Short Interest in HashiCorp, Inc. (NASDAQ:HCP) Increases By 6.8%

HashiCorp, Inc. (NASDAQ:HCP) saw a large increase in short interest during 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 stock are short sold. Based on an average daily volume of 4,780,000 shares, the short-interest ratio is presently 1.6 days.

HashiCorp Stock Performance

Shares of HCP stock traded up $0.13 during mid-day trading on Wednesday, reaching $33.75. The company’s stock had a trading volume of 1,551,313 shares, compared to its average volume of 3,677,188. The firm’s 50-day moving average is $33.29 and its two-hundred day moving average is $27.52. The company has a market cap of $6.79 billion, a P/E ratio of -35.16 and a beta of 1.25. HashiCorp has a 1-year low of $18.91 and a 1-year high of $34.05.

HashiCorp (NASDAQ:HCP) last posted its quarterly earnings results on Thursday, May 30th. The company reported ($0.20) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.22) by $0.02. The firm had revenue of $160.58 million during the quarter, compared to analyst estimates of $153.39 million. HashiCorp had a negative net margin of 31.13% and a negative return on equity of 14.27%. Sell-side analysts anticipate that HashiCorp will post -0.8 EPS for the current year.

Insiders Place Their Bets

In other news, CTO Armon Dadgar sold 35,904 shares of HashiCorp stock in a transaction dated Monday, April 22nd. The stock was sold at an average price of $24.31, for a total transaction of $872,826.24. Following the completion of the sale, the chief technology officer now directly owns 1,625,260 shares in the company, valued at approximately $39,510,070.60. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In related news, CTO Armon Dadgar sold 35,904 shares of HashiCorp stock in a transaction on Monday, April 22nd. The shares were sold at an average price of $24.31, for a total value of $872,826.24. Following the completion of the sale, the chief technology officer now owns 1,625,260 shares of the company’s stock, valued at approximately $39,510,070.60. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO David Mcjannet sold 48,055 shares of the firm’s stock in a transaction dated Thursday, June 20th. The shares were sold at an average price of $33.26, for a total value of $1,598,309.30. Following the transaction, the chief executive officer now owns 373,330 shares in the company, valued at $12,416,955.80. The disclosure for this sale can be found here. Insiders have sold a total of 359,266 shares of company stock valued at $11,517,392 in the last three months. Insiders own 22.49% of the company’s stock.

Hedge Funds Weigh In On HashiCorp

Hedge funds have recently modified their holdings of the stock. Advisors Asset Management Inc. grew its stake in HashiCorp by 43.0% during the first quarter. Advisors Asset Management Inc. now owns 3,194 shares of the company’s stock worth $86,000 after buying an additional 961 shares during the last quarter. Covestor Ltd boosted its holdings in shares of HashiCorp by 12,888.9% in the 1st quarter. Covestor Ltd now owns 3,507 shares of the company’s stock worth $95,000 after acquiring an additional 3,480 shares in the last quarter. Industry Ventures L.L.C. bought a new stake in HashiCorp during the 4th quarter worth approximately $157,000. SVB Wealth LLC acquired a new stake in HashiCorp during the 4th quarter valued at $273,000. Finally, Aristides Capital LLC bought a new position in HashiCorp in the 4th quarter valued at $286,000. 87.83% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the stock. Truist Financial reiterated a “hold” rating and issued a $35.00 target price (up from $27.00) on shares of HashiCorp in a research note on Thursday, April 25th. Piper Sandler raised their price target on HashiCorp from $25.00 to $35.00 and gave the company a “neutral” rating in a research report on Thursday, April 25th. JMP Securities reissued a “market perform” rating on shares of HashiCorp in a research report on Thursday, June 6th. Bank of America raised their target price on HashiCorp from $28.00 to $32.00 and gave the company a “neutral” rating in a report on Wednesday, April 24th. Finally, Scotiabank reiterated a “sector perform” rating and set a $35.00 price target (up from $31.00) on shares of HashiCorp in a report on Thursday, April 25th. Twelve investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target 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.