Short Interest in Frontdoor Inc (NASDAQ:FTDR) Drops By 8.6%

Frontdoor Inc (NASDAQ:FTDR) saw a large decline in short interest in the month of July. As of July 31st, there was short interest totalling 2,016,300 shares, a decline of 8.6% from the June 30th total of 2,207,100 shares. Currently, 3.0% of the company’s shares are sold short. Based on an average daily trading volume, of 743,700 shares, the days-to-cover ratio is currently 2.7 days.

A number of institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its position in Frontdoor by 5.7% during the 2nd quarter. Vanguard Group Inc. now owns 7,801,775 shares of the company’s stock worth $339,767,000 after acquiring an additional 421,097 shares in the last quarter. Janus Henderson Group PLC lifted its position in Frontdoor by 3.0% during the 2nd quarter. Janus Henderson Group PLC now owns 6,297,086 shares of the company’s stock worth $274,238,000 after acquiring an additional 182,818 shares in the last quarter. Iridian Asset Management LLC CT acquired a new position in Frontdoor during the 1st quarter worth approximately $145,676,000. BlackRock Inc. lifted its position in Frontdoor by 16.0% during the 2nd quarter. BlackRock Inc. now owns 3,847,270 shares of the company’s stock worth $167,549,000 after acquiring an additional 531,642 shares in the last quarter. Finally, FIL Ltd acquired a new position in Frontdoor during the 1st quarter worth approximately $116,498,000. 94.38% of the stock is currently owned by hedge funds and other institutional investors.

Shares of NASDAQ:FTDR traded up $1.16 during trading on Friday, reaching $50.35. 528,500 shares of the stock were exchanged, compared to its average volume of 642,742. Frontdoor has a 12-month low of $20.66 and a 12-month high of $51.96. The firm has a market cap of $4.27 billion and a price-to-earnings ratio of 28.45. The firm’s 50-day moving average price is $45.89 and its 200 day moving average price is $38.33.

Frontdoor (NASDAQ:FTDR) last released its quarterly earnings results on Wednesday, August 7th. The company reported $0.73 EPS for the quarter, topping the consensus estimate of $0.50 by $0.23. The firm had revenue of $388.00 million for the quarter, compared to analyst estimates of $387.49 million. Frontdoor had a negative return on equity of 44.16% and a net margin of 10.57%. Frontdoor’s revenue for the quarter was up 9.3% on a year-over-year basis. During the same period in the previous year, the company posted $0.62 EPS. On average, analysts expect that Frontdoor will post 1.84 earnings per share for the current fiscal year.

Several analysts have commented on FTDR shares. Buckingham Research cut Frontdoor from a “buy” rating to a “neutral” rating and set a $49.00 price target for the company. in a report on Wednesday, July 31st. Zacks Investment Research upgraded Frontdoor from a “hold” rating to a “strong-buy” rating and set a $58.00 price target for the company in a report on Saturday, August 10th. Compass Point reiterated a “buy” rating and set a $47.50 target price (up previously from $45.00) on shares of Frontdoor in a report on Thursday, May 9th. Goldman Sachs Group assumed coverage on Frontdoor in a report on Wednesday, April 24th. They set a “buy” rating and a $41.00 target price for the company. Finally, SunTrust Banks set a $50.00 target price on Frontdoor and gave the stock a “buy” rating in a report on Wednesday, August 7th. Four equities research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus target price of $46.15.

About Frontdoor

frontdoor, inc. provides home service plans in the United States. The company's home service plans cover the repair or replacement of components of up to 21 household systems and appliances, including electrical, plumbing, water heaters, refrigerators, dishwashers, and ranges/ovens/cooktops, as well as central heating, ventilation and air conditioning systems.

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