Short Interest in Sumitomo Electric Industries, Ltd. (OTCMKTS:SMTOY) Decreases By 43.9%

Sumitomo Electric Industries, Ltd. (OTCMKTS:SMTOY) was the target of a significant drop in short interest in October. As of October 15th, there was short interest totaling 15,700 shares, a drop of 43.9% from the September 30th total of 28,000 shares. Based on an average trading volume of 70,400 shares, the short-interest ratio is presently 0.2 days. Based on an average trading volume of 70,400 shares, the short-interest ratio is presently 0.2 days.

Sumitomo Electric Industries Trading Up 6.0%

Shares of SMTOY stock opened at $36.70 on Monday. The firm has a fifty day moving average price of $29.18 and a 200 day moving average price of $23.84. Sumitomo Electric Industries has a 12 month low of $12.12 and a 12 month high of $37.50.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on SMTOY shares. The Goldman Sachs Group upgraded Sumitomo Electric Industries from a “hold” rating to a “strong-buy” rating in a research note on Monday, July 7th. Jefferies Financial Group upgraded Sumitomo Electric Industries to a “hold” rating in a research note on Thursday, August 14th. One equities research analyst has rated the stock with a Strong Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat, Sumitomo Electric Industries presently has an average rating of “Buy”.

Sumitomo Electric Industries Company Profile

Sumitomo Electric Industries, Ltd. manufactures and sells electric wires and cables worldwide. It operates through Automotive, Infocommunications, Electronics, Environment and Energy, and Industrial Materials and Others segments. The company offers wiring harnesses and electrical components; steel cords for tire reinforcement; steel wires for springs; wiring materials; optical lenses for infrared devices; abrasion-resistant parts/materials; heat shrink and heat-resistant tubing/tapes; magnet and aluminum bars/wires; products for electronic devices; sintered parts; and EV quick-charger connector assemblies.