Sykes Enterprises, Incorporated (NASDAQ:SYKE) saw a large increase in short interest in the month of July. As of July 31st, there was short interest totalling 1,631,300 shares, an increase of 8.2% from the June 30th total of 1,507,300 shares. Currently, 4.1% of the company’s shares are short sold. Based on an average daily trading volume, of 163,700 shares, the days-to-cover ratio is currently 10.0 days.
Several analysts have recently commented on SYKE shares. ValuEngine downgraded shares of Sykes Enterprises from a “hold” rating to a “sell” rating in a research report on Thursday, August 1st. BidaskClub raised shares of Sykes Enterprises from a “buy” rating to a “strong-buy” rating in a research report on Wednesday. TheStreet raised shares of Sykes Enterprises from a “c+” rating to a “b-” rating in a research report on Wednesday, July 24th. Finally, Sidoti reduced their price target on shares of Sykes Enterprises from $39.00 to $36.00 and set a “buy” rating for the company in a research report on Wednesday, July 31st. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the stock. Sykes Enterprises has an average rating of “Hold” and a consensus price target of $33.50.
A number of hedge funds and other institutional investors have recently bought and sold shares of SYKE. D. E. Shaw & Co. Inc. raised its stake in Sykes Enterprises by 95.5% in the 2nd quarter. D. E. Shaw & Co. Inc. now owns 89,600 shares of the information technology services provider’s stock valued at $2,460,000 after acquiring an additional 43,775 shares during the period. Marshall Wace LLP bought a new stake in Sykes Enterprises in the 2nd quarter valued at about $5,064,000. Morgan Stanley raised its stake in Sykes Enterprises by 85.6% in the 2nd quarter. Morgan Stanley now owns 267,672 shares of the information technology services provider’s stock valued at $7,350,000 after acquiring an additional 123,439 shares during the period. Paloma Partners Management Co bought a new stake in Sykes Enterprises in the 2nd quarter valued at about $339,000. Finally, Capital Bank & Trust Co raised its stake in Sykes Enterprises by 8.1% in the 2nd quarter. Capital Bank & Trust Co now owns 13,153 shares of the information technology services provider’s stock valued at $361,000 after acquiring an additional 984 shares during the period. 89.61% of the stock is owned by institutional investors and hedge funds.
Sykes Enterprises (NASDAQ:SYKE) last posted its quarterly earnings results on Tuesday, July 30th. The information technology services provider reported $0.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.30 by $0.11. Sykes Enterprises had a net margin of 3.35% and a return on equity of 10.36%. The business had revenue of $389.00 million during the quarter, compared to the consensus estimate of $395.88 million. During the same quarter last year, the firm posted $0.42 EPS. Sykes Enterprises’s revenue was down 2.0% compared to the same quarter last year. On average, analysts predict that Sykes Enterprises will post 2.1 earnings per share for the current fiscal year.
About Sykes Enterprises
Sykes Enterprises, Incorporated, together with its subsidiaries, provides multichannel demand generation and global customer engagement services. Its customer care services include handling billing inquiries and claims, activating customer accounts, resolving complaints, cross-selling/up-selling, and prequalifying and warranty management, as well as providing health information and dispatching roadside assistance.
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