In November, there was a large rise in the number of short positions taken in Absolute Software Co. (NASDAQ: ABST). As of November 15th, the total number of shares available for a short sale was 1,260,000, representing a 9.6% increase from the previous day’s total of 1,150,000 shares. As a result, the current short-interest ratio is 9.8 days, with an average daily trading volume of 128,800 shares used to calculate this value.
Recent events have resulted in a modification to the company’s position in the hedge fund. 1832 Asset Management L.P. invested $50,000 in Absolute Software during the year’s first quarter. Lazard Asset Management LLC added 60.1% more Absolute Software shares to its holdings during the second quarter. Following acquiring a further 2,679 shares during the reporting period, Lazard Asset Management LLC now holds a total of 7,140 shares of the company’s stock, which has a value of $61,000. Raymond James & Associates shelled out $118,00 during the third quarter to fill a newly created position at Absolute Software. FinTrust Capital Advisors LLC grew its holdings in Absolute Software by 78.7% during the second quarter of the fiscal year. FinTrust Capital Advisors LLC now has 10,420 shares of the company’s stock, valued at $96,000, following the acquisition of an additional 4,590 shares. These shares were purchased during the period. In the final transaction, Baird Financial Group Inc. bought shares in Absolute Software to $136,000 during the third quarter. At this time, institutional investors and hedge funds hold 70.40 percent of the company’s shares.
Recently, interest in ABST has been expressed by several different brokerage companies. Absolute Software was given a “buy” rating and a price target of $16.00 by T.D. Securities in a research report that was published on Wednesday, August 24th. The report stated that T.D. Securities boosted their price goal on the stock from $12.00 to $16.00. Absolute Software now has a price objective of C$15.00, up from C$12.00, according to a research report that BMO Capital Markets published on August 24th.
The price of ABST fell $0.02 during Friday’s trading session, bringing it to $9.97. 47,068 shares were moved, much lower than the daily volume of 172,464 shares. Currently, the 52-week low for Absolute Software is $6.79, while the 52-week high for the company is $12.59. The company has a simple moving average of $10.77 for the last 50 days and a simple moving average of $10.01 for the last 200 days.
In addition, the company announced the payment of a dividend on November 25th, which was after that disbursed to the shareholders. Stockholders of record on November 17th received dividend payments totaling $0.0585 per share. This corresponds to a dividend yield of 2.1 percent. This dividend became payable on November 16th, which was a Wednesday. At the moment, Absolute Software has a dividend payout ratio (DPR) of -45.10%.
Absolute Software Corporation develops, produces, and distributes software services that assist businesses in managing and securing computer equipment, applications, data, and networks. These services can be purchased on the company’s website. Absolute Ransomware Response provides an assessment of an organization’s susceptibility to ransomware. Absolute Visibility provides information on device hardware, Software, and location. Absolute Control provides remediation capabilities such as remote device freezing and data deletion. Absolute Resilience provides remote scripting, self-healing for critical apps, investigation and recovery services, and sensitive data identification. Absolute VPN is a solution for businesses; Absolute ZTNA protects networks and employees through real-time risk analysis, and Absolute Insights for Networks offers real-time data on the performance of devices, applications, and networks through a unified interface.