Short Interest in HashiCorp, Inc. (NASDAQ:HCP) Grows By 20.5%

HashiCorp, Inc. (NASDAQ:HCP) saw a large increase in short interest during the month of November. As of November 30th, there was short interest totalling 11,890,000 shares, an increase of 20.5% from the November 15th total of 9,870,000 shares. Based on an average daily volume of 1,730,000 shares, the days-to-cover ratio is currently 6.9 days. Approximately 8.0% of the company’s stock are sold short.

HashiCorp Trading Down 0.1 %

Shares of NASDAQ:HCP traded down $0.04 during trading on Friday, hitting $33.78. 3,076,580 shares of the company’s stock were exchanged, compared to its average volume of 2,942,353. The firm has a 50-day moving average price of $33.81 and a two-hundred day moving average price of $33.74. HashiCorp has a 1-year low of $20.89 and a 1-year high of $34.21. The firm has a market cap of $6.85 billion, a P/E ratio of -55.38 and a beta of 1.21.

Insider Transactions at HashiCorp

In related news, insider Ledger Susan St. sold 22,232 shares of the company’s stock in a transaction on Friday, September 20th. The shares were sold at an average price of $33.84, for a total transaction of $752,330.88. Following the completion of the sale, the insider now directly owns 167,747 shares of the company’s stock, valued at approximately $5,676,558.48. This represents a 11.70 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CMO Marc Holmes sold 11,854 shares of the business’s stock in a transaction on Friday, September 20th. The stock was sold at an average price of $33.84, for a total transaction of $401,139.36. Following the transaction, the chief marketing officer now directly owns 22,536 shares of the company’s stock, valued at approximately $762,618.24. This represents a 34.47 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 352,291 shares of company stock worth $11,912,497 in the last 90 days. 22.49% of the stock is owned by insiders.

Institutional Investors Weigh In On HashiCorp

A number of institutional investors have recently made changes to their positions in HCP. Pentwater Capital Management LP bought a new position in HashiCorp during the second quarter worth about $91,654,000. Magnetar Financial LLC bought a new position in HashiCorp during the 2nd quarter worth approximately $71,490,000. ING Groep NV grew its holdings in HashiCorp by 851.2% during the third quarter. ING Groep NV now owns 1,671,200 shares of the company’s stock valued at $56,587,000 after purchasing an additional 1,495,500 shares during the period. Alpine Associates Management Inc. bought a new stake in HashiCorp in the second quarter valued at approximately $48,541,000. Finally, Westchester Capital Management LLC raised its holdings in HashiCorp by 60.5% in the third quarter. Westchester Capital Management LLC now owns 3,200,322 shares of the company’s stock worth $108,363,000 after purchasing an additional 1,206,073 shares during the period. 86.25% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the stock. StockNews.com assumed coverage on shares of HashiCorp in a research report on Wednesday. They issued a “hold” rating on the stock. Piper Sandler restated a “neutral” rating and set a $35.00 price target on shares of HashiCorp in a research note on Friday, August 30th. JMP Securities reiterated a “market perform” rating on shares of HashiCorp in a research report on Monday, September 16th. Finally, Citigroup assumed coverage on HashiCorp in a research report on Tuesday, September 3rd. They set a “neutral” rating and a $35.00 price objective on the stock. Twelve research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $32.08.

HashiCorp Company Profile

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.