Cardlytics, Inc. (NASDAQ:CDLX) Short Interest Down 90.4% in June

Cardlytics, Inc. (NASDAQ:CDLX) saw a significant drop in short interest in the month of June. As of June 15th, there was short interest totaling 728,104 shares, a drop of 90.4% from the May 31st total of 7,561,046 shares. Based on an average daily volume of 121,479 shares, the days-to-cover ratio is presently 6.0 days. Currently, 13.3% of the company’s stock are sold short.

Cardlytics Stock Performance

Shares of Cardlytics stock traded down $0.13 during trading on Friday, reaching $4.84. The company had a trading volume of 61,372 shares, compared to its average volume of 105,164. The company has a market cap of $28.13 million, a price-to-earnings ratio of -0.27 and a beta of 0.58. The firm’s fifty day moving average is $7.01 and its 200-day moving average is $9.03. Cardlytics has a fifty-two week low of $4.50 and a fifty-two week high of $32.80.

Wall Street Analysts Forecast Growth

CDLX has been the topic of a number of analyst reports. Lake Street Capital set a $10.00 target price on Cardlytics in a research report on Friday, May 8th. Weiss Ratings restated a “sell (e+)” rating on shares of Cardlytics in a research note on Friday, April 10th. Bank of America restated an “underperform” rating on shares of Cardlytics in a report on Thursday, March 5th. Evercore set a $10.00 target price on Cardlytics in a research report on Friday, March 6th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Cardlytics in a research note on Thursday, June 18th. Two analysts have rated the stock with a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Reduce” and a consensus target price of $10.00.

Insider Activity at Cardlytics

In other news, CFO David Thomas Evans purchased 5,000 shares of the stock in a transaction that occurred on Monday, May 18th. The stock was acquired at an average cost of $6.30 per share, with a total value of $31,500.00. Following the acquisition, the chief financial officer owned 31,793 shares in the company, valued at approximately $200,295.90. This trade represents a 18.66% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Amit Gupta sold 6,983 shares of Cardlytics stock in a transaction on Monday, April 6th. The stock was sold at an average price of $11.90, for a total transaction of $83,097.70. Following the sale, the chief executive officer directly owned 98,738 shares in the company, valued at $1,174,982.20. This trade represents a 6.61% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last ninety days, insiders have sold 22,688 shares of company stock worth $241,288. 5.90% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in CDLX. Bank of America Corp DE raised its position in shares of Cardlytics by 262.7% during the 3rd quarter. Bank of America Corp DE now owns 1,632,786 shares of the company’s stock valued at $3,968,000 after acquiring an additional 1,182,593 shares in the last quarter. Quinn Opportunity Partners LLC increased its stake in Cardlytics by 900.0% during the third quarter. Quinn Opportunity Partners LLC now owns 1,100,000 shares of the company’s stock valued at $2,673,000 after purchasing an additional 990,000 shares during the last quarter. UBS Group AG raised its holdings in shares of Cardlytics by 112.5% during the third quarter. UBS Group AG now owns 458,066 shares of the company’s stock worth $1,113,000 after purchasing an additional 242,536 shares during the period. Raymond James Financial Inc. raised its holdings in shares of Cardlytics by 36,915.3% during the third quarter. Raymond James Financial Inc. now owns 133,255 shares of the company’s stock worth $324,000 after purchasing an additional 132,895 shares during the period. Finally, Jane Street Group LLC lifted its position in shares of Cardlytics by 263.0% in the 2nd quarter. Jane Street Group LLC now owns 162,427 shares of the company’s stock worth $267,000 after buying an additional 117,687 shares during the last quarter. Institutional investors and hedge funds own 68.10% of the company’s stock.

About Cardlytics

Cardlytics, Inc operates a purchase intelligence and marketing platform that connects advertisers with consumers through bank and credit card transaction data. The company partners with financial institutions to analyze anonymized purchase information, enabling brands to deliver highly targeted offers and rewards directly to customers’ online and mobile banking channels. By leveraging real-time insights into consumer spending habits, Cardlytics helps marketers optimize campaign performance and measure return on ad spend more accurately than traditional digital advertising methods.

At the core of Cardlytics’ offering is its proprietary purchase intelligence engine, which aggregates and anonymizes transaction data from partner banks and credit unions.