HC2 Holdings Inc (NYSE:HCHC) Sees Large Decline in Short Interest

HC2 Holdings Inc (NYSE:HCHC) was the recipient of a significant decline in short interest in December. As of December 31st, there was short interest totalling 2,900,000 shares, a decline of 8.2% from the December 15th total of 3,160,000 shares. Based on an average daily volume of 217,200 shares, the days-to-cover ratio is currently 13.4 days. Currently, 6.9% of the shares of the stock are sold short.

A number of institutional investors have recently added to or reduced their stakes in HCHC. Russell Investments Group Ltd. grew its position in HC2 by 2,014.6% during the second quarter. Russell Investments Group Ltd. now owns 334,105 shares of the technology company’s stock valued at $789,000 after acquiring an additional 318,305 shares during the period. A.R.T. Advisors LLC purchased a new stake in shares of HC2 in the second quarter valued at $71,000. Raging Capital Management LLC purchased a new stake in shares of HC2 in the second quarter valued at $2,056,000. VIEX Capital Advisors LLC purchased a new stake in shares of HC2 in the second quarter valued at $901,000. Finally, Man Group plc purchased a new stake in shares of HC2 in the second quarter valued at $122,000. 50.22% of the stock is owned by institutional investors.

A number of equities research analysts have issued reports on the company. ValuEngine raised HC2 from a “hold” rating to a “buy” rating in a research report on Tuesday, December 3rd. Zacks Investment Research cut HC2 from a “buy” rating to a “hold” rating in a research report on Thursday, November 7th.

Shares of HCHC traded up $0.21 during mid-day trading on Thursday, hitting $2.56. The company’s stock had a trading volume of 15,961 shares, compared to its average volume of 263,436. The company has a current ratio of 1.73, a quick ratio of 1.73 and a debt-to-equity ratio of 1.64. The firm has a 50-day simple moving average of $2.20 and a 200 day simple moving average of $2.19. The firm has a market capitalization of $113.93 million, a P/E ratio of -3.09 and a beta of 1.32. HC2 has a 1-year low of $1.90 and a 1-year high of $3.76.

HC2 (NYSE:HCHC) last posted its quarterly earnings results on Tuesday, November 5th. The technology company reported ($0.16) EPS for the quarter, beating the consensus estimate of ($0.23) by $0.07. The business had revenue of $475.70 million during the quarter, compared to analysts’ expectations of $510.78 million. HC2 had a negative return on equity of 5.04% and a negative net margin of 0.61%. As a group, sell-side analysts predict that HC2 will post -0.25 EPS for the current fiscal year.

HC2 Company Profile

HC2 Holdings, Inc provides construction, marine services, energy, telecommunications, insurance, life sciences, broadcasting, and other services in the United States, the United Kingdom, and internationally. The company models, details, fabricates, and erects structural steel for commercial and industrial, and infrastructure construction projects, including building and office complexes, hotels and casinos, convention centers, sports arenas and stadiums, shopping malls, hospitals, dams, bridges, mines, and power plants.

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