Short Interest in NIC Inc. (NASDAQ:EGOV) Decreases By 34.1%

NIC Inc. (NASDAQ:EGOV) was the recipient of a significant decline in short interest in the month of August. As of August 31st, there was short interest totalling 1,651,600 shares, a decline of 34.1% from the July 31st total of 2,507,700 shares. Currently, 2.6% of the shares of the company are sold short. Based on an average trading volume of 399,700 shares, the short-interest ratio is presently 4.1 days.

In related news, Director William M. Lyons sold 10,000 shares of the business’s stock in a transaction dated Thursday, August 29th. The stock was sold at an average price of $20.96, for a total transaction of $209,600.00. Following the transaction, the director now directly owns 61,786 shares in the company, valued at $1,295,034.56. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 2.60% of the company’s stock.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Parallel Advisors LLC acquired a new position in shares of NIC in the 1st quarter worth approximately $25,000. Advisors Preferred LLC acquired a new position in shares of NIC in the 2nd quarter worth approximately $26,000. NumerixS Investment Technologies Inc boosted its holdings in shares of NIC by 477.8% in the 1st quarter. NumerixS Investment Technologies Inc now owns 5,200 shares of the software maker’s stock worth $88,000 after acquiring an additional 4,300 shares in the last quarter. Taylor Hoffman Wealth Management acquired a new position in shares of NIC in the 2nd quarter worth approximately $157,000. Finally, UMB Bank N A MO acquired a new position in shares of NIC in the 2nd quarter worth approximately $162,000. 86.58% of the stock is currently owned by institutional investors.

NASDAQ EGOV traded down $0.13 during trading on Friday, reaching $21.72. 276,465 shares of the company traded hands, compared to its average volume of 406,865. The company has a debt-to-equity ratio of 0.04, a quick ratio of 2.69 and a current ratio of 2.69. The stock’s 50 day moving average price is $20.47 and its two-hundred day moving average price is $17.62. The company has a market cap of $1.41 billion, a price-to-earnings ratio of 24.68, a P/E/G ratio of 2.07 and a beta of 0.90. NIC has a 1-year low of $11.76 and a 1-year high of $23.45.

NIC (NASDAQ:EGOV) last released its quarterly earnings data on Wednesday, July 31st. The software maker reported $0.21 earnings per share for the quarter, beating analysts’ consensus estimates of $0.18 by $0.03. The company had revenue of $91.60 million for the quarter, compared to the consensus estimate of $86.45 million. NIC had a return on equity of 24.45% and a net margin of 15.10%. The company’s quarterly revenue was down 1.0% on a year-over-year basis. During the same period in the previous year, the business earned $0.25 earnings per share. Equities research analysts expect that NIC will post 0.76 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 20th. Shareholders of record on Friday, September 6th will be issued a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 1.47%. The ex-dividend date of this dividend is Thursday, September 5th. NIC’s payout ratio is 36.36%.

A number of research firms have weighed in on EGOV. Zacks Investment Research raised NIC from a “hold” rating to a “buy” rating and set a $18.00 price objective on the stock in a report on Tuesday, June 4th. ValuEngine downgraded NIC from a “buy” rating to a “hold” rating in a report on Wednesday, September 4th. Barrington Research reaffirmed a “buy” rating on shares of NIC in a report on Wednesday, July 3rd. BidaskClub raised NIC from a “hold” rating to a “buy” rating in a report on Friday, July 26th. Finally, TheStreet raised NIC from a “c+” rating to a “b” rating in a report on Thursday, August 1st. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the company. NIC presently has an average rating of “Buy” and an average price target of $20.25.

NIC Company Profile

NIC Inc, together with its subsidiaries, provides digital government services that enable governments to use technology to provide various services to businesses and citizens in the United States. The company's outsourced portal business enters into long-term contracts with state and local governments to design, build, and operate Internet-based and enterprise-wide portals on their behalf.

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