Capital market

Edgio, Inc. (NASDAQ:EGIO) Sees Large Decrease in Short Interest

Edgio, Inc. (NASDAQ:EGIO - Get Rating) saw a significant decrease in short interest in January. As of January 15th, there was short interest totalling 3,190,000 shares, a decrease of 9.1% from the…

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Feb 3, 2023 • 3 min read

Edgio, Inc. (NASDAQ:EGIO - Get Rating) was the target of a large decline in short interest during the month of January. As of January 15th, there was short interest totalling 3,190,000 shares, a decline of 9.1% from the December 31st total of 3,510,000 shares. Based on an average daily volume of 1,220,000 shares, the short-interest ratio is currently 2.6 days. Currently, 2.4% of the shares of the company are short sold.

Institutional Investors Weigh In On Edgio

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A number of institutional investors and hedge funds have recently modified their holdings of the company. Pinnacle Associates Ltd. acquired a new stake in shares of Edgio in the 4th quarter worth approximately $6,478,000. Exchange Traded Concepts LLC acquired a new stake in shares of Edgio in the 4th quarter worth approximately $2,062,000. Perkins Capital Management Inc. acquired a new stake in shares of Edgio in the 4th quarter worth approximately $473,000. Penbrook Management LLC acquired a new stake in shares of Edgio in the 4th quarter worth approximately $470,000. Finally, Patriot Financial Group Insurance Agency LLC acquired a new stake in shares of Edgio in the 4th quarter worth approximately $118,000. Institutional investors and hedge funds own 35.45% of the company's stock.

Edgio Stock Performance

NASDAQ EGIO opened at $1.57 on Monday. The company has a current ratio of 1.61, a quick ratio of 1.61 and a debt-to-equity ratio of 0.41. The business's 50 day moving average is $1.32 and its two-hundred day moving average is $2.30. Edgio has a 12-month low of $0.79 and a 12-month high of $5.55. The stock has a market capitalization of $347.90 million, a price-to-earnings ratio of -3.14 and a beta of 0.82.

Edgio (NASDAQ:EGIO - Get Rating) last released its earnings results on Wednesday, November 9th. The company reported ($0.12) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.09) by ($0.03). Edgio had a negative return on equity of 16.61% and a negative net margin of 27.17%. The business had revenue of $121.16 million for the quarter, compared to analyst estimates of $122.12 million. Research analysts expect that Edgio will post -0.33 EPS for the current year.

Analysts Set New Price Targets

Several analysts have commented on the company. Lake Street Capital set a $2.50 price objective on Edgio in a research note on Thursday, December 15th. Cowen downgraded Edgio from an "outperform" rating to a "market perform" rating and reduced their price objective for the company from $5.75 to $2.50 in a research note on Thursday, November 10th. Northland Securities downgraded Edgio from an "outperform" rating to a "market perform" rating in a research note on Thursday, November 10th. Cowen downgraded Edgio from an "outperform" rating to a "market perform" rating and reduced their price objective for the company from $5.75 to $2.50 in a research note on Thursday, November 10th. Finally, Craig Hallum reduced their price objective on Edgio to $2.50 in a research note on Tuesday, November 15th.

About Edgio

Edgio, Inc provides edge-enabled software solutions through an integrated delivery, applications, and streaming platform in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. The company operates private global networks with distributed computing resources and extensive connectivity to last-mile broadband network providers; offers live and on-demand video delivery services; and provides online video platforms that integrates and manages advanced video delivery.