Custom Truck One Source, Inc. (NYSE:CTOS) Sees Significant Drop in Short Interest

Custom Truck One Source, Inc. (NYSE:CTOS) was the target of a large decline in short interest in the month of December. As of December 31st, there was short interest totalling 4,160,000 shares, a decline of 6.3% from the December 15th total of 4,440,000 shares. Approximately 7.1% of the shares of the company are sold short. Based on an average daily volume of 611,200 shares, the days-to-cover ratio is presently 6.8 days.

Hedge Funds Weigh In On Custom Truck One Source

Several large investors have recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP raised its position in shares of Custom Truck One Source by 22.4% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,246,060 shares of the company’s stock valued at $9,770,000 after purchasing an additional 410,895 shares during the period. Black Diamond Financial LLC raised its holdings in Custom Truck One Source by 906.8% during the third quarter. Black Diamond Financial LLC now owns 1,427,000 shares of the company’s stock valued at $4,923,000 after acquiring an additional 1,285,265 shares during the period. Maven Securities LTD purchased a new position in shares of Custom Truck One Source in the second quarter valued at about $2,175,000. JPMorgan Chase & Co. boosted its stake in shares of Custom Truck One Source by 939.4% in the third quarter. JPMorgan Chase & Co. now owns 492,411 shares of the company’s stock worth $1,699,000 after acquiring an additional 445,038 shares during the period. Finally, First Eagle Investment Management LLC purchased a new stake in shares of Custom Truck One Source during the second quarter worth about $1,328,000. Hedge funds and other institutional investors own 90.07% of the company’s stock.

Analyst Ratings Changes

Separately, Oppenheimer lowered their price objective on shares of Custom Truck One Source from $6.00 to $5.00 and set an “outperform” rating on the stock in a research note on Tuesday, November 5th.

Custom Truck One Source Price Performance

Custom Truck One Source stock traded up $0.13 during trading on Friday, reaching $4.76. The company had a trading volume of 526,705 shares, compared to its average volume of 563,879. The company has a debt-to-equity ratio of 1.87, a current ratio of 1.28 and a quick ratio of 0.19. The firm’s 50-day simple moving average is $5.11 and its 200 day simple moving average is $4.40. Custom Truck One Source has a 52 week low of $3.03 and a 52 week high of $7.00.

Custom Truck One Source (NYSE:CTOS) last posted its quarterly earnings data on Wednesday, October 30th. The company reported ($0.07) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.04). The company had revenue of $447.22 million for the quarter, compared to analysts’ expectations of $448.46 million. Custom Truck One Source had a negative net margin of 2.22% and a negative return on equity of 4.57%. The firm’s quarterly revenue was up 3.0% on a year-over-year basis. During the same period in the previous year, the firm earned $0.04 earnings per share. Research analysts expect that Custom Truck One Source will post -0.21 earnings per share for the current year.

About Custom Truck One Source

Custom Truck One Source, Inc provides specialty equipment rental and sale services to the electric utility transmission and distribution, telecommunications, rail, forestry, waste management, and other infrastructure-related industries in the United States and Canada. The company operates through three segments: Equipment Rental Solutions (ERS), Truck and Equipment Sales (TES), and Aftermarket Parts and Services (APS).