Itron, Inc. (NASDAQ:ITRI) Sees Large Drop in Short Interest

Itron, Inc. (NASDAQ:ITRI – Get Free Report) was the target of a large decline in short interest in the month of June. As of June 30th, there was short interest totalling 1,330,000 shares, a decline of 14.2% from the June 15th total of 1,550,000 shares. Approximately 3.0% of the shares of the company are short sold. Based on an average daily trading volume, of 311,300 shares, the days-to-cover ratio is currently 4.3 days.

Itron Price Performance

NASDAQ ITRI opened at $74.45 on Thursday. The company has a 50 day moving average price of $69.83 and a two-hundred day moving average price of $60.39. The company has a quick ratio of 1.19, a current ratio of 1.68 and a debt-to-equity ratio of 0.38. Itron has a 12-month low of $39.38 and a 12-month high of $76.34. The stock has a market capitalization of $3.38 billion, a PE ratio of -148.90 and a beta of 1.34.

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Itron (NASDAQ:ITRI – Get Free Report) last released its earnings results on Thursday, May 4th. The scientific and technical instruments company reported $0.49 EPS for the quarter, beating the consensus estimate of $0.11 by $0.38. The firm had revenue of $494.62 million during the quarter, compared to analysts’ expectations of $464.26 million. Itron had a negative net margin of 1.24% and a positive return on equity of 5.88%. The business’s quarterly revenue was up 4.1% compared to the same quarter last year. During the same period in the prior year, the company earned $0.11 EPS. As a group, equities analysts predict that Itron will post 1.48 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts have recently commented on ITRI shares. StockNews.com assumed coverage on Itron in a research report on Thursday, May 18th. They set a “buy” rating for the company. Raymond James lowered Itron from a “strong-buy” rating to an “outperform” rating and raised their price target for the stock from $70.00 to $81.00 in a report on Wednesday, July 12th. Robert W. Baird raised their price target on Itron from $52.00 to $63.00 in a report on Friday, May 5th. JPMorgan Chase & Co. lifted their price objective on Itron from $54.00 to $64.00 in a report on Wednesday. Finally, Piper Sandler lifted their price objective on Itron from $58.00 to $63.00 in a research report on Monday, May 8th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $62.89.

Insider Activity

In related news, SVP Donald L. Reeves III sold 6,531 shares of the company’s stock in a transaction dated Tuesday, June 6th. The stock was sold at an average price of $70.59, for a total value of $461,023.29. Following the completion of the transaction, the senior vice president now owns 9,091 shares of the company’s stock, valued at approximately $641,733.69. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 1.47% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in ITRI. State of Wyoming acquired a new position in Itron during the 4th quarter valued at about $29,000. Strs Ohio boosted its holdings in shares of Itron by 100.0% in the first quarter. Strs Ohio now owns 600 shares of the scientific and technical instruments company’s stock valued at $33,000 after buying an additional 300 shares during the period. Van ECK Associates Corp increased its position in shares of Itron by 74.1% during the fourth quarter. Van ECK Associates Corp now owns 712 shares of the scientific and technical instruments company’s stock worth $36,000 after acquiring an additional 303 shares in the last quarter. Luken Investment Analytics LLC acquired a new position in Itron in the 4th quarter worth $46,000. Finally, US Bancorp DE grew its holdings in shares of Itron by 30.7% during the first quarter. US Bancorp DE now owns 1,040 shares of the scientific and technical instruments company’s stock worth $54,000 after buying an additional 244 shares in the last quarter. Institutional investors and hedge funds own 96.06% of the company’s stock.

Itron Company Profile

(Get Free Report)

Itron, Inc, a technology and service company, provides end-to-end solutions that help manage operations in the energy, water, and smart city space worldwide. It operates through three segments: Device Solutions, Networked Solutions, and Outcomes. The Device Solutions segment offers hardware products that are used for measurement, control, or sensing.

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