LegalZoom.com, Inc. (NASDAQ:LZ) Sees Large Increase in Short Interest

LegalZoom.com, Inc. (NASDAQ:LZ) saw a large growth in short interest in the month of March. As of March 15th, there was short interest totalling 5,380,000 shares, a growth of 39.4% from the February 28th total of 3,860,000 shares. Based on an average daily volume of 2,020,000 shares, the days-to-cover ratio is presently 2.7 days. Approximately 4.7% of the shares of the stock are sold short.

Hedge Funds Weigh In On LegalZoom.com

A number of institutional investors have recently modified their holdings of LZ. Mariner LLC boosted its holdings in LegalZoom.com by 5.6% in the 4th quarter. Mariner LLC now owns 44,638 shares of the company’s stock valued at $335,000 after purchasing an additional 2,348 shares in the last quarter. State of Wyoming grew its stake in shares of LegalZoom.com by 42.1% during the 4th quarter. State of Wyoming now owns 8,347 shares of the company’s stock worth $63,000 after purchasing an additional 2,475 shares during the period. Quarry LP lifted its stake in shares of LegalZoom.com by 83.4% in the third quarter. Quarry LP now owns 8,206 shares of the company’s stock valued at $52,000 after purchasing an additional 3,732 shares during the period. Summit Trail Advisors LLC grew its position in LegalZoom.com by 6.8% during the fourth quarter. Summit Trail Advisors LLC now owns 73,531 shares of the company’s stock worth $552,000 after buying an additional 4,697 shares during the period. Finally, Price T Rowe Associates Inc. MD lifted its position in shares of LegalZoom.com by 8.4% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 65,240 shares of the company’s stock valued at $490,000 after acquiring an additional 5,045 shares during the period. 81.99% of the stock is owned by institutional investors and hedge funds.

LegalZoom.com Stock Performance

NASDAQ LZ traded down $0.20 during trading hours on Monday, hitting $8.61. The company had a trading volume of 1,629,739 shares, compared to its average volume of 1,735,746. The business has a 50 day moving average of $9.19 and a 200-day moving average of $8.06. The company has a market cap of $1.52 billion, a PE ratio of 66.24, a price-to-earnings-growth ratio of 1.73 and a beta of 1.09. LegalZoom.com has a 1-year low of $5.33 and a 1-year high of $13.56.

Analysts Set New Price Targets

Several research firms have issued reports on LZ. JPMorgan Chase & Co. increased their price objective on shares of LegalZoom.com from $9.00 to $11.00 and gave the company an “overweight” rating in a report on Tuesday, February 11th. UBS Group assumed coverage on LegalZoom.com in a research note on Friday, December 6th. They issued a “neutral” rating and a $9.00 target price for the company. William Blair reiterated a “market perform” rating on shares of LegalZoom.com in a research report on Thursday, February 27th. JMP Securities restated a “market perform” rating on shares of LegalZoom.com in a report on Tuesday, February 11th. Finally, Morgan Stanley raised their price objective on shares of LegalZoom.com from $7.00 to $8.00 and gave the company an “underweight” rating in a research note on Monday, January 13th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $9.19.

LegalZoom.com Company Profile

LegalZoom.com, Inc, together with its subsidiaries, operates an online platform that supports the legal, compliance, and business management needs of small businesses and consumers in the United States. The company’s platform offers business formation products, such as limited liability company, incorporation of C and S corporations, nonprofit formations, doing-business-as, corporate changes and filings, business licenses, legal forms, and beneficial ownership information reports; intellectual property products consisting of trademark and patent applications, and copyright registrations; and tax services, including business and personal tax preparations.