Schmitt Industries, Inc. (NASDAQ:SMIT) Short Interest Update

Schmitt Industries, Inc. (NASDAQ:SMIT) was the recipient of a large increase in short interest in January. As of January 15th, there was short interest totalling 76,200 shares, an increase of 33.0% from the December 31st total of 57,300 shares. Based on an average daily trading volume, of 38,900 shares, the short-interest ratio is currently 2.0 days. Approximately 2.0% of the company’s stock are sold short.

Shares of NASDAQ:SMIT traded down $0.06 during mid-day trading on Monday, reaching $3.58. 5,880 shares of the company traded hands, compared to its average volume of 19,282. The company’s 50 day moving average price is $3.68 and its 200-day moving average price is $2.86. The firm has a market cap of $15.13 million, a PE ratio of 3.62 and a beta of 0.71. Schmitt Industries has a 52 week low of $1.87 and a 52 week high of $4.15.

In other news, major shareholder Walter Brown Pistor sold 509,331 shares of the business’s stock in a transaction on Tuesday, December 17th. The shares were sold at an average price of $3.25, for a total transaction of $1,655,325.75. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 14.20% of the company’s stock.

Separately, ValuEngine lowered Schmitt Industries from a “hold” rating to a “sell” rating in a research report on Wednesday, January 22nd.

Schmitt Industries Company Profile

Schmitt Industries, Inc, together with its subsidiaries, designs, manufactures, and sells test and measurement products worldwide. The company's Balancer segment offers computer-controlled vibration detection, balancing, and process control systems. Its products comprise Schmitt Dynamic Balance System, which consists of a vibration sensor, a computer control unit, and a balance head; SB-5500, an optional acoustic emission monitoring system (AEMS) control card to monitor the AE signals generated on the grinding machine; process control cards to provide enhanced control of the grinding process; SB-2000, a compact manual balancing system; and AE-1000, an AE control platform, which reduces air machine grinding time.

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