Solel Partners LP Decreases Position in CS Disco, Inc. (NYSE:LAW)

Solel Partners LP decreased its stake in CS Disco, Inc. (NYSE:LAW) by 55.3% in the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 1,493,781 shares of the company’s stock after selling 1,848,527 shares during the quarter. CS Disco comprises 1.5% of Solel Partners LP’s portfolio, making the stock its 18th biggest holding. Solel Partners LP owned about 2.49% of CS Disco worth $8,903,000 as of its most recent filing with the SEC.

Several other large investors have also recently modified their holdings of the stock. nVerses Capital LLC purchased a new position in CS Disco during the second quarter worth $36,000. Meeder Asset Management Inc. purchased a new position in shares of CS Disco during the 2nd quarter worth about $37,000. Allspring Global Investments Holdings LLC bought a new position in CS Disco during the 1st quarter valued at about $52,000. State Board of Administration of Florida Retirement System purchased a new stake in CS Disco in the 1st quarter worth about $83,000. Finally, American Century Companies Inc. raised its position in CS Disco by 16.8% in the 2nd quarter. American Century Companies Inc. now owns 32,180 shares of the company’s stock worth $192,000 after purchasing an additional 4,632 shares during the period. Institutional investors own 58.05% of the company’s stock.

Insider Activity

In other CS Disco news, Director Scott A. Hill acquired 23,554 shares of the company’s stock in a transaction dated Tuesday, August 13th. The shares were purchased at an average cost of $5.39 per share, for a total transaction of $126,956.06. Following the completion of the purchase, the director now owns 187,615 shares in the company, valued at $1,011,244.85. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 22.30% of the company’s stock.

CS Disco Price Performance

LAW stock opened at $5.68 on Tuesday. The company has a market capitalization of $340.66 million, a PE ratio of -10.52 and a beta of 2.08. CS Disco, Inc. has a 12 month low of $4.71 and a 12 month high of $8.80. The firm’s 50-day moving average is $5.58 and its 200 day moving average is $6.39.

CS Disco (NYSE:LAW) last posted its quarterly earnings results on Thursday, August 8th. The company reported ($0.17) earnings per share for the quarter, beating the consensus estimate of ($0.18) by $0.01. CS Disco had a negative net margin of 19.88% and a negative return on equity of 14.18%. The firm had revenue of $36.01 million during the quarter, compared to the consensus estimate of $35.52 million. Sell-side analysts forecast that CS Disco, Inc. will post -0.71 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the company. JPMorgan Chase & Co. cut CS Disco from a “neutral” rating to an “underweight” rating and cut their target price for the company from $8.00 to $5.00 in a research note on Tuesday, July 2nd. Needham & Company LLC cut their price objective on CS Disco from $11.00 to $8.00 and set a “buy” rating on the stock in a research report on Friday, August 9th.

CS Disco Profile

CS Disco, Inc provides cloud-native and artificial intelligence-powered legal solutions for legal hold, legal request, ediscovery, legal document review, and case management in the United States and internationally. It offers DISCO Request, a solution that automates response compliance for legal requests; and DISCO Ediscovery, a solution that automates the ediscovery process and saves legal departments from manual tasks associated with collecting, processing, enriching, searching, reviewing, analyzing, producing, and using enterprise data that is at issue in legal matters.