Short Interest in China Unicom Ltd. (CHU) Drops By 43.6%
China Unicom Ltd. (NYSE:CHU) saw a significant decline in short interest in the month of October. As of October 31st, there was short interest totalling 761,693 shares, a decline of 43.6% from the October 14th total of 1,350,389 shares. Based on an average trading volume of 337,917 shares, the days-to-cover ratio is presently 2.3 days.
Shares of China Unicom (NYSE:CHU) opened at 11.58 on Friday. The firm has a market cap of $27.73 billion, a P/E ratio of 48.25 and a beta of 0.73. The company has a 50-day moving average of $12.00 and a 200 day moving average of $11.22. China Unicom has a 12-month low of $9.89 and a 12-month high of $13.26.
Several large investors have recently bought and sold shares of CHU. Ronald Blue & Co. LLC purchased a new position in shares of China Unicom during the third quarter worth approximately $133,000. M&T Bank Corp purchased a new position in shares of China Unicom during the third quarter worth approximately $136,000. Fox Run Management L.L.C. purchased a new position in shares of China Unicom during the second quarter worth approximately $125,000. Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of China Unicom during the second quarter worth approximately $141,000. Finally, Pacad Investment Ltd. purchased a new position in shares of China Unicom during the second quarter worth approximately $148,000. 0.95% of the stock is owned by institutional investors.
CHU has been the subject of several analyst reports. Sanford C. Bernstein raised shares of China Unicom from a “market perform” rating to an “outperform” rating in a report on Thursday, August 18th. Goldman Sachs Group Inc. raised shares of China Unicom from a “neutral” rating to a “buy” rating and set a $12.50 price target for the company in a report on Thursday, September 22nd. Finally, Deutsche Bank AG downgraded shares of China Unicom from a “buy” rating to a “hold” rating in a report on Monday, October 24th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and five have issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $12.25.
About China Unicom
China Unicom (Hong Kong) Limited is an investment holding company. The Company is an integrated telecommunications operator. The principal activities of the Company’s subsidiaries are the provision of cellular and fixed-line voice and related services, broadband and other Internet-related services, information communications technology services, and business and data communications services in the People’s Republic of China (PRC).
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