Itron, Inc. (NASDAQ:ITRI) Sees Large Drop in Short Interest

Itron, Inc. (NASDAQ:ITRI - Get Free Report) was the recipient of a large decrease in short interest during the month of December. As of December 31st, there was short interest totalling 3,170,000 shares, a decrease of 11.2% from the December 15th total of 3,570,000 shares. Approximately 7.1% of the shares of the company are sold short. Based on an average trading volume of 473,700 shares, the short-interest ratio is presently 6.7 days.

Itron Price Performance

Shares of NASDAQ ITRI traded up $0.91 during mid-day trading on Monday, reaching $105.36. The company's stock had a trading volume of 394,015 shares, compared to its average volume of 353,397. The firm has a market capitalization of $4.75 billion, a PE ratio of 21.59, a P/E/G ratio of 0.85 and a beta of 1.47. The stock has a fifty day moving average of $112.13 and a two-hundred day moving average of $106.71. Itron has a 52 week low of $69.23 and a 52 week high of $124.90. The company has a debt-to-equity ratio of 0.91, a current ratio of 3.36 and a quick ratio of 2.83.

Itron (NASDAQ:ITRI - Get Free Report) last posted its quarterly earnings data on Thursday, October 31st. The scientific and technical instruments company reported $1.84 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.13 by $0.71. Itron had a return on equity of 19.03% and a net margin of 9.37%. The company had revenue of $615.46 million during the quarter, compared to analysts' expectations of $596.41 million. During the same quarter in the previous year, the business earned $0.98 EPS. Itron's revenue was up 9.8% compared to the same quarter last year. As a group, sell-side analysts anticipate that Itron will post 5.33 EPS for the current fiscal year.

Analyst Ratings Changes

Several equities analysts have issued reports on the company. Guggenheim boosted their target price on Itron from $128.00 to $135.00 and gave the stock a "buy" rating in a research report on Wednesday, November 6th. Piper Sandler raised their price objective on Itron from $110.00 to $119.00 and gave the company a "neutral" rating in a research report on Friday, November 1st. Oppenheimer lifted their price target on Itron from $120.00 to $124.00 and gave the stock an "outperform" rating in a research note on Friday, November 1st. Janney Montgomery Scott began coverage on shares of Itron in a research report on Friday, September 27th. They issued a "buy" rating and a $131.00 target price for the company. Finally, TD Cowen upped their price target on shares of Itron from $125.00 to $136.00 and gave the company a "buy" rating in a report on Friday, November 1st. Three research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat.com, Itron has a consensus rating of "Moderate Buy" and a consensus price target of $123.92.

Institutional Trading of Itron

A number of hedge funds have recently bought and sold shares of ITRI. Quarry LP increased its holdings in shares of Itron by 29.0% in the 3rd quarter. Quarry LP now owns 454 shares of the scientific and technical instruments company's stock valued at $48,000 after acquiring an additional 102 shares during the period. Continuum Advisory LLC raised its stake in shares of Itron by 42.1% during the 3rd quarter. Continuum Advisory LLC now owns 344 shares of the scientific and technical instruments company's stock worth $40,000 after buying an additional 102 shares during the last quarter. Stifel Financial Corp grew its stake in Itron by 2.2% in the 3rd quarter. Stifel Financial Corp now owns 4,921 shares of the scientific and technical instruments company's stock valued at $526,000 after acquiring an additional 108 shares during the last quarter. Covestor Ltd raised its position in Itron by 26.1% during the third quarter. Covestor Ltd now owns 536 shares of the scientific and technical instruments company's stock worth $57,000 after acquiring an additional 111 shares during the last quarter. Finally, Farther Finance Advisors LLC increased its stake in shares of Itron by 21.7% during the 3rd quarter. Farther Finance Advisors LLC now owns 724 shares of the scientific and technical instruments company's stock worth $77,000 after purchasing an additional 129 shares in the last quarter. Institutional investors and hedge funds own 96.19% of the company's stock.

About Itron

Itron, Inc, a technology, solutions, and service company, provides end-to-end solutions that help manage energy, water, and smart city operations worldwide. It operates in three segments: Device Solutions, Networked Solutions, and Outcomes. The Device Solutions segment offers hardware products that are used for measurement, control, or sensing, such as standard gas, electricity, water, and communicating meters, as well as heat and allocation products.