HashiCorp, Inc. (NASDAQ:HCP) Short Interest Update

HashiCorp, Inc. (NASDAQ:HCP) saw a large increase in short interest in the month of June. As of June 15th, there was short interest totalling 7,490,000 shares, an increase of 6.8% from the May 31st total of 7,010,000 shares. Currently, 5.3% of the company’s shares are sold short. Based on an average daily volume of 4,780,000 shares, the days-to-cover ratio is presently 1.6 days.

HashiCorp Stock Performance

HCP stock traded down $0.04 during trading on Tuesday, hitting $33.62. 1,557,740 shares of the company’s stock traded hands, compared to its average volume of 3,694,060. HashiCorp has a 52 week low of $18.91 and a 52 week high of $34.05. The business has a fifty day simple moving average of $33.24 and a 200 day simple moving average of $27.48. The stock has a market capitalization of $6.76 billion, a price-to-earnings ratio of -35.02 and a beta of 1.25.

HashiCorp (NASDAQ:HCP) last announced its earnings results on Thursday, May 30th. The company reported ($0.20) earnings per share for the quarter, beating the consensus estimate of ($0.22) by $0.02. HashiCorp had a negative net margin of 31.13% and a negative return on equity of 14.27%. The business had revenue of $160.58 million for the quarter, compared to the consensus estimate of $153.39 million. Research analysts forecast that HashiCorp will post -0.8 earnings per share for the current fiscal year.

Insider Buying and Selling

In other HashiCorp news, CTO Armon Dadgar sold 35,904 shares of the business’s stock in a transaction dated Monday, April 22nd. The shares were sold at an average price of $24.31, for a total value of $872,826.24. Following the transaction, the chief technology officer now owns 1,625,260 shares in the company, valued at $39,510,070.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CMO Marc Holmes sold 13,916 shares of HashiCorp stock in a transaction dated Monday, June 10th. The shares were sold at an average price of $33.74, for a total transaction of $469,525.84. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CTO Armon Dadgar sold 35,904 shares of HashiCorp stock in a transaction dated Monday, April 22nd. The shares were sold at an average price of $24.31, for a total transaction of $872,826.24. Following the sale, the chief technology officer now directly owns 1,625,260 shares in the company, valued at approximately $39,510,070.60. The disclosure for this sale can be found here. Insiders have sold a total of 359,266 shares of company stock worth $11,517,392 in the last 90 days. 22.49% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in HCP. Whale Rock Capital Management LLC increased its position in HashiCorp by 293.2% during the 1st quarter. Whale Rock Capital Management LLC now owns 4,565,728 shares of the company’s stock valued at $123,046,000 after purchasing an additional 3,404,557 shares during the period. TimesSquare Capital Management LLC purchased a new position in HashiCorp during the 3rd quarter valued at about $55,774,000. Champlain Investment Partners LLC purchased a new position in HashiCorp during the 1st quarter valued at about $48,995,000. Vanguard Group Inc. increased its position in HashiCorp by 14.0% during the 1st quarter. Vanguard Group Inc. now owns 12,224,624 shares of the company’s stock valued at $329,454,000 after purchasing an additional 1,501,953 shares during the period. Finally, Artemis Investment Management LLP increased its position in HashiCorp by 416.0% during the 1st quarter. Artemis Investment Management LLP now owns 1,555,104 shares of the company’s stock valued at $41,891,000 after purchasing an additional 1,253,723 shares during the period. Hedge funds and other institutional investors own 87.83% of the company’s stock.

Wall Street Analyst Weigh In

HCP has been the topic of several research reports. Oppenheimer reissued an “outperform” rating and set a $34.00 price objective on shares of HashiCorp in a research note on Wednesday, March 6th. TD Cowen upped their target price on shares of HashiCorp from $23.00 to $26.00 and gave the stock a “market perform” rating in a research note on Wednesday, March 6th. Scotiabank reiterated a “sector perform” rating and issued a $35.00 target price (up previously from $31.00) on shares of HashiCorp in a research note on Thursday, April 25th. BTIG Research downgraded shares of HashiCorp from a “buy” rating to a “neutral” rating in a research note on Wednesday, April 24th. Finally, William Blair downgraded shares of HashiCorp from an “outperform” rating to a “market perform” rating in a research note on Wednesday, April 24th. Twelve equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, HashiCorp currently has an average rating of “Hold” and a consensus target price of $31.17.

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.