Mobile Infrastructure Corporation (NASDAQ:BEEP) Sees Large Drop in Short Interest

Mobile Infrastructure Corporation (NASDAQ:BEEP) was the target of a significant decline in short interest in the month of June. As of June 30th, there was short interest totaling 121,191 shares, a decline of 57.1% from the June 15th total of 282,709 shares. Based on an average daily trading volume, of 185,960 shares, the short-interest ratio is presently 0.7 days. Currently, 0.5% of the shares of the company are sold short.

Mobile Infrastructure Trading Up 2.8%

Shares of NASDAQ:BEEP traded up $0.05 during midday trading on Thursday, reaching $1.96. The company’s stock had a trading volume of 3,109 shares, compared to its average volume of 55,528. The firm has a market cap of $80.92 million, a price-to-earnings ratio of -3.03 and a beta of 0.62. The business has a 50 day moving average price of $1.86 and a 200 day moving average price of $2.35. Mobile Infrastructure has a 1 year low of $1.29 and a 1 year high of $4.07. The company has a quick ratio of 0.09, a current ratio of 0.09 and a debt-to-equity ratio of 0.17.

Analyst Ratings Changes

Several brokerages have recently issued reports on BEEP. Weiss Ratings reissued a “sell (d)” rating on shares of Mobile Infrastructure in a research report on Wednesday, June 24th. Barrington Research reissued an “outperform” rating and set a $6.50 price objective on shares of Mobile Infrastructure in a report on Tuesday, May 19th. Finally, Maxim Group decreased their target price on Mobile Infrastructure from $7.00 to $6.00 and set a “buy” rating for the company in a research report on Friday, May 15th. Two investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $6.25.

Institutional Investors Weigh In On Mobile Infrastructure

A number of institutional investors have recently made changes to their positions in BEEP. Wells Fargo & Company MN raised its holdings in shares of Mobile Infrastructure by 31.3% during the fourth quarter. Wells Fargo & Company MN now owns 14,496 shares of the company’s stock valued at $37,000 after buying an additional 3,453 shares during the last quarter. Cresset Asset Management LLC increased its position in Mobile Infrastructure by 5.1% in the 3rd quarter. Cresset Asset Management LLC now owns 85,240 shares of the company’s stock valued at $300,000 after acquiring an additional 4,135 shares during the period. Connective Capital Management LLC increased its position in Mobile Infrastructure by 10.8% in the 3rd quarter. Connective Capital Management LLC now owns 60,973 shares of the company’s stock valued at $215,000 after acquiring an additional 5,929 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new stake in Mobile Infrastructure during the 2nd quarter valued at $36,000. Finally, Raymond James Financial Inc. bought a new stake in Mobile Infrastructure during the 2nd quarter valued at $39,000. 84.30% of the stock is currently owned by institutional investors.

Mobile Infrastructure Company Profile

Mobile Infrastructure Corporation is a Maryland corporation. The Company owns a diversified portfolio of parking assets primarily located in the Midwest and Southwest. As of December 31, 2023, the Company owned 43 parking facilities in 21 separate markets throughout the United States, with a total of 15,700 parking spaces and approximately 5.4 million square feet. The Company also owns approximately 0.2 million square feet of retail/commercial space adjacent to its parking facilities.