Short Interest in Gen Digital Inc. (NASDAQ:GEN) Drops By 15.6%

Gen Digital Inc. (NASDAQ:GEN) was the target of a significant decrease in short interest during the month of March. As of March 31st, there was short interest totalling 16,890,000 shares, a decrease of 15.6% from the March 15th total of 20,000,000 shares. Approximately 3.0% of the shares of the company are short sold. Based on an average daily volume of 3,960,000 shares, the short-interest ratio is currently 4.3 days.

Wall Street Analyst Weigh In

Separately, Morgan Stanley cut their price target on shares of Gen Digital from $27.00 to $25.00 and set an “equal weight” rating for the company in a report on Wednesday, April 16th.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Curat Global LLC acquired a new position in Gen Digital during the first quarter valued at $154,000. Sagespring Wealth Partners LLC purchased a new stake in Gen Digital during the 1st quarter worth approximately $212,000. Fort Washington Investment Advisors Inc. OH acquired a new stake in Gen Digital during the 1st quarter worth $225,000. Merit Financial Group LLC purchased a new position in shares of Gen Digital in the first quarter worth about $273,000. Finally, Exchange Traded Concepts LLC grew its position in shares of Gen Digital by 52.4% in the first quarter. Exchange Traded Concepts LLC now owns 11,146 shares of the company’s stock valued at $296,000 after purchasing an additional 3,830 shares in the last quarter. 81.38% of the stock is currently owned by hedge funds and other institutional investors.

Gen Digital Stock Performance

NASDAQ:GEN traded up $0.69 during trading hours on Tuesday, reaching $24.25. The company had a trading volume of 1,230,645 shares, compared to its average volume of 3,950,013. The firm has a market cap of $14.95 billion, a price-to-earnings ratio of 23.80, a PEG ratio of 1.19 and a beta of 1.01. The company has a current ratio of 0.35, a quick ratio of 0.35 and a debt-to-equity ratio of 3.29. The firm’s 50 day moving average price is $26.48 and its 200-day moving average price is $27.72. Gen Digital has a 52 week low of $19.58 and a 52 week high of $31.72.

Gen Digital (NASDAQ:GEN) last announced its quarterly earnings results on Thursday, January 30th. The company reported $0.52 EPS for the quarter, missing analysts’ consensus estimates of $0.55 by ($0.03). Gen Digital had a net margin of 16.32% and a return on equity of 58.83%. On average, analysts forecast that Gen Digital will post 2.05 EPS for the current year.

Gen Digital Company Profile

Gen Digital Inc engages in the provision of cyber safety solutions for consumers in the United States, Canada, Latin America, Europe, the Middle East, Africa, the Asia Pacific, and Japan. The company offers security and performance products under Norton, Avast, Avira, AVG, and CCleaner brands that provide real-time protection and maintenance for PCs, Macs, and mobile devices against malware, viruses, adware, and other online threats.