The stock market is constantly in motion, with various factors influencing the performance of different companies. Here's a quick rundown of some recent notable activity involving several publicly traded companies.
Wingstop (WING)
Bank of New York Mellon Corp decreased its holdings in Wingstop Inc. (NASDAQ:WING) by 3.1% during the 4th quarter, according to a report by HoldingsChannel.com. The firm sold 7,766 shares during the period, leaving them with 242,598 shares of the restaurant operator's stock. Bank of New York Mellon Corp's holdings in Wingstop were valued at $68.95 million at the time of the report.
Rising Short Interest
Several companies have seen a surge in short interest recently. Alto Ingredients, Inc. (NASDAQ:ALTO) experienced a substantial 19.4% increase in short interest during February. As of February 15th, there were 687,000 shares shorted, compared to 575,400 shares at the end of January. This translates to a days-to-cover ratio based on an average trading volume of 705,500 shares.
Amalgamated Financial Corp. (NASDAQ:AMAL) also saw a significant rise in short interest during February. The number of shares shorted grew by 22.6%, from 962,800 on January 31st to 1,180,000 as of February 15th. The days-to-cover metric is a key indicator to watch, based on an average daily trading volume of 199,800 shares.
Analyst Upgrades and Price Targets
Okta (NASDAQ:OKTA) received a positive assessment from Stifel Nicolaus, who raised their price target for the stock from $115.00 to $120.00. This adjustment suggests a potential upside of 3.17% from the company’s current price, with the brokerage maintaining a "buy" rating, according to Benzinga.
Roivant Sciences (NASDAQ:ROIV) also received favorable attention from analysts. Cantor Fitzgerald upgraded the stock to a “strong-buy” rating in a research note issued to investors. Separately, HC Wainwright reaffirmed a “buy” rating and issued an $18.00 price target on shares of Roivant Sciences, as reported by Zacks.com.
Altair Engineering (ALTR) Sees Increase in Short Interest
Altair Engineering Inc. (NASDAQ:ALTR) experienced a significant 25.9% increase in short interest during February. As of February 15th, there were 5,110,000 shares shorted, an increase from 4,060,000 shares on January 31st. This change is based on an average daily volume of 764,500 shares.
These are just a few examples of the dynamic nature of the stock market. Investors are encouraged to do their own research and consult with a financial advisor before making any investment decisions.