SharpSpring (NASDAQ:SHSP) Shares Down 16.3%

SharpSpring Inc (NASDAQ:SHSP) shares were down 16.3% during mid-day trading on Thursday . The company traded as low as $12.70 and last traded at $12.70. Approximately 1,103,498 shares traded hands during trading, an increase of 1,615% from the average daily volume of 64,338 shares. The stock had previously closed at $15.17.

A number of equities analysts have recently issued reports on SHSP shares. Canaccord Genuity started coverage on SharpSpring in a research report on Monday, April 1st. They set a “buy” rating for the company. Lake Street Capital raised their price objective on SharpSpring to $17.00 and gave the stock a “buy” rating in a research report on Thursday, February 28th. National Securities started coverage on SharpSpring in a research report on Thursday, May 30th. They set a “buy” rating for the company. Finally, Craig Hallum downgraded SharpSpring from a “buy” rating to a “hold” rating and raised their price objective for the stock from $17.00 to $21.00 in a research report on Friday, May 10th. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average target price of $19.00.

The company has a debt-to-equity ratio of 0.65, a current ratio of 7.30 and a quick ratio of 7.30.

SharpSpring (NASDAQ:SHSP) last released its earnings results on Thursday, May 9th. The technology company reported ($0.33) EPS for the quarter. SharpSpring had a negative return on equity of 63.38% and a negative net margin of 52.14%. The business had revenue of $5.33 million for the quarter.

In other SharpSpring news, major shareholder Cat Rock Capital Management Lp bought 19,000 shares of the firm’s stock in a transaction that occurred on Thursday, June 13th. The stock was acquired at an average price of $13.00 per share, with a total value of $247,000.00. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Richard Alan Carlson sold 30,000 shares of the firm’s stock in a transaction that occurred on Friday, May 31st. The stock was sold at an average price of $14.75, for a total value of $442,500.00. The disclosure for this sale can be found here. Company insiders own 28.34% of the company’s stock.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Renaissance Technologies LLC raised its holdings in SharpSpring by 71.6% in the 1st quarter. Renaissance Technologies LLC now owns 29,200 shares of the technology company’s stock worth $468,000 after purchasing an additional 12,180 shares during the period. Hilton Capital Management LLC bought a new position in SharpSpring in the 1st quarter worth $708,000. Granite Investment Partners LLC raised its holdings in SharpSpring by 87.8% in the 1st quarter. Granite Investment Partners LLC now owns 206,418 shares of the technology company’s stock worth $3,307,000 after purchasing an additional 96,478 shares during the period. Citigroup Inc. bought a new position in SharpSpring in the 1st quarter worth $39,000. Finally, Wells Fargo & Company MN bought a new position in SharpSpring in the 1st quarter worth $79,000. 42.71% of the stock is owned by institutional investors and hedge funds.

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About SharpSpring (NASDAQ:SHSP)

SharpSpring, Inc operates as a cloud-based marketing technology company worldwide. The company offers SharpSpring, a marketing automation solution for small and mid-size businesses. It markets and sells its products and services through sales teams and third party resellers. The company was formerly known as SMTP, Inc and changed its name to SharpSpring, Inc in December 2015.

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