Interface (TILE) : The traders have covered their outstanding shorts in Interface (TILE) to the tune of -223,462 shares, a change of -18.5%. As on Jul 29, 2016, the outstanding shorts on the stock were 1,206,504 shares, however, by August 15, 2016, the shorts had reduced to 983,042 shares. The covering shows that the traders dont believe that a large downside exists in the stock from current levels. The open short positions equal 1.5% of the free float of the stock. It takes 2 days to cover the outstanding short positions. The stock has an average daily volume of 529,100 shares. The short interest information was released on Wednesday Aug 24th after the market close.
Interface (NASDAQ:TILE): During Wednesdays trading session, Bulls were in full control of the stock right from the opening. The stock opened at $17.21 and $17.11 proved to be the low of the day. Continuous buying at higher levels pushed the stock towards an intraday high of $17.62. The buying momentum continued till the end and the stock did not give up its gains. It closed at $17.38, notching a gain of 1.34% for the day. The total traded volume was 625,292 . The stock had closed at $17.15 on the previous day.
In a related news, The officer (Sr. Vice President), of Interface Inc, Willoch Raymond S had unloaded 23,007 shares at $17.08 per share in a transaction on August 18, 2016. The total value of transaction was $392,960. The Insider information was revealed by the Securities and Exchange Commission in a Form 4 filing.
Interface Inc. is engaged in design, production and sales of modular carpet, also known as carpet tile across the world. The Company markets its modular carpets in over 110 countries under the brand names Interface and FLOR. The Companys revenues are derived from sales of floorcovering products, primarily modular carpet. The Company distributes its product through two primary channels: direct sales to end users and indirect sales through independent contractors or distributors. The Company sells an antimicrobial chemical compound under the trademark Intersept that the Company incorporates in all of its modular carpet products. The Company manufactures carpet at two locations in the United States and at facilities in the Netherlands, the United Kingdom, Thailand, China and Australia. The Companys principal geographic markets are the Americas, Europe and Asia-Pacific.