NVE Co. (NASDAQ:NVEC) Short Interest Up 26.9% in January
NVE Co. (NASDAQ:NVEC) experienced a significant increase in short-term interest in the month of January. As of January 31, there was short interest totaling 101,500 shares, an increase of 26.9% from the total of 80,000 shares as of January 15. Based on an average daily volume of 23,300 shares, the short interest ratio is currently 4.4 days. Currently, 2.1% of the company’s shares are sold short.
A number of brokerages have weighed in on NVEC recently. TheStreet downgraded NVE from a “b” rating to a “c+” rating in a Monday, February 7 research note. StockNews.com downgraded NVE from a “buy” rating to a “hold” rating in a Sunday, February 13 research rating.
NVE stock traded at $2.04 by midday on Friday, hitting $58.33. 556 shares of the company were traded, against an average volume of 26,158. The company has a fifty-day simple moving average of $63.42 and a 200-day simple moving average of $67.02. NVE has a 12-month low of $55.27 and a 12-month high of $81.42. The company has a market capitalization of $281.97 million, a PE ratio of 19.78 and a beta of 1.11.
The company also recently announced a quarterly dividend, which will be paid on Monday, February 28. Shareholders of record on Monday, January 31 will receive a dividend of $1.00 per share. The ex-dividend date is Friday, January 28. This represents a dividend of $4.00 on an annualized basis and a yield of 6.86%. NVE’s dividend payout ratio (DPR) is currently 139.86%.
Institutional investors have recently bought and sold shares of the company. Royal Bank of Canada increased its stake in NVE by 60.4% during the third quarter. Royal Bank of Canada now owns 523 shares of the semiconductor company worth $34,000 after acquiring 197 additional shares during the period. Citigroup Inc. increased its stake in NVE by 55.9% during the third quarter. Citigroup Inc. now owns 544 shares of the semiconductor company worth $35,000 after acquiring 195 additional shares during the period. Lazard Asset Management LLC increased its stake in NVE by 41.7% during the 4th quarter. Lazard Asset Management LLC now owns 744 shares of the semiconductor company worth $50,000 after acquiring 219 additional shares during the period. BNP Paribas Arbitrage SA increased its stake in NVE shares by 326.1% in the 3rd quarter. BNP Paribas Arbitrage SA now owns 899 shares of the semiconductor company valued at $58,000 after buying an additional 688 shares in the last quarter. Finally, Metropolitan Life Insurance Co NY increased its stake in NVE shares by 142,000.0% in the 2nd quarter. Metropolitan Life Insurance Co NY now owns 1,421 shares of the semiconductor company valued at $105,000 after buying 1,420 additional shares in the last quarter. Hedge funds and other institutional investors hold 66.67% of the company’s shares.
NVE Company Profile
NVE Corp. engages in the development and sale of devices that use spintronics, a nanotechnology that relies on electron spin rather than electron charge to acquire, store and transmit information. It offers isolators, sensors and power integrated circuits. The company was founded by James M. Daughton in 1989 and is based in Eden Prairie, MN.
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