Nasdaq‘s recent short interest data for the 7/15/2014 settlement date shows a significant decline in short interest for shares of Anadigics, Inc. (ANAD). As of July 15th, ticker’s short interest totaled 5,714,723 shares, as compared to 10,218,149 shares since June 30th, a decrease of 44.07%. Average daily volume [AVM] for the same period fell from 2,681,480 shares to 714,257 shares.
Based on the latest AVM, the days-to-cover ratio, a metric that includes both the total shares short and the average daily volume of shares traded, is currently 8.0 days. Days-to-cover for ANAD increased by more than 4 days for the July 15 settlement date, as compared to 3.8 days at the June 30 report.
A number of prominent Wall Street firms have recently weighed in on ANAD shares. Analysts at Needham downgraded shares of the $69.3 million market cap company to a ‘Hold’ from a ‘Buy’ rating in a research note issued to clients on Friday, June 27th. Separately, analysts at Credit Suisse Group (CS) while reiterating a ‘Hold’ rating on ANAD reduced their price target from $2.40 to $2.00 in a note issued to investors on Wednesday, May 21st. They now have a $2.00 price target on the stock. Credit Suisse’s price target [PT] suggests a potential upside of 146% from the stock’s previous close. Finally, analysts at DA Davidson maintain a ‘Neutral’ rating on shares of Anadigics in a rather old research note issued on July 31, 2012. They have a $1.75 PT on the stock.
Shares of Anadigics, Inc. closed at 0.81 on Monday. Ticker has fallen more than 65% on a year-over-year basis and 55% year-to-date. ANAD’s low 52 week point is $0.79 per share, with $2.45 as the 52 week high point.
Technical speaking: ticker has moved to the lower end of its two-week trading range and seems poised to retest its lows and probably make lower lows at this point. That said, the bears either have this one right, or there is the potential for a major short-squeeze (hypothetically speaking) in the event of positive news from the company.
Anadigics Inc designs and manufactures radio frequency semiconductor solutions for cellular wireless, wireless fidelity (WiFi), and infrastructure apps. The company was founded in 1984 and is headquartered in Warren, New Jersey.
Disclosure: No Position