Short Interest in HashiCorp, Inc. (NASDAQ:HCP) Expands By 32.7%

HashiCorp, Inc. (NASDAQ:HCP) was the target of a large growth in short interest in August. As of August 31st, there was short interest totalling 12,770,000 shares, a growth of 32.7% from the August 15th total of 9,620,000 shares. Currently, 8.5% of the company’s stock are sold short. Based on an average trading volume of 2,890,000 shares, the days-to-cover ratio is currently 4.4 days.

HashiCorp Price Performance

Shares of HCP traded up $0.15 during trading hours on Monday, hitting $33.99. 1,575,220 shares of the company were exchanged, compared to its average volume of 3,335,746. The company has a market capitalization of $6.83 billion, a PE ratio of -35.35 and a beta of 1.25. The firm has a fifty day simple moving average of $33.69 and a 200-day simple moving average of $31.44. HashiCorp has a one year low of $18.91 and a one year high of $34.05.

HashiCorp (NASDAQ:HCP) last announced its earnings results on Thursday, August 29th. The company reported $0.08 EPS for the quarter. The company had revenue of $165.14 million during the quarter, compared to analysts’ expectations of $157.22 million. HashiCorp had a negative net margin of 23.69% and a negative return on equity of 10.54%. The business’s revenue for the quarter was up 15.3% on a year-over-year basis. During the same period last year, the company posted ($0.34) earnings per share. Sell-side analysts expect that HashiCorp will post -0.59 EPS for the current year.

Insider Activity at HashiCorp

In other news, CFO Navam Welihinda sold 5,000 shares of the company’s stock in a transaction dated Thursday, August 22nd. The stock was sold at an average price of $33.87, for a total value of $169,350.00. Following the completion of the sale, the chief financial officer now owns 88,322 shares of the company’s stock, valued at $2,991,466.14. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, CFO Navam Welihinda sold 5,000 shares of the business’s stock in a transaction on Thursday, August 22nd. The shares were sold at an average price of $33.87, for a total transaction of $169,350.00. Following the transaction, the chief financial officer now directly owns 88,322 shares of the company’s stock, valued at $2,991,466.14. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Sigal Zarmi sold 975 shares of the firm’s stock in a transaction on Thursday, June 20th. The shares were sold at an average price of $33.60, for a total transaction of $32,760.00. Following the sale, the director now directly owns 37,546 shares of the company’s stock, valued at $1,261,545.60. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 406,736 shares of company stock worth $13,640,495. 22.49% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On HashiCorp

Hedge funds have recently modified their holdings of the stock. Xponance Inc. increased its holdings in HashiCorp by 3.1% in the second quarter. Xponance Inc. now owns 10,271 shares of the company’s stock worth $346,000 after buying an additional 305 shares during the last quarter. Comerica Bank increased its stake in shares of HashiCorp by 2.1% during the 1st quarter. Comerica Bank now owns 18,432 shares of the company’s stock worth $497,000 after purchasing an additional 374 shares during the last quarter. Treasurer of the State of North Carolina raised its holdings in shares of HashiCorp by 1.0% during the 4th quarter. Treasurer of the State of North Carolina now owns 43,130 shares of the company’s stock valued at $1,020,000 after purchasing an additional 420 shares in the last quarter. Advisors Asset Management Inc. lifted its stake in shares of HashiCorp by 43.0% in the 1st quarter. Advisors Asset Management Inc. now owns 3,194 shares of the company’s stock valued at $86,000 after purchasing an additional 961 shares during the last quarter. Finally, Arizona State Retirement System boosted its holdings in HashiCorp by 3.5% in the second quarter. Arizona State Retirement System now owns 31,921 shares of the company’s stock worth $1,075,000 after purchasing an additional 1,065 shares in the last quarter. 87.83% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on HCP. Citigroup assumed coverage on HashiCorp in a report on Tuesday, September 3rd. They issued a “neutral” rating and a $35.00 price objective for the company. JMP Securities reiterated a “market perform” rating on shares of HashiCorp in a report on Monday. Piper Sandler reissued a “neutral” rating and set a $35.00 price target on shares of HashiCorp in a research report on Friday, August 30th. Finally, StockNews.com initiated coverage on shares of HashiCorp in a report on Thursday. They issued a “hold” rating for the company. Twelve equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, the stock 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.