Cowen Inc (NASDAQ:COWN) was the recipient of a large drop in short interest during the month of September. As of September 30th, there was short interest totalling 4,150,000 shares, a drop of 6.7% from the August 30th total of 4,450,000 shares. Based on an average daily trading volume, of 280,000 shares, the short-interest ratio is currently 14.8 days. Approximately 15.4% of the shares of the company are sold short.
In related news, General Counsel Owen S. Littman sold 10,000 shares of Cowen stock in a transaction on Monday, July 29th. The shares were sold at an average price of $17.88, for a total value of $178,800.00. Following the transaction, the general counsel now directly owns 164,870 shares in the company, valued at approximately $2,947,875.60. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 3.60% of the company’s stock.
A number of institutional investors have recently added to or reduced their stakes in COWN. Russell Investments Group Ltd. lifted its holdings in Cowen by 286.0% in the second quarter. Russell Investments Group Ltd. now owns 1,352,657 shares of the financial services provider’s stock valued at $23,248,000 after acquiring an additional 1,002,202 shares during the period. Boston Partners raised its stake in shares of Cowen by 672.7% during the 2nd quarter. Boston Partners now owns 672,213 shares of the financial services provider’s stock worth $11,555,000 after buying an additional 585,213 shares during the last quarter. Nuveen Asset Management LLC acquired a new position in shares of Cowen during the 2nd quarter worth $8,157,000. D. E. Shaw & Co. Inc. raised its stake in shares of Cowen by 34.1% during the 2nd quarter. D. E. Shaw & Co. Inc. now owns 1,001,408 shares of the financial services provider’s stock worth $17,215,000 after buying an additional 254,898 shares during the last quarter. Finally, APG Asset Management N.V. raised its stake in shares of Cowen by 227.4% during the 2nd quarter. APG Asset Management N.V. now owns 348,000 shares of the financial services provider’s stock worth $5,253,000 after buying an additional 241,700 shares during the last quarter. 96.04% of the stock is owned by institutional investors.
Cowen stock traded up $0.08 during midday trading on Thursday, reaching $14.11. The company’s stock had a trading volume of 2,336 shares, compared to its average volume of 270,080. Cowen has a fifty-two week low of $11.80 and a fifty-two week high of $18.36. The company has a debt-to-equity ratio of 0.68, a quick ratio of 0.89 and a current ratio of 0.89. The stock’s 50 day simple moving average is $15.27 and its 200 day simple moving average is $16.01. The firm has a market capitalization of $416.33 million, a PE ratio of 5.37 and a beta of 1.49.
Cowen (NASDAQ:COWN) last released its earnings results on Friday, July 26th. The financial services provider reported $0.49 EPS for the quarter, beating analysts’ consensus estimates of $0.41 by $0.08. Cowen had a return on equity of 8.32% and a net margin of 3.72%. The company had revenue of $244.40 million during the quarter, compared to the consensus estimate of $230.19 million. During the same quarter last year, the company earned $0.71 earnings per share. Cowen’s quarterly revenue was up 4.3% compared to the same quarter last year. Equities analysts predict that Cowen will post 2.8 earnings per share for the current year.
A number of research firms have commented on COWN. Buckingham Research began coverage on Cowen in a report on Tuesday, July 23rd. They issued a “buy” rating and a $20.00 target price for the company. BidaskClub downgraded Cowen from a “sell” rating to a “strong sell” rating in a report on Friday, October 4th.
Cowen Company Profile
Cowen Inc is a publicly owned asset management holding company. Through its subsidiaries, the firm provides alternative investment management, investment banking, research, and sales and trading services for its clients. It manages separate client focused portfolio through its subsidiaries. Through its subsidiaries, the firm invests in equity and fixed income markets.
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