CSP Inc. (NASDAQ:CSPI) sees sharp rise in short-term interest

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CSP Inc. (NASDAQ:CSPI – Get Rating) benefited from a sharp rise in short-term interest rates in May. As of May 31, there was short interest totaling 8,800 shares, an increase of 214.3% from the May 15 total of 2,800 shares. Currently, 0.3% of the company’s shares are sold short. Based on an average trading volume of 13,300 shares, the day-to-cover ratio is currently 0.7 days.

In other CSP news, insider Joseph R. Nerges purchased 3,559 shares in a trade that took place on Monday, June 6. The shares were purchased at an average cost of $9.33 per share, for a total transaction of $33,205.47. Following the transaction, the insider now directly owns 493,900 shares of the company, valued at $4,608,087. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, accessible via the SEC’s website. Additionally, insider Joseph R. Nerges purchased 3,500 shares in a trade that took place on Wednesday, May 18. The shares were acquired at an average price of $7.74 per share, for a total transaction of $27,090.00. Following the completion of the transaction, the insider now owns 469,093 shares of the company, valued at $3,630,779.82. Disclosure of this purchase can be found here. Over the past 90 days, insiders have purchased 15,052 shares of the company worth $122,068. 12.90% of the shares are held by insiders.

A number of hedge funds and other institutional investors have recently changed their holdings in the company. State Street Corp bought a new position in CSP during Q1 worth $80,000. Visionary Wealth Advisors increased its CSP equity stake by 0.9% in Q1. Visionary Wealth Advisors now owns 273,002 shares of the information technology service provider worth $2,151,000 after acquiring 2,369 additional shares last quarter. JPMorgan Chase & Co. increased its stake in CSP shares by 100.0% in the 1st quarter. JPMorgan Chase & Co. now owns 4,000 shares of the information technology services provider worth $31,000 after acquiring 2,000 more shares last quarter. Finally, Mercer Global Advisors Inc. ADV increased its stake in CSP shares by 14.5% during the 1st quarter. Mercer Global Advisors Inc. ADV now owns 39,389 shares of the information technology service provider worth $307,000 after acquiring 5,000 additional shares in the last quarter. 24.36% of the shares are held by hedge funds and other institutional investors.

CSPI opened at $9.20 on Friday. CSP has a 12-month low of $6.61 and a 12-month high of $11.94. The company has a debt ratio of 0.01, a current ratio of 3.21 and a quick ratio of 2.93. The stock has a market capitalization of $41.68 million, a P/E ratio of 306.77 and a beta of 1.63. The stock’s 50-day moving average price is $7.82 and its 200-day moving average price is $8.05.

CSP (NASDAQ:CSPI – Get Rating) last released its quarterly results on Wednesday, May 11. The information technology service provider reported earnings per share (EPS) of $0.03 for the quarter. The company had revenue of $11.98 million in the quarter. CSP had a negative return on equity of 0.98% and a net margin of 0.29%.

About CSP (Get a rating)

CSP Inc develops and markets IT integration solutions, security products, managed IT services, purpose-built network adapters and clustered IT systems for commercial and defense customers worldwide. It operates in two segments, Technology Solutions and High Performance Products. The Technology Solutions segment provides third-party computer hardware and software as a value-added reseller to various customers in the web hosting and infrastructure, education, telecommunications, healthcare, distribution, financial and professional services and manufacturing industries.

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