Short Interest in SPX Technologies, Inc. (NYSE:SPXC) Expands By 37.0%

SPX Technologies, Inc. (NYSE:SPXC - Get Free Report) was the recipient of a significant increase in short interest in the month of February. As of February 28th, there was short interest totalling 869,300 shares, an increase of 37.0% from the February 13th total of 634,600 shares. Based on an average daily volume of 302,900 shares, the days-to-cover ratio is currently 2.9 days. Approximately 1.9% of the company's shares are short sold.

Hedge Funds Weigh In On SPX Technologies

Several institutional investors and hedge funds have recently modified their holdings of SPXC. Allworth Financial LP increased its holdings in shares of SPX Technologies by 123.3% in the fourth quarter. Allworth Financial LP now owns 163 shares of the company's stock valued at $25,000 after purchasing an additional 90 shares during the last quarter. Empowered Funds LLC bought a new position in shares of SPX Technologies in the fourth quarter worth about $27,000. Skandinaviska Enskilda Banken AB publ lifted its holdings in shares of SPX Technologies by 2,055.6% in the fourth quarter. Skandinaviska Enskilda Banken AB publ now owns 194 shares of the company's stock worth $28,000 after acquiring an additional 185 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings in SPX Technologies by 377.5% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 191 shares of the company's stock valued at $29,000 after buying an additional 151 shares during the last quarter. Finally, Spire Wealth Management bought a new position in SPX Technologies in the 4th quarter valued at approximately $57,000. 92.82% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the stock. Oppenheimer upgraded shares of SPX Technologies from a "market perform" rating to an "outperform" rating and set a $165.00 price objective for the company in a report on Wednesday, February 26th. UBS Group reduced their price target on shares of SPX Technologies from $164.00 to $160.00 and set a "neutral" rating for the company in a report on Tuesday, January 7th. Sidoti upgraded shares of SPX Technologies from a "neutral" rating to a "buy" rating in a report on Wednesday, February 26th. Finally, Wolfe Research began coverage on shares of SPX Technologies in a report on Monday, November 25th. They issued an "outperform" rating and a $199.00 price target for the company. Two research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $174.75.

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SPX Technologies Stock Down 1.5 %

Shares of SPXC stock traded down $2.12 during trading on Thursday, reaching $135.70. The company's stock had a trading volume of 155,746 shares, compared to its average volume of 254,883. The company has a quick ratio of 1.19, a current ratio of 1.85 and a debt-to-equity ratio of 0.49. The business has a fifty day moving average price of $144.53 and a 200-day moving average price of $153.64. SPX Technologies has a one year low of $116.05 and a one year high of $183.83. The company has a market cap of $6.29 billion, a price-to-earnings ratio of 36.44, a price-to-earnings-growth ratio of 1.33 and a beta of 1.26.

SPX Technologies Company Profile

SPX Technologies, Inc supplies infrastructure equipment serving the heating, ventilation, and cooling (HVAC); and detection and measurement markets worldwide. The company operates in two segments, HVAC and Detection and Measurement. The HVAC segment engineers, designs, manufactures, installs, and services package and process cooling products and engineered air movement solutions for the HVAC industrial and power generation markets, as well as boilers, heating, and ventilation products for the residential and commercial markets.