Culp, Inc. (NYSE:CULP) Sees Significant Growth in Short Interest

Culp, Inc. (NYSE:CULP) was the target of a significant growth in short interest during the month of December. As of December 31st, there was short interest totalling 23,300 shares, a growth of 27.3% from the December 15th total of 18,300 shares. Based on an average daily volume of 18,700 shares, the days-to-cover ratio is currently 1.2 days. Currently, 0.2% of the shares of the stock are short sold.

Insider Activity

In other news, insider Mary Elizabeth Hunsberger acquired 5,000 shares of Culp stock in a transaction that occurred on Monday, December 16th. The shares were acquired at an average price of $5.55 per share, with a total value of $27,750.00. Following the completion of the purchase, the insider now owns 15,000 shares of the company’s stock, valued at approximately $83,250. This represents a 50.00 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Robert George Iv Culp bought 8,508 shares of the firm’s stock in a transaction that occurred on Tuesday, December 10th. The shares were purchased at an average price of $5.42 per share, for a total transaction of $46,113.36. Following the transaction, the chief executive officer now owns 78,029 shares of the company’s stock, valued at $422,917.18. The trade was a 12.24 % increase in their position. The disclosure for this purchase can be found here. Insiders have acquired 31,495 shares of company stock worth $167,062 over the last ninety days. 7.30% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Culp

A hedge fund recently raised its stake in Culp stock. Geode Capital Management LLC increased its stake in shares of Culp, Inc. (NYSE:CULP) by 14.1% during the 3rd quarter, according to its most recent filing with the SEC. The institutional investor owned 103,825 shares of the textile maker’s stock after acquiring an additional 12,830 shares during the period. Geode Capital Management LLC owned approximately 0.83% of Culp worth $680,000 at the end of the most recent reporting period. Hedge funds and other institutional investors own 75.05% of the company’s stock.

Analysts Set New Price Targets

Separately, StockNews.com assumed coverage on shares of Culp in a report on Friday. They set a “hold” rating on the stock.

Culp Stock Performance

Culp stock traded down $0.12 during trading on Friday, reaching $5.48. 43,803 shares of the company’s stock were exchanged, compared to its average volume of 23,580. Culp has a 52-week low of $4.25 and a 52-week high of $6.85. The firm has a market cap of $68.77 million, a price-to-earnings ratio of -3.26 and a beta of 1.18. The company’s 50-day moving average is $5.40 and its two-hundred day moving average is $5.38.

Culp Company Profile

Culp, Inc manufactures, sources, markets, and sells mattress fabrics, sewn covers, and cut and sewn kits for use in mattresses, foundations, and other bedding products in the United States, North America, the Far East, Asia, and internationally. It operates in two segments, Mattress Fabrics and Upholstery Fabrics.