Short Interest in Smith Micro Software, Inc. (NASDAQ:SMSI) Drops By 84.1%

Smith Micro Software, Inc. (NASDAQ:SMSI) saw a significant decrease in short interest in the month of April. As of April 15th, there was short interest totalling 150,500 shares, a decrease of 84.1% from the March 31st total of 948,700 shares. Based on an average daily trading volume, of 146,900 shares, the days-to-cover ratio is currently 1.0 days. Approximately 1.8% of the shares of the company are short sold.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the stock. Benchmark decreased their price target on shares of Smith Micro Software from $28.00 to $20.00 and set a “buy” rating for the company in a research note on Friday, March 22nd. StockNews.com began coverage on Smith Micro Software in a research note on Sunday, April 14th. They issued a “hold” rating on the stock.

Hedge Funds Weigh In On Smith Micro Software

Several hedge funds have recently bought and sold shares of SMSI. Pacific Ridge Capital Partners LLC grew its position in shares of Smith Micro Software by 21.4% during the 4th quarter. Pacific Ridge Capital Partners LLC now owns 2,128,190 shares of the software maker’s stock valued at $1,758,000 after purchasing an additional 374,963 shares in the last quarter. CM Management LLC grew its position in Smith Micro Software by 33.3% during the third quarter. CM Management LLC now owns 300,000 shares of the software maker’s stock worth $363,000 after buying an additional 75,000 shares in the last quarter. Finally, Sonora Investment Management Group LLC bought a new position in Smith Micro Software in the 3rd quarter worth about $59,000. Hedge funds and other institutional investors own 20.80% of the company’s stock.

Smith Micro Software Stock Up 2.3 %

SMSI traded up $0.05 on Thursday, hitting $2.22. The company’s stock had a trading volume of 28,350 shares, compared to its average volume of 125,209. Smith Micro Software has a 12 month low of $1.88 and a 12 month high of $14.96. The firm has a market cap of $21.33 million, a P/E ratio of -0.75 and a beta of 0.64. The company’s 50 day simple moving average is $3.09 and its 200-day simple moving average is $5.60.

Smith Micro Software (NASDAQ:SMSI) last announced its quarterly earnings results on Thursday, February 22nd. The software maker reported ($0.32) earnings per share for the quarter, missing the consensus estimate of ($0.16) by ($0.16). The company had revenue of $8.59 million during the quarter, compared to analysts’ expectations of $8.86 million. Smith Micro Software had a negative net margin of 59.70% and a negative return on equity of 13.46%. During the same quarter last year, the firm posted ($0.80) earnings per share. Equities analysts predict that Smith Micro Software will post -1.6 earnings per share for the current fiscal year.

About Smith Micro Software

Smith Micro Software, Inc engages in the development and sale of software to enhance the mobile experience to wireless and cable service providers in the Americas, Europe, the Middle East, and Africa. The company offers SafePath Family, SafePath IoT, SafePath Home, and SafePath Premium product suite, which provides tools to protect digital lifestyles and manage connected devices inside and outside the home; and CommSuite, a messaging platform that helps mobile service provides deliver a next-generation voicemail experience to mobile subscribers, as well as enables multi-language voice-to-text (VTT) transcription messaging.