BRP Inc (NASDAQ:DOOO) Sees Significant Drop in Short Interest

BRP Inc (NASDAQ:DOOO) saw a large decline in short interest during the month of September. As of September 30th, there was short interest totalling 467,900 shares, a decline of 26.0% from the September 15th total of 631,900 shares. Approximately 1.2% of the shares of the stock are short sold. Based on an average daily trading volume, of 96,000 shares, the short-interest ratio is presently 4.9 days.

Hedge funds have recently added to or reduced their stakes in the company. Jane Street Group LLC purchased a new stake in shares of BRP during the 1st quarter valued at approximately $181,000. Zurcher Kantonalbank Zurich Cantonalbank raised its position in BRP by 32.7% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,502 shares of the company’s stock valued at $193,000 after purchasing an additional 1,109 shares during the period. Addenda Capital Inc. purchased a new stake in BRP in the third quarter valued at approximately $236,000. AXA purchased a new stake in BRP in the first quarter valued at approximately $269,000. Finally, PNC Financial Services Group Inc. purchased a new stake in BRP in the second quarter valued at approximately $288,000. 28.52% of the stock is currently owned by hedge funds and other institutional investors.

Shares of DOOO stock traded down $0.89 during trading on Friday, hitting $57.72. 48,355 shares of the stock traded hands, compared to its average volume of 123,100. The firm has a market capitalization of $5.05 billion, a P/E ratio of 46.18 and a beta of 3.40. The firm’s fifty day moving average price is $53.88 and its 200-day moving average price is $39.80. BRP has a 52-week low of $12.97 and a 52-week high of $59.19.

BRP (NASDAQ:DOOO) last released its quarterly earnings results on Thursday, August 27th. The company reported $0.83 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.05) by $0.88. The firm had revenue of $901.51 million for the quarter, compared to analyst estimates of $745.73 million. BRP had a net margin of 2.71% and a negative return on equity of 55.95%. On average, equities analysts forecast that BRP will post 2.98 earnings per share for the current year.

Several equities research analysts recently issued reports on DOOO shares. ValuEngine upgraded BRP from a “sell” rating to a “hold” rating in a report on Monday, August 3rd. Canaccord Genuity raised their target price on shares of BRP from $60.00 to $70.00 and gave the stock a “buy” rating in a research note on Monday, August 24th. Royal Bank of Canada raised their target price on shares of BRP from $66.00 to $78.00 and gave the stock a “sector perform” rating in a research note on Friday, August 28th. UBS Group raised their target price on shares of BRP from $49.00 to $63.00 and gave the stock a “buy” rating in a research note on Tuesday, September 1st. Finally, BMO Capital Markets raised their target price on shares of BRP from $45.00 to $70.00 and gave the stock a “market perform” rating in a research note on Monday, August 31st. Five investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. The stock currently has an average rating of “Buy” and a consensus target price of $64.78.

BRP Company Profile

BRP Inc, together with its subsidiaries, designs, develops, manufactures, distributes, and markets powersport vehicles and marine products worldwide. It operates through two segments, Powersports and Marine. The company offers all-terrain, side-by-side, and three-wheeled vehicles; seasonal products consisting of snowmobiles and personal watercraft; and propulsion systems comprising engines for outboard and jet boats, karts, motorcycles, and recreational aircraft.

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