Short Interest in Sumitomo Electric Industries, Ltd. (OTCMKTS:SMTOY) Expands By 112.6%

Sumitomo Electric Industries, Ltd. (OTCMKTS:SMTOY) saw a large increase in short interest during the month of June. As of June 30th, there was short interest totaling 63,592 shares, an increase of 112.6% from the June 15th total of 29,918 shares. Based on an average daily volume of 122,820 shares, the days-to-cover ratio is currently 0.5 days. Currently, 0.0% of the company’s shares are short sold.

Wall Street Analyst Weigh In

Separately, Nomura upgraded Sumitomo Electric Industries to a “strong-buy” rating in a report on Wednesday, April 1st. Two analysts have rated the stock with a Strong Buy rating, According to data from MarketBeat, Sumitomo Electric Industries presently has an average rating of “Strong Buy”.

Sumitomo Electric Industries Stock Performance

Shares of SMTOY opened at $7.07 on Friday. The firm has a market cap of $44.91 billion, a PE ratio of 18.13 and a beta of 1.01. Sumitomo Electric Industries has a 52-week low of $2.79 and a 52-week high of $11.14. The business’s 50 day moving average price is $60.87 and its two-hundred day moving average price is $57.81.

About Sumitomo Electric Industries

Sumitomo Electric Industries, Ltd. is a diversified Japanese industrial manufacturing company renowned for its expertise in electric wire and cable technologies. The company operates through multiple business segments, including power and communications systems, automotive and electronics materials, and industrial materials. Its product portfolio spans high-performance power cables, optical fibers, wiring harnesses, and various electronic components designed to serve the needs of energy utilities, telecommunications carriers, automotive manufacturers and industrial clients worldwide.

In the power and communications segment, Sumitomo Electric produces underground and submarine power cables, cable accessories and optical fiber cables for high-speed data transmission.