Downgrade Sends Software Stock to Another Low

Another sell-off is good news for Asure Software short sellers

Nov 13, 2018 at 2:46 PM
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Asure Software Inc (NASDAQ:ASUR) is getting hammered today, last seen down 9.2% at $6.46, and it earlier hit a two-year low of $6.27. This puts the shares on pace for a fourth straight straight daily decline, as they continue to pull back from a May high near $20 under the pressure of their 50-day moving average. Today's losses come after Dougherty lowered its rating on ASUR stock to "neutral" from "buy," citing an "unusually high number of uncertainties" and risks it "can't ignore."

asur stock price

It would seem logical, given the security's technical performance, that more bearish notes will come through on ASUR. That's because all seven of the brokerage firms have "buy" or "strong buy" ratings, while the average 12-month price target stands all the way up at $15.67, easily doubling the stock's current price.

On the other hand, the stock is heavily shorted, so not everyone's on board. In fact, short interest rose 9.4% in the last two reporting periods, and now accounts for more than one-fourth of the total float. Going by average daily volumes, it'd take these bears more than 12 sessions to cover.

 

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