SecureWorks Corp. (NASDAQ:SCWX) Short Interest Down 33.4% in October

SecureWorks Corp. (NASDAQ:SCWX) was the target of a significant drop in short interest in October. As of October 31st, there was short interest totalling 83,200 shares, a drop of 33.4% from the October 15th total of 124,900 shares. Based on an average daily trading volume, of 165,000 shares, the days-to-cover ratio is presently 0.5 days. Currently, 0.8% of the shares of the company are sold short.

Analyst Ratings Changes

A number of research firms have recently issued reports on SCWX. Barclays boosted their price objective on SecureWorks from $6.00 to $7.00 and gave the company an “underweight” rating in a research report on Friday, September 6th. StockNews.com assumed coverage on shares of SecureWorks in a research note on Saturday. They issued a “hold” rating for the company. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of SecureWorks in a report on Tuesday, October 22nd.

Hedge Funds Weigh In On SecureWorks

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SCWX. Squarepoint Ops LLC bought a new position in shares of SecureWorks in the second quarter valued at approximately $121,000. Jaffetilchin Investment Partners LLC bought a new position in SecureWorks in the 2nd quarter valued at $127,000. FMR LLC raised its position in SecureWorks by 22.3% in the 3rd quarter. FMR LLC now owns 21,734 shares of the technology company’s stock valued at $192,000 after purchasing an additional 3,964 shares during the last quarter. Oppenheimer Asset Management Inc. boosted its stake in SecureWorks by 107.0% in the second quarter. Oppenheimer Asset Management Inc. now owns 38,180 shares of the technology company’s stock worth $267,000 after purchasing an additional 19,735 shares in the last quarter. Finally, Marshall Wace LLP grew its holdings in shares of SecureWorks by 11.6% during the second quarter. Marshall Wace LLP now owns 49,997 shares of the technology company’s stock worth $350,000 after purchasing an additional 5,205 shares during the last quarter. 14.38% of the stock is currently owned by institutional investors and hedge funds.

SecureWorks Stock Performance

Shares of SecureWorks stock remained flat at $8.37 during midday trading on Friday. The company had a trading volume of 121,363 shares, compared to its average volume of 76,235. The firm has a 50 day simple moving average of $8.14 and a 200 day simple moving average of $7.30. SecureWorks has a 1-year low of $5.61 and a 1-year high of $9.76. The company has a market capitalization of $743.51 million, a price-to-earnings ratio of -9.85 and a beta of 1.00.

SecureWorks (NASDAQ:SCWX) last issued its quarterly earnings data on Thursday, September 5th. The technology company reported ($0.10) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.05). SecureWorks had a negative net margin of 21.23% and a negative return on equity of 4.94%. The company had revenue of $82.18 million for the quarter, compared to the consensus estimate of $80.98 million. As a group, sell-side analysts anticipate that SecureWorks will post -0.29 earnings per share for the current year.

About SecureWorks

SecureWorks Corp., through its subsidiaries, provides technology-driven information security solutions for protecting its customers in the United States and internationally. The company's solutions include software-as-a-service solutions; managed security services; and professional services, including incident response and penetration testing services.