TESSCO Technologies Incorporated (NASDAQ:TESS) Short Interest Update

TESSCO Technologies Incorporated (NASDAQ:TESS) was the target of a large drop in short interest in April. As of April 15th, there was short interest totalling 29,800 shares, a drop of 25.3% from the March 31st total of 39,900 shares. Based on an average trading volume of 47,100 shares, the days-to-cover ratio is presently 0.6 days. Currently, 0.5% of the company’s stock are short sold.

NASDAQ:TESS traded up $0.16 on Tuesday, hitting $7.39. The stock had a trading volume of 4,133 shares, compared to its average volume of 44,608. The stock has a market cap of $65.24 million, a P/E ratio of -2.63 and a beta of 1.18. TESSCO Technologies has a 1 year low of $4.12 and a 1 year high of $9.25. The firm’s fifty day simple moving average is $7.55 and its two-hundred day simple moving average is $6.97.

TESSCO Technologies (NASDAQ:TESS) last posted its quarterly earnings data on Sunday, January 31st. The communications equipment provider reported ($0.66) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.32) by ($0.34). TESSCO Technologies had a negative net margin of 4.73% and a negative return on equity of 11.16%. The firm had revenue of $99.24 million during the quarter, compared to analysts’ expectations of $102.10 million. Research analysts expect that TESSCO Technologies will post -1.12 EPS for the current fiscal year.

Separately, Zacks Investment Research upgraded shares of TESSCO Technologies from a “sell” rating to a “hold” rating in a research note on Friday, February 26th.

Several hedge funds have recently modified their holdings of TESS. Squarepoint Ops LLC purchased a new stake in shares of TESSCO Technologies during the 3rd quarter worth approximately $142,000. Renaissance Technologies LLC increased its stake in shares of TESSCO Technologies by 13.7% during the 4th quarter. Renaissance Technologies LLC now owns 502,400 shares of the communications equipment provider’s stock worth $3,135,000 after purchasing an additional 60,400 shares during the last quarter. Finally, Brown Advisory Inc. increased its stake in shares of TESSCO Technologies by 6.9% during the 4th quarter. Brown Advisory Inc. now owns 81,594 shares of the communications equipment provider’s stock worth $509,000 after purchasing an additional 5,250 shares during the last quarter. Institutional investors own 49.02% of the company’s stock.

About TESSCO Technologies

TESSCO Technologies Incorporated architects and delivers product and value chain solutions to support wireless systems in the United States. The company offers base station infrastructure products, including base station antennas, cable and transmission lines, small towers, lightning protection devices, connectors, power systems, enclosures, grounding products, jumpers, miscellaneous hardware products, and mobile antennas to build, repair, and upgrade wireless broadband systems, as well as connector installation, custom jumper assembly, site kitting, and logistics integration services.

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