Short Interest in Computer Task Group, Inc. (NASDAQ:CTG) Drops By 18.1%

Computer Task Group, Inc. (NASDAQ:CTG) was the target of a significant decline in short interest in the month of October. As of October 31st, there was short interest totalling 15,800 shares, a decline of 18.1% from the September 30th total of 19,300 shares. Currently, 0.2% of the company’s shares are short sold. Based on an average daily trading volume, of 52,900 shares, the short-interest ratio is currently 0.3 days.

Institutional investors have recently added to or reduced their stakes in the company. Citadel Advisors LLC bought a new position in shares of Computer Task Group during the 2nd quarter valued at approximately $56,000. Courier Capital LLC purchased a new stake in shares of Computer Task Group during the 2nd quarter valued at approximately $59,000. Gamco Investors INC. ET AL purchased a new stake in shares of Computer Task Group during the 3rd quarter valued at approximately $97,000. Gabelli Funds LLC lifted its stake in shares of Computer Task Group by 44.2% during the 3rd quarter. Gabelli Funds LLC now owns 36,041 shares of the information technology services provider’s stock valued at $180,000 after buying an additional 11,041 shares in the last quarter. Finally, Acadian Asset Management LLC lifted its stake in shares of Computer Task Group by 7.4% during the 2nd quarter. Acadian Asset Management LLC now owns 273,429 shares of the information technology services provider’s stock valued at $1,096,000 after buying an additional 18,944 shares in the last quarter. 47.45% of the stock is owned by hedge funds and other institutional investors.

Shares of NASDAQ CTG traded down $0.14 during trading on Friday, hitting $5.56. 124,700 shares of the company traded hands, compared to its average volume of 71,291. Computer Task Group has a fifty-two week low of $3.85 and a fifty-two week high of $6.05. The business’s fifty day moving average is $5.20 and its 200 day moving average is $4.60. The firm has a market capitalization of $84.67 million, a price-to-earnings ratio of 23.17, a P/E/G ratio of 1.07 and a beta of 0.49. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.81 and a current ratio of 1.81.

Computer Task Group (NASDAQ:CTG) last released its earnings results on Tuesday, October 22nd. The information technology services provider reported $0.10 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.09 by $0.01. Computer Task Group had a negative net margin of 0.72% and a positive return on equity of 6.29%. The firm had revenue of $97.20 million during the quarter, compared to the consensus estimate of $98.50 million. On average, analysts predict that Computer Task Group will post 0.36 EPS for the current year.

CTG has been the topic of several recent analyst reports. ValuEngine lowered shares of Computer Task Group from a “hold” rating to a “sell” rating in a report on Tuesday, October 22nd. Zacks Investment Research upgraded shares of Computer Task Group from a “hold” rating to a “buy” rating and set a $6.00 target price on the stock in a report on Monday, October 28th. One analyst has rated the stock with a sell rating and three have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus target price of $7.00.

About Computer Task Group

Computer Task Group, Incorporated, together with its subsidiaries, operates as an information technology solutions and staffing services company in North America, Europe, and India. Its IT solutions include the implementation and optimization of packaged software applications; development and deployment of customized software and solutions designed to fit the needs of a specific client or market; and design and distribution of complex technology components, as well as offers consulting services.

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