IEC Electronics Corp (IEC) Short Interest Update

IEC Electronics Corp (NYSEAMERICAN:IEC) was the target of a significant increase in short interest in the month of October. As of October 31st, there was short interest totalling 140,366 shares, an increase of 48.2% from the October 15th total of 94,697 shares. Currently, 1.6% of the company’s shares are sold short. Based on an average daily volume of 20,148 shares, the short-interest ratio is presently 7.0 days.

In other IEC Electronics news, Director Charles P. Hadeed purchased 10,000 shares of IEC Electronics stock in a transaction dated Thursday, August 16th. The shares were purchased at an average cost of $5.42 per share, for a total transaction of $54,200.00. Following the completion of the acquisition, the director now owns 56,329 shares in the company, valued at approximately $305,303.18. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Renaissance Technologies LLC increased its holdings in IEC Electronics by 4.3% during the 2nd quarter. Renaissance Technologies LLC now owns 313,354 shares of the technology company’s stock worth $1,827,000 after purchasing an additional 12,962 shares during the period. Globeflex Capital L P purchased a new position in IEC Electronics during the 3rd quarter worth $180,000. Finally, EAM Investors LLC purchased a new position in IEC Electronics during the 2nd quarter worth $673,000.

Several brokerages have recently weighed in on IEC. Zacks Investment Research upgraded IEC Electronics from a “strong sell” rating to a “hold” rating in a report on Wednesday, October 10th. Noble Financial set a $8.00 price target on IEC Electronics and gave the stock a “buy” rating in a report on Friday, August 10th.

IEC traded down $0.12 during trading on Friday, hitting $5.16. 15,806 shares of the stock were exchanged, compared to its average volume of 55,639. IEC Electronics has a 1 year low of $3.42 and a 1 year high of $6.80.

IEC Electronics (NYSEAMERICAN:IEC) last released its quarterly earnings data on Wednesday, August 8th. The technology company reported $0.02 EPS for the quarter, missing the consensus estimate of $0.17 by ($0.15). The business had revenue of $29.78 million during the quarter, compared to the consensus estimate of $33.00 million.

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About IEC Electronics

IEC Electronics Corp., together with its subsidiaries, provides electronic manufacturing services in the United States. It specializes in delivering technical solutions for the custom manufacturing, product configuration, and verification testing of engineered complex products that require a sophisticated level of manufacturing.

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