Astrotech Corporation (NASDAQ:ASTC) has witnessed a marked increase in short interest, with figures soaring by 503.0% from November to December. As of December 15, 2023, short interest reached a total of 118,829 shares, up from 19,705 shares reported at the end of November. This surge equates to approximately 8.1% of the company’s total shares being short sold.
The current short-interest ratio stands at 0.5 days, calculated based on an average daily trading volume of 219,594 shares. This ratio indicates a growing caution among investors regarding Astrotech’s future performance.
Market Performance and Recent Transactions
On the trading front, Astrotech’s shares opened at $3.86 on Friday. The company currently holds a market capitalization of $6.79 million, alongside a price-to-earnings ratio of -0.46 and a beta of 0.34. Over the past year, the stock has experienced fluctuations, with a low of $2.46 and a high of $8.01. The 50-day moving average price is logged at $3.60, while the 200-day moving average is $4.71.
Astrotech’s latest earnings report, released on November 13, 2023, revealed a loss of ($2.07) per share for the quarter. The aerospace company reported revenue of only $0.30 million, coupled with a staggering negative net margin of 1,069.89% and a negative return on equity of 59.71%.
In a significant insider transaction, major shareholder Braden Michael Leonard divested 220,410 shares on October 3, 2023, at an average price of $7.13, totaling approximately $1,571,523.30. This transaction was formally disclosed in a filing with the Securities and Exchange Commission (SEC).
Institutional Investments and Company Overview
In terms of institutional trading, Susquehanna International Group LLP recently acquired a new position in Astrotech during the third quarter. Their investment, valued at around $66,000, consists of 13,539 shares, representing 0.77% of the company according to their latest SEC filing. Overall, institutional investors and hedge funds control approximately 24.35% of Astrotech’s stock.
Based in Austin, Texas, Astrotech Corporation focuses on technology commercialization. The firm sources early-stage innovations primarily from government and university research programs, notably from NASA, and works to advance these innovations towards commercial viability. Their mission is to bridge the gap between federally funded research and development and industrial applications, particularly in the life sciences and renewable energy sectors. In its life sciences division, Astrotech specializes in mass spectrometry-based analytical instruments and diagnostic platforms.
This substantial growth in short interest reflects market participants’ heightened scrutiny and cautious outlook on Astrotech Corporation’s future, as the company navigates its operational challenges.
