HashiCorp, Inc. (NASDAQ:HCP) Short Interest Up 32.7% in August

HashiCorp, Inc. (NASDAQ:HCP) was the recipient of a large increase in short interest in August. As of August 31st, there was short interest totalling 12,770,000 shares, an increase of 32.7% from the August 15th total of 9,620,000 shares. Based on an average daily volume of 2,890,000 shares, the days-to-cover ratio is currently 4.4 days. Approximately 8.5% of the shares of the company are short sold.

HashiCorp Price Performance

HCP traded up $0.15 during trading hours on Monday, reaching $33.99. The company’s stock had a trading volume of 1,575,220 shares, compared to its average volume of 3,335,746. The business’s 50-day moving average is $33.69 and its 200-day moving average is $31.44. The stock has a market cap of $6.83 billion, a PE ratio of -35.35 and a beta of 1.25. HashiCorp has a fifty-two week low of $18.91 and a fifty-two week high of $34.05.

HashiCorp (NASDAQ:HCP) last released its quarterly earnings results on Thursday, August 29th. The company reported $0.08 earnings per share for the quarter. The business had revenue of $165.14 million during the quarter, compared to analysts’ expectations of $157.22 million. HashiCorp had a negative return on equity of 10.54% and a negative net margin of 23.69%. The company’s revenue was up 15.3% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.34) EPS. Analysts expect that HashiCorp will post -0.59 EPS for the current year.

Insider Activity

In other news, CFO Navam Welihinda sold 5,000 shares of the firm’s stock in a transaction dated Thursday, August 22nd. The stock was sold at an average price of $33.87, for a total transaction of $169,350.00. Following the sale, the chief financial officer now directly owns 88,322 shares in the company, valued at approximately $2,991,466.14. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, Director Sigal Zarmi sold 975 shares of the business’s stock in a transaction on Thursday, June 20th. The shares were sold at an average price of $33.60, for a total value of $32,760.00. Following the completion of the sale, the director now owns 37,546 shares of the company’s stock, valued at approximately $1,261,545.60. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Navam Welihinda sold 5,000 shares of the stock in a transaction on Thursday, August 22nd. The shares were sold at an average price of $33.87, for a total transaction of $169,350.00. Following the transaction, the chief financial officer now directly owns 88,322 shares in the company, valued at $2,991,466.14. The disclosure for this sale can be found here. Insiders sold a total of 406,736 shares of company stock valued at $13,640,495 in the last three months. 22.49% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On HashiCorp

Several large investors have recently made changes to their positions in HCP. Xponance Inc. lifted its stake in HashiCorp by 3.1% during the second quarter. Xponance Inc. now owns 10,271 shares of the company’s stock worth $346,000 after purchasing an additional 305 shares in the last quarter. Comerica Bank raised its holdings in shares of HashiCorp by 2.1% in the 1st quarter. Comerica Bank now owns 18,432 shares of the company’s stock valued at $497,000 after buying an additional 374 shares during the period. Treasurer of the State of North Carolina lifted its stake in HashiCorp by 1.0% during the 4th quarter. Treasurer of the State of North Carolina now owns 43,130 shares of the company’s stock worth $1,020,000 after acquiring an additional 420 shares in the last quarter. Advisors Asset Management Inc. boosted its holdings in HashiCorp by 43.0% during the 1st quarter. Advisors Asset Management Inc. now owns 3,194 shares of the company’s stock valued at $86,000 after acquiring an additional 961 shares during the period. Finally, Arizona State Retirement System grew its position in HashiCorp by 3.5% in the 2nd quarter. Arizona State Retirement System now owns 31,921 shares of the company’s stock valued at $1,075,000 after acquiring an additional 1,065 shares in the last quarter. 87.83% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on HCP. StockNews.com started coverage on shares of HashiCorp in a research note on Thursday. They issued a “hold” rating on the stock. JMP Securities reaffirmed a “market perform” rating on shares of HashiCorp in a research note on Monday. Piper Sandler reissued a “neutral” rating and issued a $35.00 price objective on shares of HashiCorp in a research note on Friday, August 30th. Finally, Citigroup began coverage on shares of HashiCorp in a research note on Tuesday, September 3rd. They issued a “neutral” rating and a $35.00 price target on the stock. Twelve research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat, HashiCorp has a consensus rating of “Hold” and a consensus target price of $32.08.

HashiCorp Company Profile

HashiCorp, Inc engages in the provision of multi-cloud infrastructure automation solutions worldwide. The company offers infrastructure provisioning products, including Terraform, that enables IT operations teams to apply an Infrastructure-as-Code approach, where processes and configuration required to support applications are codified and automated instead of being manual and ticket-based; Packer, that provides a consistent way to define the process of transforming the raw source inputs into a production worthy artifact, across any environment or packaging format; and Vagrant, that allows teams to define how development environments are set up.