QuinStreet Inc (NASDAQ:QNST) Sees Significant Drop in Short Interest

QuinStreet Inc (NASDAQ:QNST) was the recipient of a large decrease in short interest in October. As of October 31st, there was short interest totalling 3,810,000 shares, a decrease of 18.2% from the September 30th total of 4,660,000 shares. Based on an average daily volume of 658,200 shares, the days-to-cover ratio is presently 5.8 days. Currently, 8.5% of the shares of the stock are sold short.

In related news, Director Robin Josephs sold 75,000 shares of the stock in a transaction dated Tuesday, November 12th. The stock was sold at an average price of $15.53, for a total transaction of $1,164,750.00. Following the completion of the sale, the director now directly owns 125,404 shares in the company, valued at approximately $1,947,524.12. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Douglas Valenti sold 32,500 shares of the stock in a transaction dated Wednesday, September 11th. The shares were sold at an average price of $12.59, for a total value of $409,175.00. Following the sale, the chief executive officer now owns 362,501 shares of the company’s stock, valued at $4,563,887.59. The disclosure for this sale can be found here. 11.10% of the stock is currently owned by corporate insiders.

A number of hedge funds have recently modified their holdings of QNST. Chicago Capital LLC bought a new position in QuinStreet during the 3rd quarter valued at approximately $22,111,000. William Blair Investment Management LLC bought a new position in QuinStreet during the 2nd quarter valued at approximately $15,440,000. Bank of America Corp DE raised its position in QuinStreet by 57.2% during the 2nd quarter. Bank of America Corp DE now owns 2,642,499 shares of the technology company’s stock valued at $41,883,000 after purchasing an additional 961,915 shares during the last quarter. Victory Capital Management Inc. raised its position in QuinStreet by 44.3% during the 2nd quarter. Victory Capital Management Inc. now owns 2,257,664 shares of the technology company’s stock valued at $35,784,000 after purchasing an additional 693,104 shares during the last quarter. Finally, Prospect Capital Advisors LLC bought a new position in QuinStreet during the 2nd quarter valued at approximately $5,778,000. Institutional investors own 99.30% of the company’s stock.

QNST stock traded down $0.03 during trading on Friday, hitting $15.20. 592,300 shares of the company traded hands, compared to its average volume of 698,128. The firm has a market capitalization of $797.07 million, a PE ratio of 12.88, a P/E/G ratio of 1.73 and a beta of 0.73. QuinStreet has a 1 year low of $10.15 and a 1 year high of $20.02. The company has a 50-day moving average of $12.99 and a 200-day moving average of $14.12. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.71 and a current ratio of 1.73.

QNST has been the subject of several analyst reports. ValuEngine cut QuinStreet from a “buy” rating to a “hold” rating in a report on Wednesday. BidaskClub upgraded QuinStreet from a “buy” rating to a “strong-buy” rating in a report on Thursday, October 10th. Barrington Research dropped their target price on QuinStreet from $20.00 to $16.00 and set an “outperform” rating for the company in a report on Thursday, August 15th. Northland Securities restated a “buy” rating and set a $18.00 target price on shares of QuinStreet in a report on Monday, August 12th. Finally, Stephens set a $19.00 target price on QuinStreet and gave the company a “buy” rating in a report on Friday, August 9th. One analyst has rated the stock with a sell rating, one has issued a hold rating, five have given a buy rating and one has issued a strong buy rating to the company’s stock. QuinStreet currently has an average rating of “Buy” and an average target price of $18.50.

About QuinStreet

QuinStreet, Inc, an Internet performance marketing company, provides customer acquisition services for its clients in the United States and internationally. It offers online marketing services to its clients in the form of qualified leads, inquiries, clicks, calls, applications, customers, display advertisements, or impressions through its Websites or third-party publishers.

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