PC Connection, Inc. (NASDAQ:CNXN) Sees Large Growth in Short Interest

PC Connection, Inc. (NASDAQ:CNXN) was the target of a large increase in short interest during the month of October. As of October 15th, there was short interest totalling 254,600 shares, an increase of 20.1% from the September 30th total of 212,000 shares. Based on an average daily trading volume, of 93,600 shares, the short-interest ratio is currently 2.7 days. Currently, 2.1% of the shares of the company are sold short.

PC Connection Stock Performance

Shares of NASDAQ CNXN traded down $1.87 during midday trading on Wednesday, reaching $67.35. The company’s stock had a trading volume of 97,600 shares, compared to its average volume of 80,316. The company has a market cap of $1.77 billion, a P/E ratio of 20.76, a P/E/G ratio of 1.98 and a beta of 0.62. The business’s 50 day moving average price is $72.50 and its two-hundred day moving average price is $68.15. PC Connection has a fifty-two week low of $51.63 and a fifty-two week high of $77.19.

PC Connection (NASDAQ:CNXN) last released its earnings results on Wednesday, July 31st. The company reported $1.00 earnings per share for the quarter, beating analysts’ consensus estimates of $0.83 by $0.17. PC Connection had a return on equity of 10.51% and a net margin of 3.22%. The firm had revenue of $736.48 million during the quarter, compared to the consensus estimate of $703.50 million. Sell-side analysts forecast that PC Connection will post 3.52 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Separately, StockNews.com upgraded shares of PC Connection from a “buy” rating to a “strong-buy” rating in a research note on Thursday, August 29th.

Insider Activity at PC Connection

In other news, CEO Timothy J. Mcgrath sold 15,377 shares of the business’s stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $70.18, for a total transaction of $1,079,157.86. Following the completion of the sale, the chief executive officer now owns 277,691 shares in the company, valued at $19,488,354.38. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 56.50% of the stock is owned by company insiders.

Institutional Investors Weigh In On PC Connection

Several institutional investors and hedge funds have recently bought and sold shares of CNXN. Signaturefd LLC increased its holdings in PC Connection by 328.1% in the 3rd quarter. Signaturefd LLC now owns 488 shares of the company’s stock valued at $37,000 after buying an additional 374 shares during the period. Innealta Capital LLC bought a new stake in PC Connection during the second quarter worth $60,000. CWM LLC lifted its stake in PC Connection by 125.5% during the third quarter. CWM LLC now owns 850 shares of the company’s stock worth $64,000 after purchasing an additional 473 shares during the last quarter. nVerses Capital LLC boosted its holdings in shares of PC Connection by 1,000.0% in the 3rd quarter. nVerses Capital LLC now owns 1,100 shares of the company’s stock valued at $83,000 after purchasing an additional 1,000 shares in the last quarter. Finally, Lazard Asset Management LLC increased its stake in shares of PC Connection by 15,593.3% in the 1st quarter. Lazard Asset Management LLC now owns 2,354 shares of the company’s stock valued at $155,000 after purchasing an additional 2,339 shares during the last quarter. Institutional investors own 42.85% of the company’s stock.

About PC Connection

PC Connection, Inc, together with its subsidiaries, provides a range of information technology (IT) solutions. The company operates through three segments: Business Solutions, Enterprise Solutions, and Public Sector Solutions. It offers IT products, such as computer systems, software and peripheral equipment, networking communications, and other products and accessories.