Presto Automation Inc. (NASDAQ:PRST) Short Interest Update

Presto Automation Inc. (NASDAQ:PRST) was the target of a large drop in short interest during the month of March. As of March 15th, there was short interest totalling 1,650,000 shares, a drop of 46.4% from the February 29th total of 3,080,000 shares. Based on an average daily volume of 4,390,000 shares, the short-interest ratio is presently 0.4 days. Currently, 3.2% of the shares of the company are short sold.

Analysts Set New Price Targets

A number of analysts have issued reports on PRST shares. Northland Securities initiated coverage on shares of Presto Automation in a report on Monday, December 11th. They issued an “outperform” rating and a $2.00 price objective for the company. Jefferies Financial Group assumed coverage on shares of Presto Automation in a research report on Monday, December 18th. They set a “hold” rating and a $0.62 target price for the company.

Presto Automation Stock Performance

Shares of NASDAQ PRST traded down $0.02 during trading on Thursday, hitting $0.17. The stock had a trading volume of 3,226,315 shares, compared to its average volume of 4,753,482. The firm has a fifty day moving average of $0.26 and a two-hundred day moving average of $0.89. Presto Automation has a 12 month low of $0.14 and a 12 month high of $5.74.

Institutional Investors Weigh In On Presto Automation

A number of hedge funds have recently made changes to their positions in the business. Alliancebernstein L.P. purchased a new stake in Presto Automation during the second quarter worth about $63,000. Jane Street Group LLC bought a new stake in shares of Presto Automation in the 3rd quarter worth approximately $29,000. Geode Capital Management LLC lifted its stake in Presto Automation by 51.2% in the fourth quarter. Geode Capital Management LLC now owns 17,451 shares of the leader in drive-thru voice AI’s stock valued at $39,000 after purchasing an additional 5,911 shares during the last quarter. CIBC Asset Management Inc bought a new position in Presto Automation during the first quarter valued at $32,000. Finally, Citadel Advisors LLC bought a new stake in shares of Presto Automation in the third quarter valued at $45,000. 20.94% of the stock is currently owned by institutional investors.

Presto Automation Company Profile

Presto Automation Inc engages in the provision of artificial intelligence (AI) and automation solutions to the restaurant enterprise technology industry in the United States. The company offers Presto Voice, an AI solution to quick service restaurants that completes complex orders, including large orders with multiple menu modifications and add-ons, with limited on-site restaurant staff intervention; and Presto Touch, a pay-at-table tablet solution to casual dining chains that enables self-serve ordering, payment processing, personalization, and gaming experiences for restaurant guests.