating from Bombardier Inc in 2003.

BRP develops, manufactures and distributes powersports vehicles and marine products. Its portfolio includes Ski-Doo snowmobiles, Sea-Doo personal watercraft, Can-Am side-by-side and three-wheel vehicles, Rotax engines, and marine brands such as Alumacraft and Manitou.