Digi International Inc. (NASDAQ:DGII) was the target of a significant decline in short interest in October. As of October 31st, there was short interest totalling 343,800 shares, a decline of 20.5% from the September 30th total of 432,300 shares. Currently, 1.3% of the company’s shares are short sold. Based on an average daily volume of 92,100 shares, the days-to-cover ratio is currently 3.7 days.

Large investors have recently made changes to their positions in the stock. Arizona State Retirement System boosted its position in shares of Digi International by 2.0% during the second quarter. Arizona State Retirement System now owns 43,525 shares of the technology company’s stock valued at $552,000 after buying an additional 833 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. boosted its position in shares of Digi International by 32.6% during the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 21,676 shares of the technology company’s stock valued at $275,000 after buying an additional 5,325 shares during the last quarter. Essex Investment Management Co. LLC purchased a new position in shares of Digi International during the third quarter valued at approximately $1,885,000. Strs Ohio boosted its position in shares of Digi International by 162.3% during the third quarter. Strs Ohio now owns 43,800 shares of the technology company’s stock valued at $596,000 after buying an additional 27,100 shares during the last quarter. Finally, Meeder Asset Management Inc. boosted its position in shares of Digi International by 288.9% during the third quarter. Meeder Asset Management Inc. now owns 11,811 shares of the technology company’s stock valued at $161,000 after buying an additional 8,774 shares during the last quarter. 81.48% of the stock is currently owned by institutional investors.

Shares of NASDAQ:DGII traded up $0.33 during mid-day trading on Thursday, hitting $15.10. 325,200 shares of the company traded hands, compared to its average volume of 135,377. The stock has a market cap of $417.83 million, a P/E ratio of 302.00, a P/E/G ratio of 2.28 and a beta of 1.58. Digi International has a 12-month low of $9.28 and a 12-month high of $15.87. The stock has a 50-day moving average price of $14.04 and a two-hundred day moving average price of $12.98.

DGII has been the subject of a number of research analyst reports. BidaskClub upgraded Digi International from a “hold” rating to a “buy” rating in a report on Saturday, October 19th. Robert W. Baird initiated coverage on Digi International in a report on Friday, November 1st. They set an “outperform” rating and a $19.00 price objective for the company. Zacks Investment Research downgraded Digi International from a “buy” rating to a “hold” rating in a report on Friday, November 1st. Finally, ValuEngine downgraded Digi International from a “hold” rating to a “sell” rating in a report on Friday, November 1st. One analyst has rated the stock with a sell rating, one has assigned a hold rating and four have issued a buy rating to the company. The stock presently has an average rating of “Buy” and an average target price of $18.25.

Digi International Company Profile

Digi International Inc provides Internet of Things connectivity products, services, and solutions in North America, Europe, the Middle East, Africa, Asia, and Latin America. The company operates in two segments, IoT Products & Services and IoT Solutions. It offers cellular routers that provide connectivity for devices over a cellular data network; cellular gateway products that enable devices or groups of devices to be networked in locations where there is no existing network or where access to a network is prohibited; radio frequency products that utilize a range of wireless protocols for PC-to-device or device-to-device connectivity; and Connect, Rabbit, and ARM-based embedded systems on module and single board computers for medical, transportation, and industrial device manufacturers.

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