Absci Co. (NASDAQ:ABSI) saw a notable increase in short interest during the month of August. The total number of shares sold short reached 12,080,000, representing an 8.1% growth from the previous total of 11,180,000 shares on August 15th. With an average trading volume of 1,580,000 shares, the short-interest ratio currently stands at 7.6 days. Approximately 13.2% of the company’s shares are sold short.
Several equities analysts have issued reports on Absci Co. KeyCorp lowered their price target on the company from $8.00 to $6.00 and assigned an “overweight” rating in a research note on July 11th. Morgan Stanley initiated coverage on Absci Co., giving it an “overweight” rating and a $7.00 price target on July 3rd. HC Wainwright reiterated a “buy” rating and set a $7.00 price objective on August 15th. Overall, five investment analysts have rated the stock as a “buy,” with an average consensus target price of $8.40.
Absci Co. recently released its quarterly earnings results on August 14th. The company reported earnings per share (EPS) of ($0.22) for the quarter, falling short of analysts’ consensus estimate of ($0.19) by ($0.03). The company’s net margin was negative at 2,838.89%, and it had a negative return on equity of 44.24%. Revenue for the quarter was $1.27 million, compared to analyst estimates of $2.05 million. Analysts predict that Absci Co. will post earnings per share of -0.8 for the current year.
Institutional investors have made changes to their holdings of Absci Co. Comerica Bank acquired a new stake in the company during the first quarter, valued at approximately $31,000. D Orazio & Associates Inc. increased its position by 27.3% in the first quarter, now owning 28,000 shares worth $159,000. Nations Financial Group Inc. IA ADV purchased a new stake in the company during the fourth quarter, valued at around $42,000. Beacon Pointe Advisors LLC also acquired a new position in Absci Co. during the fourth quarter, with a value of approximately $42,000. SG Americas Securities LLC bought shares worth $63,000 in the first quarter. Institutional investors and hedge funds now hold 52.05% of the company’s stock.