Titan Machinery Inc. Registers High Short Percent of Float
by Thomas Lindt on February 3, 2015
Shares of Titan Machinery Inc. (NASDAQ:TITN) are trading at $13.5. The price is 33.8% off the 52-week high and 20.8% off the 52-week low. But, investors should exercise caution as the short interest is growing high at 45.08% of the floated shares. A high short interest indicates that the market is expecting further price decline in the coming sessions.
During the last trading session – Titan Machinery Inc. (NASDAQ:TITN) tumbled 0.71 points in daily session. The price extremes of the session were $14.26 and $13.38. However, some value buying and short covering helped the stock pare major loss and closed at $13.42, which is marginally above the opening price of $14.16. The volume reading came in at 86,809 shares. The previous close of the counter is $14.13. The 52-week top of the Corporation is registered at $20.4 and the company has a strong presence with a market cap of $287 million. The 52-week low price of the shares is $10.69. There are 21,411,000 shares in outstanding.
Shares of Titan Machinery Inc. (NASDAQ:TITN) rose by 6% in the past week and 2.1% for the past 4 weeks. For the past week, the counter has outperformed the S&P 500 by 9.02% and the outperformance increases to 5.33% for the past 4 weeks.
Titan Machinery Inc. owns and operates a network of service agricultural and construction equipment stores in the United States and Europe. The Company operates in three segments: Agriculture, Construction and International. The agricultural equipment it sells and service includes machinery and attachments for uses ranging from large-scale farming to home and garden purposes. The construction equipment it sells and service includes heavy construction and light industrial machinery for commercial and residential construction, road and highway construction, and mining operations. Within its operating segments, the Company is engaged in four principal business activities: new and used equipment sales; parts sales; repair and maintenance services, and equipment rental and other activities
