Northern Technologies International Corporation (NASDAQ: NTIC) experienced a notable decline in short interest during December, with figures reported as of December 15 showing a total of 18,438 shares short sold. This represents a significant drop of 28.6% from the previous total of 25,821 shares recorded on November 30. Currently, short sales account for only 0.3% of the company’s stock. With an average daily trading volume of 42,087 shares, the days-to-cover ratio stands at a mere 0.4 days.
Institutional Investment Activity
In the wake of these changes, institutional investors have been active in adjusting their positions in Northern Technologies. Dynamic Advisor Solutions LLC increased its holdings by 28.3% during the third quarter, now owning 86,932 shares valued at approximately $670,000 after acquiring an additional 19,177 shares. Similarly, Peapod Lane Capital LLC raised its stake by 32.0%, bringing its total to 86,634 shares worth around $668,000 after purchasing 21,023 shares in the same period.
Arrowstreet Capital Limited Partnership made a substantial move by increasing its holdings by 274.0%. The firm now owns 65,581 shares valued at about $506,000 after acquiring 48,047 shares during the quarter. RBF Capital LLC also significantly increased its stake by 164.0%, now holding 64,390 shares worth approximately $477,000 after adding 40,000 shares. Citadel Advisors LLC expanded its position by 35.1%, now owning 59,085 shares valued at around $456,000 after purchasing an additional 15,351 shares. Overall, institutional investors now control 32.88% of Northern Technologies’ stock.
Stock Performance Overview
On December 19, 2023, Northern Technologies’ stock increased by $0.05, reaching $7.55 per share. During the trading session, 46,684 shares exchanged hands, surpassing the average volume of 30,691. The company’s fifty-day moving average price stands at $7.66, while the two-hundred-day moving average is at $7.71. Financial metrics indicate a current ratio of 1.86, a quick ratio of 1.21, and a debt-to-equity ratio of 0.01. The market capitalization is currently estimated at $71.57 million, with a price-to-earnings (P/E) ratio of -754.25 and a beta of 0.19. Over the past year, the stock has fluctuated between a low of $6.75 and a high of $13.94.
Equities research analysts have recently provided varied ratings for Northern Technologies. Zacks Research downgraded the stock from a “hold” to a “strong sell” rating on November 19, 2023. In contrast, Wall Street Zen upgraded the rating from “sell” to “hold” on September 13, 2023. Additionally, Weiss Ratings reiterated a “sell (d)” rating in a report published on Monday. Currently, MarketBeat indicates that two analysts rate the stock as a sell, with a consensus rating of “sell.”
Founded in Minnesota, Northern Technologies International Corporation specializes in developing and marketing environmentally responsible corrosion prevention and metal surface treatment products. The company’s offerings include volatile corrosion inhibitor (VCI) films, emitters, powders, and liquids designed for various industrial applications. Its customer base spans multiple sectors, including automotive, electronics, and oil and gas.
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