Cowen Inc (NASDAQ:COWN) Short Interest Down 6.7% in September

Cowen Inc (NASDAQ:COWN) saw a large drop in short interest during the month of September. As of September 30th, there was short interest totalling 4,150,000 shares, a drop of 6.7% from the August 30th total of 4,450,000 shares. Approximately 15.4% of the shares of the stock are sold short. Based on an average daily volume of 280,000 shares, the short-interest ratio is presently 14.8 days.

A number of equities research analysts recently weighed in on the company. Buckingham Research assumed coverage on Cowen in a research report on Tuesday, July 23rd. They set a “buy” rating and a $20.00 price objective on the stock. BidaskClub lowered Cowen from a “sell” rating to a “strong sell” rating in a research report on Friday, October 4th.

In other news, General Counsel Owen S. Littman sold 10,000 shares of Cowen stock in a transaction on Monday, July 29th. The stock was sold at an average price of $17.88, for a total value of $178,800.00. Following the transaction, the general counsel now owns 164,870 shares in the company, valued at approximately $2,947,875.60. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 3.60% of the company’s stock.

A number of hedge funds have recently modified their holdings of the stock. BlackRock Inc. grew its position in Cowen by 1.8% during the 2nd quarter. BlackRock Inc. now owns 2,235,738 shares of the financial services provider’s stock worth $38,433,000 after acquiring an additional 39,611 shares during the last quarter. Vanguard Group Inc. grew its position in shares of Cowen by 3.1% in the 2nd quarter. Vanguard Group Inc. now owns 1,505,004 shares of the financial services provider’s stock valued at $25,871,000 after buying an additional 44,819 shares during the last quarter. Russell Investments Group Ltd. grew its position in shares of Cowen by 286.0% in the 2nd quarter. Russell Investments Group Ltd. now owns 1,352,657 shares of the financial services provider’s stock valued at $23,248,000 after buying an additional 1,002,202 shares during the last quarter. D. E. Shaw & Co. Inc. grew its position in shares of Cowen by 34.1% in the 2nd quarter. D. E. Shaw & Co. Inc. now owns 1,001,408 shares of the financial services provider’s stock valued at $17,215,000 after buying an additional 254,898 shares during the last quarter. Finally, Boston Partners grew its position in shares of Cowen by 672.7% in the 2nd quarter. Boston Partners now owns 672,213 shares of the financial services provider’s stock valued at $11,555,000 after buying an additional 585,213 shares during the last quarter. Institutional investors and hedge funds own 96.04% of the company’s stock.

COWN stock traded down $0.24 during midday trading on Wednesday, reaching $14.05. 6,099 shares of the stock were exchanged, compared to its average volume of 274,346. The stock has a market capitalization of $423.61 million, a PE ratio of 5.37 and a beta of 1.49. Cowen has a 52 week low of $11.80 and a 52 week high of $18.36. The company has a debt-to-equity ratio of 0.68, a current ratio of 0.89 and a quick ratio of 0.89. The company has a fifty day moving average price of $15.30 and a 200 day moving average price of $16.01.

Cowen (NASDAQ:COWN) last issued its quarterly earnings data on Friday, July 26th. The financial services provider reported $0.49 earnings per share for the quarter, topping analysts’ consensus estimates of $0.41 by $0.08. The business had revenue of $244.40 million for the quarter, compared to analyst estimates of $230.19 million. Cowen had a return on equity of 8.32% and a net margin of 3.72%. Cowen’s quarterly revenue was up 4.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.71 EPS. As a group, analysts anticipate that Cowen will post 2.8 earnings per share for the current fiscal year.

About Cowen

Cowen Inc is a publicly owned asset management holding company. Through its subsidiaries, the firm provides alternative investment management, investment banking, research, and sales and trading services for its clients. It manages separate client focused portfolio through its subsidiaries. Through its subsidiaries, the firm invests in equity and fixed income markets.

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