Bassett Furniture Industries, Incorporated (NASDAQ:BSET) Short Interest Down 67.4% in June

Bassett Furniture Industries, Incorporated (NASDAQ:BSET) was the target of a large drop in short interest during the month of June. As of June 30th, there was short interest totaling 73,521 shares, a drop of 67.4% from the June 15th total of 225,622 shares. Currently, 0.9% of the company’s shares are short sold. Based on an average daily trading volume, of 143,821 shares, the short-interest ratio is presently 0.5 days.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Russell Investments Group Ltd. boosted its holdings in Bassett Furniture Industries by 95.3% in the fourth quarter. Russell Investments Group Ltd. now owns 1,504 shares of the company’s stock worth $25,000 after purchasing an additional 734 shares during the period. Group One Trading LLC bought a new stake in shares of Bassett Furniture Industries in the 2nd quarter worth $30,000. Motiv8 Investments LLC bought a new stake in shares of Bassett Furniture Industries in the 4th quarter worth approximately $42,000. Nalls Sherbakoff Group LLC purchased a new stake in shares of Bassett Furniture Industries during the fourth quarter valued at $46,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new position in Bassett Furniture Industries in the 2nd quarter worth approximately $68,000. 54.40% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on BSET shares. Weiss Ratings upgraded shares of Bassett Furniture Industries from a “hold (c-)” rating to a “hold (c)” rating in a report on Tuesday, June 30th. Zacks Research upgraded shares of Bassett Furniture Industries from a “hold” rating to a “strong-buy” rating in a report on Tuesday, July 7th. Finally, Wall Street Zen raised Bassett Furniture Industries from a “sell” rating to a “hold” rating in a research report on Saturday, June 20th. Two research analysts have rated the stock with a Strong Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat, Bassett Furniture Industries has a consensus rating of “Buy”.

Bassett Furniture Industries Price Performance

NASDAQ:BSET traded down $0.34 during trading hours on Tuesday, reaching $21.15. 19,579 shares of the company traded hands, compared to its average volume of 40,596. The stock has a market cap of $183.12 million, a P/E ratio of 33.14, a P/E/G ratio of 1.46 and a beta of 0.76. Bassett Furniture Industries has a 1-year low of $13.17 and a 1-year high of $22.23. The firm’s 50-day moving average is $15.98 and its 200-day moving average is $15.52.

Bassett Furniture Industries (NASDAQ:BSET) last posted its quarterly earnings results on Wednesday, July 1st. The company reported $0.24 EPS for the quarter, beating the consensus estimate of $0.20 by $0.04. The company had revenue of $83.75 million during the quarter, compared to analysts’ expectations of $83.32 million. Bassett Furniture Industries had a return on equity of 3.56% and a net margin of 1.65%.During the same quarter in the previous year, the business earned $0.22 EPS. As a group, research analysts predict that Bassett Furniture Industries will post 0.89 earnings per share for the current year.

About Bassett Furniture Industries

Bassett Furniture Industries, Inc (NASDAQ: BSET), headquartered in Bassett, Virginia, is a vertically integrated manufacturer and retailer of residential home furnishings. The company designs, produces and markets a range of furniture items, including upholstered seating, wood case goods, bedroom collections, dining room sets and home décor accessories. Bassett is known for its emphasis on craftsmanship, offering both ready-to-assemble pieces and made-to-order products that cater to varying design preferences and space requirements.

Bassett’s products are sold through a dual-channel distribution network comprising company-owned Bassett Home Furnishings stores, a franchise and independent dealer network, and an e-commerce platform that provides online shopping, virtual design consultations and customization tools.