Short Interest in Digi International Inc. (NASDAQ:DGII) Declines By 14.7%

Digi International Inc. (NASDAQ:DGII) was the target of a significant drop in short interest in December. As of December 31st, there was short interest totalling 2,030,000 shares, a drop of 14.7% from the December 15th total of 2,380,000 shares. Based on an average daily trading volume, of 206,700 shares, the days-to-cover ratio is currently 9.8 days.

Digi International Stock Up 0.1 %

Shares of Digi International stock opened at $30.49 on Friday. The stock has a 50-day simple moving average of $31.49 and a 200-day simple moving average of $28.92. Digi International has a 52-week low of $20.17 and a 52-week high of $34.82. The firm has a market cap of $1.12 billion, a price-to-earnings ratio of 49.98, a P/E/G ratio of 1.01 and a beta of 1.07. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.73 and a quick ratio of 1.13.

Digi International (NASDAQ:DGII) last issued its quarterly earnings data on Wednesday, November 13th. The technology company reported $0.52 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.42 by $0.10. The firm had revenue of $105.05 million during the quarter, compared to analysts’ expectations of $104.16 million. Digi International had a net margin of 5.31% and a return on equity of 11.24%. Digi International’s revenue for the quarter was down 6.3% on a year-over-year basis. During the same period in the prior year, the company posted $0.44 earnings per share. On average, equities research analysts expect that Digi International will post 1.65 earnings per share for the current fiscal year.

Insider Activity at Digi International

In other news, VP Terrence G. Schneider sold 2,808 shares of the company’s stock in a transaction on Friday, November 29th. The stock was sold at an average price of $33.06, for a total transaction of $92,832.48. Following the completion of the sale, the vice president now directly owns 39,002 shares of the company’s stock, valued at $1,289,406.12. This represents a 6.72 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Satbir Khanuja sold 7,000 shares of Digi International stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $31.76, for a total value of $222,320.00. Following the completion of the transaction, the director now directly owns 83,255 shares in the company, valued at $2,644,178.80. This represents a 7.76 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 10,329 shares of company stock valued at $332,361 over the last 90 days. 3.30% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Digi International

Several hedge funds and other institutional investors have recently made changes to their positions in DGII. Geode Capital Management LLC boosted its holdings in Digi International by 1.3% in the 3rd quarter. Geode Capital Management LLC now owns 874,290 shares of the technology company’s stock valued at $24,074,000 after purchasing an additional 11,239 shares during the period. Captrust Financial Advisors raised its position in shares of Digi International by 13.5% during the third quarter. Captrust Financial Advisors now owns 20,338 shares of the technology company’s stock valued at $560,000 after buying an additional 2,418 shares during the last quarter. BNP Paribas Financial Markets lifted its stake in shares of Digi International by 51.8% in the third quarter. BNP Paribas Financial Markets now owns 24,129 shares of the technology company’s stock valued at $664,000 after buying an additional 8,235 shares during the period. Geneva Capital Management LLC grew its position in Digi International by 5.0% during the third quarter. Geneva Capital Management LLC now owns 1,654,911 shares of the technology company’s stock worth $45,560,000 after buying an additional 79,313 shares in the last quarter. Finally, SG Americas Securities LLC increased its stake in Digi International by 108.0% during the third quarter. SG Americas Securities LLC now owns 16,928 shares of the technology company’s stock valued at $466,000 after acquiring an additional 8,788 shares during the period. 95.90% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts have weighed in on DGII shares. StockNews.com raised Digi International from a “buy” rating to a “strong-buy” rating in a research note on Thursday, December 19th. Piper Sandler raised their price target on shares of Digi International from $26.00 to $32.00 and gave the stock a “neutral” rating in a report on Thursday, November 14th. Finally, Craig Hallum reiterated a “hold” rating and issued a $32.00 price objective (up previously from $28.00) on shares of Digi International in a research note on Thursday, November 14th. Two equities research analysts have rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $36.75.

About Digi International

Digi International Inc provides business and mission-critical Internet of Things (IoT) products, services, and solutions in the United States, Europe, the Middle East, Africa, and internationally. The company operates in two segments, IoT Products & Services, and IoT Solutions. It offers cellular routers for mission-critical wireless connectivity; cellular modules to embed cellular communications abilities into the products to deploy and manage intelligent and secure cellular connected products; console servers to provide secure and remote access to network equipment in data centers and at edge locations; and radio frequency products, including embedded wireless modules, off-the-shelf gateways, modems, and adapters under the Digi XBee brand.