Noodles & Company (NASDAQ:NDLS) Sees Large Increase in Short Interest

Noodles & Company (NASDAQ:NDLS) was the target of a large increase in short interest in the month of February. As of February 13th, there was short interest totaling 1,721,812 shares, an increase of 33.5% from the January 29th total of 1,289,686 shares. Based on an average daily trading volume, of 325,110 shares, the days-to-cover ratio is currently 5.3 days. Currently, 30.2% of the company’s stock are short sold. Currently, 30.2% of the company’s stock are short sold. Based on an average daily trading volume, of 325,110 shares, the days-to-cover ratio is currently 5.3 days.

Noodles & Company Trading Up 5.6%

Noodles & Company stock traded up $0.35 during trading on Wednesday, hitting $6.63. 98,742 shares of the company were exchanged, compared to its average volume of 50,958. The company has a market capitalization of $38.79 million, a P/E ratio of -0.84 and a beta of 1.50. The business’s 50 day moving average is $5.51 and its 200 day moving average is $5.56. Noodles & Company has a 52 week low of $3.57 and a 52 week high of $11.52.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on NDLS shares. Weiss Ratings restated a “sell (e+)” rating on shares of Noodles & Company in a report on Thursday, January 22nd. Wall Street Zen upgraded shares of Noodles & Company to a “sell” rating in a research note on Saturday, December 20th. One research analyst has rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Reduce” and an average target price of $24.00.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Assenagon Asset Management S.A. lifted its position in shares of Noodles & Company by 117.0% during the 4th quarter. Assenagon Asset Management S.A. now owns 44,630 shares of the restaurant operator’s stock worth $32,000 after buying an additional 24,065 shares in the last quarter. Virtu Financial LLC bought a new position in shares of Noodles & Company in the fourth quarter valued at approximately $28,000. XTX Topco Ltd increased its position in shares of Noodles & Company by 228.5% during the fourth quarter. XTX Topco Ltd now owns 94,746 shares of the restaurant operator’s stock valued at $67,000 after acquiring an additional 65,907 shares during the last quarter. State Street Corp increased its position in shares of Noodles & Company by 31.1% during the fourth quarter. State Street Corp now owns 181,963 shares of the restaurant operator’s stock valued at $128,000 after acquiring an additional 43,211 shares during the last quarter. Finally, Renaissance Technologies LLC lifted its holdings in Noodles & Company by 35.7% during the fourth quarter. Renaissance Technologies LLC now owns 93,500 shares of the restaurant operator’s stock worth $66,000 after acquiring an additional 24,600 shares during the period. 65.67% of the stock is currently owned by hedge funds and other institutional investors.

Noodles & Company Company Profile

Noodles & Company is an American fast-casual restaurant chain that specializes in a variety of noodle and pasta dishes inspired by global cuisines. Its menu features signature entrees such as the Wisconsin Mac & Cheese and Japanese Pan Noodles, alongside soups, salads, shareable sides and seasonal offerings. The brand emphasizes fresh ingredients, customizable meals and a quick-service format designed to accommodate dine-in, takeout and digital ordering channels.

The company was founded in 1995 by Aaron Kennedy in Boulder, Colorado, with the aim of introducing a diverse noodle-centric menu to the American market.