LRAD Corp (NASDAQ:LRAD) Sees Significant Drop in Short Interest

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LRAD Corp (NASDAQ:LRAD) saw a large drop in short interest during the month of June. As of June 15th, there was short interest totalling 50,300 shares, a drop of 23.4% from the May 15th total of 65,700 shares. Currently, 0.2% of the shares of the company are short sold. Based on an average daily volume of 57,000 shares, the short-interest ratio is currently 0.9 days.

Large investors have recently modified their holdings of the company. Vanguard Group Inc. boosted its holdings in shares of LRAD by 2.4% in the third quarter. Vanguard Group Inc. now owns 1,017,815 shares of the scientific and technical instruments company’s stock valued at $3,114,000 after acquiring an additional 24,276 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of LRAD by 12.0% in the fourth quarter. Dimensional Fund Advisors LP now owns 128,241 shares of the scientific and technical instruments company’s stock valued at $323,000 after acquiring an additional 13,762 shares in the last quarter. Marshall Wace LLP purchased a new stake in shares of LRAD in the first quarter valued at about $35,000. Finally, Princeton Global Asset Management LLC purchased a new stake in shares of LRAD in the fourth quarter valued at about $25,000. 48.13% of the stock is currently owned by institutional investors and hedge funds.

Shares of NASDAQ:LRAD traded up $0.02 during midday trading on Thursday, hitting $3.14. The stock had a trading volume of 105,690 shares, compared to its average volume of 64,124. The company’s 50 day moving average price is $3.21. LRAD has a 1 year low of $2.08 and a 1 year high of $3.69.

LRAD (NASDAQ:LRAD) last issued its earnings results on Tuesday, May 7th. The scientific and technical instruments company reported $0.04 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.02 by $0.02. The business had revenue of $10.19 million for the quarter. LRAD had a negative net margin of 0.97% and a negative return on equity of 0.88%.

Separately, TheStreet raised shares of LRAD from a “c+” rating to a “b-” rating in a research report on Thursday, March 14th.

About LRAD

LRAD Corporation designs, develops, and commercializes directed sound technologies and products in North and South America, Europe, the Middle East, Africa, and Asia. It develops directed acoustic communication systems that focus sound over short and long distances. The company offers directional and omnidirectional acoustic systems and accessories.

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