Reading International, Inc. (NASDAQ:RDI) Sees Large Growth in Short Interest

Reading International, Inc. (NASDAQ:RDI) was the target of a significant growth in short interest during the month of February. As of February 28th, there was short interest totalling 136,000 shares, a growth of 20.9% from the February 13th total of 112,500 shares. Approximately 0.8% of the shares of the company are sold short. Based on an average daily volume of 86,100 shares, the short-interest ratio is currently 1.6 days.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Geode Capital Management LLC increased its position in Reading International by 10.1% in the fourth quarter. Geode Capital Management LLC now owns 210,461 shares of the company’s stock worth $278,000 after purchasing an additional 19,224 shares during the last quarter. Wells Fargo & Company MN grew its stake in shares of Reading International by 19.1% in the 4th quarter. Wells Fargo & Company MN now owns 227,755 shares of the company’s stock worth $301,000 after buying an additional 36,561 shares in the last quarter. MassMutual Private Wealth & Trust FSB bought a new stake in shares of Reading International in the 4th quarter worth about $354,000. Gamco Investors INC. ET AL raised its position in shares of Reading International by 3.6% during the 4th quarter. Gamco Investors INC. ET AL now owns 272,100 shares of the company’s stock valued at $359,000 after buying an additional 9,500 shares in the last quarter. Finally, Wittenberg Investment Management Inc. grew its position in Reading International by 1.4% in the third quarter. Wittenberg Investment Management Inc. now owns 1,558,791 shares of the company’s stock worth $2,541,000 after acquiring an additional 21,483 shares in the last quarter. 44.70% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Separately, StockNews.com assumed coverage on shares of Reading International in a research note on Tuesday. They issued a “sell” rating on the stock.

Reading International Price Performance

Reading International stock traded up $0.03 during midday trading on Wednesday, reaching $1.43. 183,778 shares of the stock traded hands, compared to its average volume of 38,401. The stock has a market cap of $31.96 million, a P/E ratio of -0.76 and a beta of 1.62. The stock’s fifty day moving average is $1.47 and its 200-day moving average is $1.51. The company has a quick ratio of 0.17, a current ratio of 0.17 and a debt-to-equity ratio of 35.04. Reading International has a 12 month low of $1.22 and a 12 month high of $1.94.

About Reading International

Reading International, Inc, together with its subsidiaries, focuses on the ownership, development, and operation of entertainment and real property assets in the United States, Australia, and New Zealand. The company operates in two segments, Cinema Exhibition and Real Estate. The Cinema Exhibition segment operates multiplex cinemas.