CS Disco, Inc. (NYSE:LAW) Sees Large Decline in Short Interest

CS Disco, Inc. (NYSE:LAW) was the recipient of a significant decrease in short interest in September. As of September 30th, there was short interest totalling 801,700 shares, a decrease of 13.6% from the September 15th total of 927,600 shares. Currently, 3.7% of the shares of the stock are short sold. Based on an average daily trading volume, of 147,100 shares, the short-interest ratio is currently 5.5 days.

CS Disco Price Performance

NYSE LAW traded down $0.03 during trading hours on Wednesday, reaching $5.99. The company’s stock had a trading volume of 85,150 shares, compared to its average volume of 223,365. The firm has a fifty day simple moving average of $5.62 and a 200-day simple moving average of $6.20. The stock has a market cap of $359.26 million, a P/E ratio of -11.09 and a beta of 2.09. CS Disco has a 52 week low of $4.71 and a 52 week high of $8.80.

CS Disco (NYSE:LAW) last released its earnings results on Thursday, August 8th. The company reported ($0.17) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.18) by $0.01. The business had revenue of $36.01 million during the quarter, compared to the consensus estimate of $35.52 million. CS Disco had a negative net margin of 19.88% and a negative return on equity of 14.18%. On average, research analysts expect that CS Disco will post -0.71 earnings per share for the current year.

Wall Street Analyst Weigh In

LAW has been the subject of a number of research reports. JPMorgan Chase & Co. cut shares of CS Disco from a “neutral” rating to an “underweight” rating and dropped their target price for the stock from $8.00 to $5.00 in a report on Tuesday, July 2nd. Needham & Company LLC dropped their target price on shares of CS Disco from $11.00 to $8.00 and set a “buy” rating for the company in a report on Friday, August 9th.

Insiders Place Their Bets

In other news, Director Scott A. Hill acquired 23,554 shares of CS Disco stock in a transaction on Tuesday, August 13th. The shares were purchased at an average cost of $5.39 per share, for a total transaction of $126,956.06. Following the completion of the purchase, the director now directly owns 187,615 shares of the company’s stock, valued at approximately $1,011,244.85. This represents a 0.00 % increase in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 22.30% of the company’s stock.

Institutional Trading of CS Disco

Several large investors have recently modified their holdings of the stock. Renaissance Technologies LLC grew its position in CS Disco by 188.9% in the 2nd quarter. Renaissance Technologies LLC now owns 145,600 shares of the company’s stock valued at $868,000 after purchasing an additional 95,200 shares during the period. Dimensional Fund Advisors LP grew its position in CS Disco by 34.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 666,437 shares of the company’s stock valued at $3,972,000 after purchasing an additional 170,496 shares during the period. Allspring Global Investments Holdings LLC bought a new position in CS Disco during the 1st quarter valued at $52,000. State Board of Administration of Florida Retirement System bought a new position in CS Disco during the 1st quarter valued at $83,000. Finally, American Century Companies Inc. lifted its stake in CS Disco by 16.8% during the 2nd quarter. American Century Companies Inc. now owns 32,180 shares of the company’s stock valued at $192,000 after acquiring an additional 4,632 shares in the last quarter. Institutional investors and hedge funds own 58.05% of the company’s stock.

About CS Disco

CS Disco, Inc provides cloud-native and artificial intelligence-powered legal solutions for legal hold, legal request, ediscovery, legal document review, and case management in the United States and internationally. It offers DISCO Request, a solution that automates response compliance for legal requests; and DISCO Ediscovery, a solution that automates the ediscovery process and saves legal departments from manual tasks associated with collecting, processing, enriching, searching, reviewing, analyzing, producing, and using enterprise data that is at issue in legal matters.