BG Staffing Inc (BGSF) Sees Large Increase in Short Interest

BG Staffing Inc (NYSEAMERICAN:BGSF) was the target of a significant growth in short interest in September. As of September 14th, there was short interest totalling 157,497 shares, a growth of 73.5% from the August 31st total of 90,763 shares. Currently, 1.8% of the company’s stock are short sold. Based on an average daily volume of 177,967 shares, the days-to-cover ratio is currently 0.9 days.

In other news, Director C. David Allen, Jr. sold 3,750 shares of the stock in a transaction dated Friday, August 24th. The shares were sold at an average price of $27.84, for a total transaction of $104,400.00. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Dan Hollenbach sold 6,100 shares of the stock in a transaction dated Friday, August 24th. The stock was sold at an average price of $27.83, for a total transaction of $169,763.00. The disclosure for this sale can be found here. Insiders have sold 211,406 shares of company stock worth $5,461,197 in the last three months.

Several hedge funds have recently added to or reduced their stakes in the stock. Mackay Shields LLC purchased a new position in BG Staffing in the second quarter valued at approximately $437,000. LSV Asset Management purchased a new position in BG Staffing in the second quarter valued at approximately $334,000. Martingale Asset Management L P purchased a new position in BG Staffing in the second quarter valued at approximately $763,000. Acadian Asset Management LLC increased its stake in BG Staffing by 54.1% in the second quarter. Acadian Asset Management LLC now owns 169,728 shares of the business services provider’s stock valued at $3,947,000 after purchasing an additional 59,576 shares during the last quarter. Finally, Wells Fargo & Company MN increased its stake in BG Staffing by 25.3% in the first quarter. Wells Fargo & Company MN now owns 74,570 shares of the business services provider’s stock valued at $1,417,000 after purchasing an additional 15,070 shares during the last quarter.

Separately, Zacks Investment Research upgraded shares of BG Staffing from a “hold” rating to a “strong-buy” rating and set a $30.00 target price on the stock in a research note on Tuesday, July 31st.

BGSF stock opened at $25.74 on Thursday. BG Staffing has a fifty-two week low of $14.65 and a fifty-two week high of $29.59.

BG Staffing (NYSEAMERICAN:BGSF) last released its earnings results on Friday, July 27th. The business services provider reported $0.54 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.30 by $0.24. BG Staffing had a net margin of 4.40% and a return on equity of 30.25%. The firm had revenue of $70.95 million for the quarter, compared to analyst estimates of $72.12 million.

About BG Staffing

BG Staffing, Inc provides temporary staffing services in the United States. It operates in three segments: Multifamily, Professional, and Commercial. The Multifamily segment offers temporary front office and maintenance personnel to the various apartment communities. The Professional segment provides skilled temporary IT professionals with expertise in SAP, Workday, Olik View, Hyperion, Oracle, project management, and other IT staffing skills, as well as finance, accounting, and related support personnel.

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