Proto Labs Inc (NYSE:PRLB) was the recipient of a significant growth in short interest in July. As of July 31st, there was short interest totalling 2,450,800 shares, a growth of 29.0% from the June 30th total of 1,899,700 shares. Based on an average daily volume of 196,700 shares, the short-interest ratio is currently 12.5 days. Currently, 9.8% of the company’s shares are sold short.
Institutional investors and hedge funds have recently made changes to their positions in the stock. NumerixS Investment Technologies Inc acquired a new stake in Proto Labs in the second quarter valued at $35,000. Parallel Advisors LLC acquired a new stake in Proto Labs in the first quarter valued at $34,000. Brand Asset Management Group Inc. acquired a new stake in Proto Labs in the first quarter valued at $45,000. Icon Wealth Partners LLC acquired a new stake in Proto Labs in the first quarter valued at $57,000. Finally, DekaBank Deutsche Girozentrale acquired a new stake in Proto Labs in the first quarter valued at $109,000. Institutional investors and hedge funds own 93.47% of the company’s stock.
PRLB traded down $4.07 during trading hours on Wednesday, hitting $93.07. 217,156 shares of the company’s stock were exchanged, compared to its average volume of 184,639. Proto Labs has a 1-year low of $92.53 and a 1-year high of $166.60. The firm has a 50-day moving average price of $105.57. The company has a market capitalization of $2.56 billion, a PE ratio of 33.10, a price-to-earnings-growth ratio of 1.20 and a beta of 1.57. The company has a debt-to-equity ratio of 0.02, a quick ratio of 4.08 and a current ratio of 4.26.
Several research firms have recently weighed in on PRLB. ValuEngine cut shares of Proto Labs from a “buy” rating to a “hold” rating in a report on Thursday, July 11th. Zacks Investment Research upgraded shares of Proto Labs from a “hold” rating to a “buy” rating and set a $117.00 price target for the company in a report on Thursday, August 1st. Finally, Piper Jaffray Companies reduced their price target on shares of Proto Labs from $92.00 to $84.00 and set a “neutral” rating for the company in a report on Thursday, July 25th. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the company. The company has a consensus rating of “Buy” and an average target price of $126.25.
About Proto Labs
Proto Labs, Inc, together with its subsidiaries, operates as an e-commerce driven digital manufacturer of custom parts for prototyping and short-run production worldwide. It utilizes injection molding, computer numerical control machining, three-dimensional (3D) printing, and sheet metal fabrication to manufacture custom parts for developers and engineers who use 3D computer-aided design software to design products across a range of end markets.
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