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The following is a list of small cap stocks that short sellers might be interested in.

All of these companies have seen accounts receivable grow faster than revenues during the most recent quarter--an accounting trend that deserves closer attention.

To create this list, we started with a universe of about 140 small cap stocks. We crunched the numbers on the most recent quarter's financials, and narrowed down the list to only focus on those companies that have seen accounts receivable grow faster than revenue during the most recent quarter.

Sometimes, problems with accounts receivable simply indicate a change in the business (like an acquisition), or a lazy collections department. However, extreme differences between accounts receivable and revenue can also suggest a desperate company that's trying to boost sales by giving its customers overly generous payment terms.

Of course, there may be several explanations for these accounting trends. Please use this list as a starting point for your own analysis - check out the 10-Q and related management discussions to find out more.

Financial data sourced from Google Finance. Short float and performance data sourced from Finviz.

Interactive Chart: Press Play to compare changes in analyst ratings over the last two years for the top six stocks mentioned below. Analyst ratings sourced from Zacks Investment Research. Note: The numbers on top of items represent the forward P/E ratio, if available.



1. Shoe Carnival Inc. (NASDAQ:SCVL): Apparel Stores Industry. Market cap of $331.32M. MRQ Revenue grew by 6.75% on a y/y basis, while accounts receivable grew by 88.41%. Accounts receivable, as a percentage of current assets, increased from 0.58% to 0.93% (comparing 13 weeks ending 2009-10-31 vs. 13 weeks ending 2010-10-30). Short float at 3.4%, which implies a short ratio of 4.91 days. The stock has gained 39.06% over the last year.

2. Capstone Turbine Corp. (NASDAQ:CPST): Industrial Electrical Equipment Industry. Market cap of $305.87M. MRQ Revenue grew by 21.91% on a y/y basis, while accounts receivable grew by 65.04%. Accounts receivable, as a percentage of current assets, increased from 24.16% to 37.31% (comparing 3 months ending 2009-09-30 vs. 3 months ending 2010-09-30). Short float at 10.66%, which implies a short ratio of 10.52 days. The stock has gained 7.83% over the last year.

3. Endologix Inc. (NASDAQ:ELGX): Medical Instruments & Supplies Industry. Market cap of $311.21M. MRQ Revenue grew by 29.68% on a y/y basis, while accounts receivable grew by 53.48%. Accounts receivable, as a percentage of current assets, increased from 22.84% to 29.50% (comparing 3 months ending 2009-09-30 vs. 3 months ending 2010-09-30). Short float at 2.47%, which implies a short ratio of 3.5 days. The stock has gained 39.25% over the last year.

4. Marchex, Inc. (NASDAQ:MCHX):
Marketing Services Industry. Market cap of $343.59M. MRQ Revenue grew by 9.11% on a y/y basis, while accounts receivable grew by 45.42%. Accounts receivable, as a percentage of current assets, increased from 33.93% to 42.08% (comparing 3 months ending 2009-09-30 vs. 3 months ending 2010-09-30). Short float at 2.73%, which implies a short ratio of 7.34 days. The stock has gained 80.48% over the last year.

5. Preformed Line Products Co. (NASDAQ:PLPC): Heavy Construction Industry. Market cap of $342.12M. MRQ Revenue grew by 35.89% on a y/y basis, while accounts receivable grew by 38.09%. Accounts receivable, as a percentage of current assets, increased from 33.45% to 38.20% (comparing 3 months ending 2009-09-30 vs. 3 months ending 2010-09-30). Short float at 2.34%, which implies a short ratio of 3.3 days. The stock has gained 82.72% over the last year.

6. Calavo Growers Inc. (NASDAQ:CVGW):
Farm Products Industry. Market cap of $346.13M. MRQ Revenue grew by 32.48% on a y/y basis, while accounts receivable grew by 37.04%. Accounts receivable, as a percentage of current assets, increased from 50.10% to 54.30% (comparing 3 months ending 2009-10-31 vs. 3 months ending 2010-10-31). Short float at 7.1%, which implies a short ratio of 15.73 days. The stock has gained 48.45% over the last year.

7. Rentrak Corporation (NASDAQ:RENT):
Movie Production, Theaters Industry. Market cap of $317.51M. MRQ Revenue grew by 13.18% on a y/y basis, while accounts receivable grew by 36.88%. Accounts receivable, as a percentage of current assets, increased from 25.69% to 39.85% (comparing 3 months ending 2009-09-30 vs. 3 months ending 2010-09-30). Short float at 3.86%, which implies a short ratio of 14.95 days. The stock has gained 81.97% over the last year.

8. DXP Enterprises Inc. (NASDAQ:DXPE): Industrial Equipment Wholesale Industry. Market cap of $320.86M. MRQ Revenue grew by 20.10% on a y/y basis, while accounts receivable grew by 26.09%. Accounts receivable, as a percentage of current assets, increased from 43.06% to 54.11% (comparing 3 months ending 2009-09-30 vs. 3 months ending 2010-09-30). Short float at 2.43%, which implies a short ratio of 4.71 days. The stock has gained 84.55% over the last year.

9. Myers Industries Inc. (NYSE:MYE): Rubber & Plastics Industry. Market cap of $325.65M. MRQ Revenue grew by 13.08% on a y/y basis, while accounts receivable grew by 24.40%. Accounts receivable, as a percentage of current assets, increased from 37.71% to 49.11% (comparing 3 months ending 2009-09-30 vs. 3 months ending 2010-09-30). Short float at 2.52%, which implies a short ratio of 7.74 days. The stock has gained 5.86% over the last year.

10. Alamo Group Inc. (NYSE:ALG): Farm & Construction Machinery Industry. Market cap of $319.58M. MRQ Revenue grew by 19.92% on a y/y basis, while accounts receivable grew by 23.67%. Accounts receivable, as a percentage of current assets, increased from 44.04% to 48.94% (comparing 3 months ending 2009-09-30 vs. 3 months ending 2010-09-30). Short float at 1.44%, which implies a short ratio of 6.2 days. The stock has gained 51.77% over the last year.

11. On Assignment Inc. (NYSE:ASGN): Staffing & Outsourcing Services Industry. Market cap of $311.49M. MRQ Revenue grew by 18.45% on a y/y basis, while accounts receivable grew by 22.60%. Accounts receivable, as a percentage of current assets, increased from 50.12% to 59.15% (comparing 3 months ending 2009-09-30 vs. 3 months ending 2010-09-30). Short float at 2.26%, which implies a short ratio of 5.57 days. The stock has gained 21.89% over the last year.

12. Matrix Service Co. (NASDAQ:MTRX): Heavy Construction Industry. Market cap of $305.98M. MRQ Revenue grew by 10.31% on a y/y basis, while accounts receivable grew by 17.51%. Accounts receivable, as a percentage of current assets, increased from 45.32% to 50.28% (comparing 3 months ending 2009-09-30 vs. 3 months ending 2010-09-30). Short float at 2.3%, which implies a short ratio of 4.69 days. The stock has gained 8.83% over the last year.

13. Silicon Graphics International Corp. (NASDAQ:SGI): Diversified Computer Systems Industry. Market cap of $333.1M. MRQ Revenue grew by 12.75% on a y/y basis, while accounts receivable grew by 17.20%. Accounts receivable, as a percentage of current assets, increased from 25.35% to 29.32% (comparing 13 weeks ending 2009-09-25 vs. 13 weeks ending 2010-09-24). Short float at 5.7%, which implies a short ratio of 5.13 days. The stock has gained 16.7% over the last year.

14. CDI Corp. (NYSE:CDI): Staffing & Outsourcing Services Industry. Market cap of $317.21M. MRQ Revenue grew by 11.48% on a y/y basis, while accounts receivable grew by 15.56%. Accounts receivable, as a percentage of current assets, increased from 67.74% to 81.47% (comparing 3 months ending 2009-09-30 vs. 3 months ending 2010-09-30). Short float at 2.34%, which implies a short ratio of 5.94 days. The stock has gained 28.25% over the last year.

15. Lincoln Educational Services Corporation (NASDAQ:LINC):
Education & Training Services Industry. Market cap of $336.25M. MRQ Revenue grew by 12.70% on a y/y basis, while accounts receivable grew by 14.63%. Accounts receivable, as a percentage of current assets, increased from 36.28% to 53.94% (comparing 3 months ending 2009-09-30 vs. 3 months ending 2010-09-30). Short float at 6.95%, which implies a short ratio of 4.12 days. The stock has lost -24.5% over the last year.

16. Calamos Asset Management Inc. (NASDAQ:CLMS):
Asset Management Industry. Market cap of $322.22M. MRQ Revenue grew by 6.26% on a y/y basis, while accounts receivable grew by 14.48%. Accounts receivable, as a percentage of current assets, increased from 5.61% to 5.77% (comparing 3 months ending 2009-09-30 vs. 3 months ending 2010-09-30). Short float at 2.23%, which implies a short ratio of 2.49 days. The stock has gained 27.26% over the last year.

17. CIBER, Inc. (NYSE:CBR):
Information Technology Services Industry. Market cap of $326.62M. MRQ Revenue grew by 3.71% on a y/y basis, while accounts receivable grew by 13.95%. Accounts receivable, as a percentage of current assets, increased from 71.21% to 73.50% (comparing 3 months ending 2009-09-30 vs. 3 months ending 2010-09-30). Short float at 2.56%, which implies a short ratio of 3.42 days. The stock has gained 38.05% over the last year.

18. Inspire Pharmaceuticals, Inc. (NASDAQ:ISPH): Drug Manufacturer. Market cap of $322.25M. MRQ Revenue grew by 6.20% on a y/y basis, while accounts receivable grew by 13.51%. Accounts receivable, as a percentage of current assets, increased from 14.27% to 18.29% (comparing 3 months ending 2009-09-30 vs. 3 months ending 2010-09-30). Short float at 4.05%, which implies a short ratio of 2.38 days. The stock has lost -27.96% over the last year.

19. ATRION Corp. (NASDAQ:ATRI):
Medical Instruments & Supplies Industry. Market cap of $345.82M. MRQ Revenue grew by 7.82% on a y/y basis, while accounts receivable grew by 11.58%. Accounts receivable, as a percentage of current assets, increased from 22.69% to 26.13% (comparing 3 months ending 2009-09-30 vs. 3 months ending 2010-09-30). Short float at 2.11%, which implies a short ratio of 10.72 days. The stock has gained 26.07% over the last year.

20. Symmetry Medical, Inc. (NYSE:SMA): Medical Appliances & Equipment Industry. Market cap of $339.27M. MRQ Revenue grew by 5.03% on a y/y basis, while accounts receivable grew by 11.15%. Accounts receivable, as a percentage of current assets, increased from 33.79% to 35.03% (comparing 13 weeks ending 2009-10-03 vs. 13 weeks ending 2010-10-02). Short float at 3.38%, which implies a short ratio of 7.7 days. The stock has gained 10.02% over the last year.

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

Source: Short Ideas: 20 Small Cap Stocks With Rising Receivables