SecureWorks Corp. (NASDAQ:SCWX) Sees Large Increase in Short Interest

SecureWorks Corp. (NASDAQ:SCWX) saw a large growth in short interest during the month of August. As of August 31st, there was short interest totalling 196,600 shares, a growth of 141.8% from the August 15th total of 81,300 shares. Approximately 1.8% of the company’s shares are short sold. Based on an average daily volume of 56,100 shares, the short-interest ratio is presently 3.5 days.

SecureWorks Stock Up 2.9 %

Shares of NASDAQ SCWX traded up $0.23 during mid-day trading on Friday, reaching $8.06. 19,192 shares of the company were exchanged, compared to its average volume of 43,228. SecureWorks has a 1 year low of $5.40 and a 1 year high of $9.76. The firm has a 50-day moving average of $7.49 and a 200 day moving average of $6.68. The stock has a market cap of $712.50 million, a price-to-earnings ratio of -7.39 and a beta of 0.99.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the company. Needham & Company LLC reiterated a “hold” rating on shares of SecureWorks in a research report on Friday, September 6th. Barclays raised their price target on shares of SecureWorks from $6.00 to $7.00 and gave the stock an “underweight” rating in a research note on Friday, September 6th.

Hedge Funds Weigh In On SecureWorks

A number of large investors have recently made changes to their positions in the business. Scalar Gauge Management LLC purchased a new position in shares of SecureWorks in the 4th quarter valued at approximately $1,816,000. Kovack Advisors Inc. increased its stake in SecureWorks by 55.4% during the 1st quarter. Kovack Advisors Inc. now owns 207,400 shares of the technology company’s stock valued at $1,394,000 after purchasing an additional 73,900 shares in the last quarter. King Luther Capital Management Corp purchased a new position in shares of SecureWorks in the second quarter worth $411,000. First Eagle Investment Management LLC lifted its stake in shares of SecureWorks by 4.2% during the fourth quarter. First Eagle Investment Management LLC now owns 878,177 shares of the technology company’s stock worth $6,481,000 after buying an additional 35,044 shares during the period. Finally, Renaissance Technologies LLC grew its holdings in shares of SecureWorks by 22.3% during the second quarter. Renaissance Technologies LLC now owns 181,540 shares of the technology company’s stock valued at $1,271,000 after buying an additional 33,100 shares during the last quarter. 14.38% of the stock is owned by institutional investors and hedge funds.

About SecureWorks

SecureWorks Corp., through its subsidiaries, provides technology-driven information security solutions for protecting its customers in the United States and internationally. The company's solutions include software-as-a-service solutions; managed security services; and professional services, including incident response and penetration testing services.