HashiCorp, Inc. (NASDAQ:HCP) Sees Large Increase in Short Interest

HashiCorp, Inc. (NASDAQ:HCP) was the target of a significant growth in short interest during the month of September. As of September 30th, there was short interest totalling 13,450,000 shares, a growth of 10.8% from the September 15th total of 12,140,000 shares. Based on an average trading volume of 2,370,000 shares, the short-interest ratio is currently 5.7 days. Approximately 9.0% of the company’s shares are sold short.

HashiCorp Price Performance

HCP stock remained flat at $33.76 during trading on Thursday. 999,830 shares of the company traded hands, compared to its average volume of 3,191,292. The company has a market capitalization of $6.79 billion, a price-to-earnings ratio of -35.17 and a beta of 1.25. The firm has a fifty day moving average price of $33.84 and a 200 day moving average price of $32.58. HashiCorp has a 1-year low of $18.91 and a 1-year high of $34.06.

HashiCorp (NASDAQ:HCP) last posted its quarterly earnings data on Thursday, August 29th. The company reported $0.08 earnings per share for the quarter. The business had revenue of $165.14 million during the quarter, compared to the consensus estimate of $157.22 million. HashiCorp had a negative net margin of 23.69% and a negative return on equity of 10.54%. The company’s quarterly revenue was up 15.3% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.34) earnings per share. As a group, equities analysts predict that HashiCorp will post -0.48 EPS for the current fiscal year.

Analyst Ratings Changes

A number of brokerages recently issued reports on HCP. Piper Sandler restated a “neutral” rating and issued a $35.00 price target on shares of HashiCorp in a research note on Friday, August 30th. Citigroup began coverage on shares of HashiCorp in a research note on Tuesday, September 3rd. They issued a “neutral” rating and a $35.00 price target for the company. StockNews.com began coverage on shares of HashiCorp in a research note on Saturday, October 12th. They issued a “hold” rating for the company. Finally, JMP Securities restated a “market perform” rating on shares of HashiCorp in a research note on Monday, September 16th. Twelve research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $32.08.

Insider Buying and Selling

In related news, CTO Armon Dadgar sold 35,904 shares of the firm’s stock in a transaction that occurred on Wednesday, October 2nd. The shares were sold at an average price of $33.84, for a total value of $1,214,991.36. Following the sale, the chief technology officer now directly owns 1,520,000 shares of the company’s stock, valued at approximately $51,436,800. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CEO David Mcjannet sold 48,055 shares of the firm’s stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $33.84, for a total value of $1,626,181.20. Following the transaction, the chief executive officer now owns 419,531 shares in the company, valued at approximately $14,196,929.04. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CTO Armon Dadgar sold 35,904 shares of the firm’s stock in a transaction that occurred on Wednesday, October 2nd. The shares were sold at an average price of $33.84, for a total transaction of $1,214,991.36. Following the completion of the transaction, the chief technology officer now owns 1,520,000 shares in the company, valued at $51,436,800. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 390,125 shares of company stock valued at $13,178,494. Insiders own 22.49% of the company’s stock.

Institutional Investors Weigh In On HashiCorp

Several hedge funds and other institutional investors have recently bought and sold shares of HCP. Xponance Inc. raised its holdings in HashiCorp by 3.1% during the 2nd quarter. Xponance Inc. now owns 10,271 shares of the company’s stock worth $346,000 after buying an additional 305 shares during the period. Comerica Bank raised its holdings in HashiCorp by 2.1% during the 1st quarter. Comerica Bank now owns 18,432 shares of the company’s stock worth $497,000 after buying an additional 374 shares during the period. Advisors Asset Management Inc. raised its holdings in HashiCorp by 43.0% during the 1st quarter. Advisors Asset Management Inc. now owns 3,194 shares of the company’s stock worth $86,000 after buying an additional 961 shares during the period. Arizona State Retirement System raised its holdings in HashiCorp by 3.5% during the 2nd quarter. Arizona State Retirement System now owns 31,921 shares of the company’s stock worth $1,075,000 after buying an additional 1,065 shares during the period. Finally, American Capital Advisory LLC acquired a new stake in HashiCorp during the 2nd quarter worth about $40,000. 87.83% of the stock is currently owned by institutional investors.

About HashiCorp

HashiCorp, Inc engages in the provision of multi-cloud infrastructure automation solutions worldwide. The company offers infrastructure provisioning products, including Terraform, that enables IT operations teams to apply an Infrastructure-as-Code approach, where processes and configuration required to support applications are codified and automated instead of being manual and ticket-based; Packer, that provides a consistent way to define the process of transforming the raw source inputs into a production worthy artifact, across any environment or packaging format; and Vagrant, that allows teams to define how development environments are set up.