CS Disco, Inc. (NYSE:LAW) Short Interest Update

CS Disco, Inc. (NYSE:LAW) saw a significant drop in short interest in the month of October. As of October 31st, there was short interest totalling 609,900 shares, a drop of 20.2% from the October 15th total of 763,900 shares. Approximately 2.8% of the shares of the company are sold short. Based on an average daily volume of 123,200 shares, the short-interest ratio is presently 5.0 days.

CS Disco Trading Down 3.5 %

LAW stock traded down $0.20 during trading hours on Friday, hitting $5.48. 200,136 shares of the stock traded hands, compared to its average volume of 123,862. The stock has a 50-day simple moving average of $5.85 and a 200 day simple moving average of $5.90. CS Disco has a one year low of $4.71 and a one year high of $8.80.

CS Disco (NYSE:LAW) last issued its quarterly earnings results on Wednesday, November 6th. The company reported ($0.15) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.06). The business had revenue of $36.27 million during the quarter, compared to analyst estimates of $36.33 million. CS Disco had a negative net margin of 25.36% and a negative return on equity of 19.20%. CS Disco’s revenue was up 3.8% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.02) earnings per share. On average, sell-side analysts expect that CS Disco will post -0.69 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in LAW. California State Teachers Retirement System lifted its position in shares of CS Disco by 6.9% during the 1st quarter. California State Teachers Retirement System now owns 26,808 shares of the company’s stock valued at $218,000 after acquiring an additional 1,730 shares during the last quarter. State Street Corp lifted its holdings in shares of CS Disco by 0.4% during the third quarter. State Street Corp now owns 507,626 shares of the company’s stock valued at $2,985,000 after purchasing an additional 1,995 shares during the last quarter. The Manufacturers Life Insurance Company lifted its holdings in shares of CS Disco by 27.0% during the second quarter. The Manufacturers Life Insurance Company now owns 13,498 shares of the company’s stock valued at $80,000 after purchasing an additional 2,871 shares during the last quarter. Rhumbline Advisers boosted its position in shares of CS Disco by 8.4% in the 2nd quarter. Rhumbline Advisers now owns 38,105 shares of the company’s stock valued at $227,000 after purchasing an additional 2,946 shares during the period. Finally, American Century Companies Inc. increased its stake in CS Disco by 16.8% in the 2nd quarter. American Century Companies Inc. now owns 32,180 shares of the company’s stock worth $192,000 after purchasing an additional 4,632 shares in the last quarter. Institutional investors and hedge funds own 58.05% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have commented on LAW. Needham & Company LLC reissued a “buy” rating and set a $8.00 target price on shares of CS Disco in a research note on Thursday, November 7th. Jefferies Financial Group raised their price objective on shares of CS Disco from $5.50 to $6.00 and gave the company a “hold” rating in a research note on Tuesday, October 29th.

CS Disco Company Profile

CS Disco, Inc provides cloud-native and artificial intelligence-powered legal solutions for legal hold, legal request, ediscovery, legal document review, and case management in the United States and internationally. It offers DISCO Request, a solution that automates response compliance for legal requests; and DISCO Ediscovery, a solution that automates the ediscovery process and saves legal departments from manual tasks associated with collecting, processing, enriching, searching, reviewing, analyzing, producing, and using enterprise data that is at issue in legal matters.