Badger Meter Stock Slides on Analyst Bear Note

BMI has not been an analyst favorite of late

by Emma Duncan

Published on Jan 2, 2020 at 9:12 AM

Water and utility measurement service Badger Meter, Inc. (NYSE:BMI) is down 1.8% this morning, last seen at $63.75. Weighing heavy on the equity is a downgrade to "sell" from "hold" at Canaccord Genuity, the firm citing a less favorable reward that is making near-term upside look limited. Coming into today, all three covering analysts carried a "hold" recommendation. 

Despite this morning's set back, BMI remains not far off its Dec. 27 record high of $66.30, and is 21% higher on the quarter. The equity has seen an impressive climb during the past 12 months, with its 20-day moving average containing pullbacks in the last three months. 

Short interest on Badger Meter stock plunged 15.5% during the past two reporting periods, but still accounts for more than 9% of the security's total available float. At BMI's average pace of daily trading, it would take short sellers more than 12 days to buy back their bearish bets.


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