Mountain Province Diamonds Inc. (MPVD) Sees Significant Growth in Short Interest
Mountain Province Diamonds Inc. (NASDAQ:MPVD) was the target of a large growth in short interest in the month of September. As of September 15th, there was short interest totalling 1,468,244 shares, a growth of 29.1% from the August 31st total of 1,137,647 shares. Based on an average trading volume of 24,804 shares, the short-interest ratio is currently 59.2 days. Currently, 1.1% of the company’s shares are short sold.
Separately, Zacks Investment Research upgraded shares of Mountain Province Diamonds from a “hold” rating to a “buy” rating and set a $3.75 price objective on the stock in a report on Tuesday, September 12th.
Shares of Mountain Province Diamonds (MPVD) opened at 3.20 on Tuesday. The company has a 50-day moving average of $3.37 and a 200 day moving average of $3.28. The firm’s market cap is $512.76 million. Mountain Province Diamonds has a 12-month low of $2.55 and a 12-month high of $5.45.
Several hedge funds have recently made changes to their positions in the company. Scotia Capital Inc. purchased a new stake in Mountain Province Diamonds in the second quarter valued at approximately $202,000. Private Advisor Group LLC acquired a new position in Mountain Province Diamonds during the second quarter worth approximately $292,000. CIBC World Markets Inc. acquired a new position in Mountain Province Diamonds during the second quarter worth approximately $323,000. First Manhattan Co. acquired a new position in Mountain Province Diamonds during the second quarter worth approximately $819,000. Finally, TD Asset Management Inc. acquired a new position in Mountain Province Diamonds during the second quarter worth approximately $937,000. Institutional investors and hedge funds own 26.33% of the company’s stock.
About Mountain Province Diamonds
Mountain Province Diamonds Inc is a resource company. The Company is focused on the mining and marketing of rough diamonds to the global market. The Company holds interests in the GK Diamond Mine. The GK Diamond Mine is located in the Northwest Territories (NWT) of Canada, in the District of Mackenzie, 300 kilometers east-northeast of Yellowknife and 80 kilometers east-southeast of the Snap Lake Mine.
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