HashiCorp, Inc. (NASDAQ:HCP) Short Interest Up 20.5% in November

HashiCorp, Inc. (NASDAQ:HCP) saw a large increase in short interest in the month of November. As of November 30th, there was short interest totalling 11,890,000 shares, an increase of 20.5% from the November 15th total of 9,870,000 shares. Based on an average daily volume of 1,730,000 shares, the days-to-cover ratio is presently 6.9 days. Currently, 8.0% of the shares of the company are sold short.

Insider Activity at HashiCorp

In other news, CEO David Mcjannet sold 48,055 shares of the firm’s stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $33.84, for a total value of $1,626,181.20. Following the completion of the sale, the chief executive officer now owns 419,531 shares in the company, valued at approximately $14,196,929.04. This trade represents a 10.28 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CTO Armon Dadgar sold 35,903 shares of HashiCorp stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $33.90, for a total transaction of $1,217,111.70. Following the sale, the chief technology officer now owns 1,520,000 shares of the company’s stock, valued at $51,528,000. The trade was a 2.31 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 352,291 shares of company stock worth $11,912,497. Corporate insiders own 22.49% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Bank of New York Mellon Corp lifted its stake in shares of HashiCorp by 42.3% in the 2nd quarter. Bank of New York Mellon Corp now owns 675,550 shares of the company’s stock valued at $22,759,000 after purchasing an additional 200,837 shares during the last quarter. American Capital Advisory LLC acquired a new position in shares of HashiCorp in the second quarter valued at approximately $40,000. Maryland State Retirement & Pension System purchased a new stake in shares of HashiCorp during the second quarter worth $247,000. Picton Mahoney Asset Management acquired a new position in shares of HashiCorp during the second quarter worth about $32,330,000. Finally, Pentwater Capital Management LP acquired a new stake in shares of HashiCorp in the 2nd quarter valued at $91,654,000. 86.25% of the stock is owned by hedge funds and other institutional investors.

HashiCorp Price Performance

Shares of NASDAQ:HCP opened at $33.78 on Monday. HashiCorp has a 1 year low of $20.89 and a 1 year high of $34.21. The firm has a market capitalization of $6.85 billion, a PE ratio of -55.38 and a beta of 1.21. The business’s 50 day moving average price is $33.81 and its 200-day moving average price is $33.74.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on HCP shares. StockNews.com began coverage on HashiCorp in a research note on Wednesday, December 11th. They set a “hold” rating for the company. JMP Securities reissued a “market perform” rating on shares of HashiCorp in a report on Monday, September 16th. Citigroup assumed coverage on shares of HashiCorp in a report on Tuesday, September 3rd. They set a “neutral” rating and a $35.00 price objective on the stock. Finally, Piper Sandler reissued a “neutral” rating and issued a $35.00 price objective on shares of HashiCorp in a report on Friday, August 30th. Twelve investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $32.08.

About HashiCorp

HashiCorp, Inc engages in the provision of multi-cloud infrastructure automation solutions worldwide. The company offers infrastructure provisioning products, including Terraform, that enables IT operations teams to apply an Infrastructure-as-Code approach, where processes and configuration required to support applications are codified and automated instead of being manual and ticket-based; Packer, that provides a consistent way to define the process of transforming the raw source inputs into a production worthy artifact, across any environment or packaging format; and Vagrant, that allows teams to define how development environments are set up.