Short Interest in Asana, Inc. (NYSE:ASAN) Sees Significant Rise

Asana, Inc. (NYSE:ASAN) has experienced a notable increase in short interest throughout December. As of December 15th, the total short interest amounted to 10,300,000 shares, which marks a substantial rise of 40.7% compared to the total of 7,320,000 shares recorded on November 30th. This short interest represents about 12.5% of Asana's total shares, suggesting that a considerable portion of the stock is being borrowed and sold short.

Days-to-Cover Ratio

The short-interest ratio is calculated based on an average daily trading volume of 2,960,000 shares, resulting in a days-to-cover ratio of approximately 3.5 days. This means it would take around 3.5 days for all the short sellers to buy back the shares they have sold short, should they decide to do so all at once.

Recent Insider Selling

In related developments, Asana's Chief Operating Officer, Anne Raimondi, sold 27,233 shares of the company on December 20th. The sale was executed at an average price of $21.71 per share, culminating in a total value of approximately $591,228. Following this sale, Raimondi's holdings in the company decreased to 733,855 shares, valued at about $15,931,992.05, reflecting a 3.58% decrease in her ownership. This transaction has been documented in a regulatory filing with the Securities and Exchange Commission.

Institutional Holdings

Asana has seen notable activity among institutional investors recently. Geode Capital Management LLC increased its stake by 0.7% in the third quarter and now owns 1,863,703 shares worth approximately $21,605,000 after purchasing an additional 12,055 shares. Meanwhile, Point72 Asset Management L.P. invested $17,100,000 for a new stake in Asana during the second quarter. Other institutions like JPMorgan Chase & Co. and Holocene Advisors LP also expanded their positions, with JPMorgan increasing its ownership by 105.6% in the last quarter. Currently, institutional investors and hedge funds collectively own about 26.21% of Asana's stock.

Analyst Ratings Review

Analysts have recently reviewed Asana's stock with mixed opinions. Jefferies Financial Group raised its price target on Asana from $13.00 to $16.00 while maintaining a "hold" rating. KeyCorp also adjusted its rating, moving from an "underweight" to a "sector weight" rating with a target of $10.00. Furthermore, Morgan Stanley set a price objective of $18.00. Citigroup and UBS Group, however, lowered their price targets to $13.00. As it stands, the consensus rating for Asana is "hold" with an average target price of $16.53 as reported by MarketBeat, indicating varied opinions among investors.

Current Stock Performance

As of recent trading sessions, Asana stock is down approximately 4.4%, trading at about $20.63 with a volume of 2,608,451 shares, surpassing its average volume. The stock has seen a one-year low of $11.05 and a high of $27.77, with a current market capitalization of $4.72 billion. The company's financial metrics include a P/E ratio of -18.42 and a beta of 1.22, which reflects its volatility compared to the broader market.

About Asana, Inc.

Asana, Inc. operates a work management platform that serves individuals, team leaders, and executives for organizing tasks and managing projects effectively. The platform helps users coordinate work, track progress, and oversee company-wide goals, providing crucial insights to help organizations enhance productivity and performance.

Asana, Stock, ShortInterest