Short Interest in Culp, Inc. (NYSE:CULP) Drops By 11.8%

Culp, Inc. (NYSE:CULP) was the recipient of a significant drop in short interest in the month of November. As of November 30th, there was short interest totalling 18,000 shares, a drop of 11.8% from the November 15th total of 20,400 shares. Based on an average daily trading volume, of 21,900 shares, the short-interest ratio is currently 0.8 days. Approximately 0.2% of the shares of the company are sold short.

Culp Stock Performance

NYSE CULP traded up $0.07 on Tuesday, reaching $5.41. The company’s stock had a trading volume of 18,990 shares, compared to its average volume of 20,377. Culp has a twelve month low of $4.25 and a twelve month high of $6.85. The firm’s 50 day moving average is $5.38 and its two-hundred day moving average is $5.18. The stock has a market cap of $67.94 million, a PE ratio of -3.22 and a beta of 1.20.

Insiders Place Their Bets

In related news, CEO Robert George Iv Culp acquired 8,508 shares of the business’s stock in a transaction that occurred on Tuesday, December 10th. The shares were acquired at an average cost of $5.42 per share, for a total transaction of $46,113.36. Following the completion of the purchase, the chief executive officer now directly owns 78,029 shares in the company, valued at $422,917.18. This trade represents a 12.24 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, major shareholder Aron R. English bought 105,242 shares of the firm’s stock in a transaction that occurred on Thursday, September 19th. The stock was bought at an average price of $6.31 per share, with a total value of $664,077.02. Following the transaction, the insider now directly owns 1,594,390 shares in the company, valued at $10,060,600.90. This represents a 7.07 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have purchased 128,837 shares of company stock valued at $790,743 over the last three months. Company insiders own 7.30% of the company’s stock.

Hedge Funds Weigh In On Culp

An institutional investor recently raised its position in Culp stock. Geode Capital Management LLC lifted its stake in Culp, Inc. (NYSE:CULP) by 14.1% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 103,825 shares of the textile maker’s stock after purchasing an additional 12,830 shares during the quarter. Geode Capital Management LLC owned 0.83% of Culp worth $680,000 as of its most recent filing with the Securities and Exchange Commission (SEC). 75.05% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Separately, StockNews.com began coverage on Culp in a report on Monday. They issued a “hold” rating for the company.

About Culp

Culp, Inc manufactures, sources, markets, and sells mattress fabrics, sewn covers, and cut and sewn kits for use in mattresses, foundations, and other bedding products in the United States, North America, the Far East, Asia, and internationally. It operates in two segments, Mattress Fabrics and Upholstery Fabrics.