CS Disco, Inc. (NYSE:LAW) Short Interest Up 6.5% in August

CS Disco, Inc. (NYSE:LAW) was the target of a significant growth in short interest during the month of August. As of August 31st, there was short interest totalling 1,140,000 shares, a growth of 6.5% from the August 15th total of 1,070,000 shares. Based on an average daily volume of 189,800 shares, the days-to-cover ratio is currently 6.0 days. Currently, 5.1% of the shares of the stock are short sold.

CS Disco Stock Performance

CS Disco stock traded up $0.03 during trading on Tuesday, reaching $5.74. The company had a trading volume of 104,923 shares, compared to its average volume of 238,358. CS Disco has a 12-month low of $4.71 and a 12-month high of $8.80. The stock’s 50 day moving average price is $5.53 and its two-hundred day moving average price is $6.41. The firm has a market capitalization of $344.26 million, a price-to-earnings ratio of -10.56 and a beta of 2.08.

CS Disco (NYSE:LAW) last announced its quarterly earnings results on Thursday, August 8th. The company reported ($0.17) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.18) by $0.01. The company had revenue of $36.01 million for the quarter, compared to analyst estimates of $35.52 million. CS Disco had a negative net margin of 19.88% and a negative return on equity of 14.18%. As a group, research analysts expect that CS Disco will post -0.71 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on LAW. Needham & Company LLC cut their price target on CS Disco from $11.00 to $8.00 and set a “buy” rating for the company in a report on Friday, August 9th. JPMorgan Chase & Co. lowered CS Disco from a “neutral” rating to an “underweight” rating and dropped their target price for the company from $8.00 to $5.00 in a research note on Tuesday, July 2nd.

Insider Activity

In related news, Director Scott A. Hill acquired 23,554 shares of CS Disco stock in a transaction dated Tuesday, August 13th. The shares were acquired at an average cost of $5.39 per share, for a total transaction of $126,956.06. Following the completion of the transaction, the director now directly owns 187,615 shares of the company’s stock, valued at $1,011,244.85. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 22.30% of the company’s stock.

Institutional Investors Weigh In On CS Disco

Institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its stake in CS Disco by 4.2% during the first quarter. Vanguard Group Inc. now owns 2,031,257 shares of the company’s stock worth $16,514,000 after buying an additional 82,549 shares during the period. Norges Bank purchased a new stake in CS Disco during the 4th quarter worth $13,467,000. Dimensional Fund Advisors LP increased its holdings in CS Disco by 34.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 666,437 shares of the company’s stock valued at $3,972,000 after purchasing an additional 170,496 shares in the last quarter. Berylson Capital Partners LLC lifted its stake in shares of CS Disco by 424.2% during the fourth quarter. Berylson Capital Partners LLC now owns 282,569 shares of the company’s stock worth $2,145,000 after purchasing an additional 228,669 shares in the last quarter. Finally, CIBC Private Wealth Group LLC boosted its position in shares of CS Disco by 55.6% in the fourth quarter. CIBC Private Wealth Group LLC now owns 221,579 shares of the company’s stock worth $1,682,000 after buying an additional 79,208 shares during the period. Hedge funds and other institutional investors own 58.05% of the company’s stock.

CS Disco Company Profile

CS Disco, Inc provides cloud-native and artificial intelligence-powered legal solutions for legal hold, legal request, ediscovery, legal document review, and case management in the United States and internationally. It offers DISCO Request, a solution that automates response compliance for legal requests; and DISCO Ediscovery, a solution that automates the ediscovery process and saves legal departments from manual tasks associated with collecting, processing, enriching, searching, reviewing, analyzing, producing, and using enterprise data that is at issue in legal matters.