Associated British Foods PLC (OTCMKTS:ASBFY) Short Interest Up 2,117.0% in March

Key Points

• Short interest surge: Short interest jumped 2,117.0% to 109,584 shares as of March 31 (from 4,943 on March 15), with a days-to-cover ratio of about 0.5 days based on average volume.
• Analyst downgrades and consensus: Multiple firms including Sanford Bernstein, Jefferies, Zacks and Goldman Sachs have cut ratings recently, leaving MarketBeat's consensus at a "Hold" (1 Strong Buy, 3 Hold, 2 Sell).
• Recent price action: Shares traded at $25.99, inside a 52-week range of $23.36–$31.96 and currently near the 50-day moving average ($25.57) but below the 200-day average ($27.32).

Associated British Foods PLC (OTCMKTS:ASBFY - Get Free Report) was the recipient of a large growth in short interest during the month of March. As of March 31st, there was short interest totaling 109,584 shares, a growth of 2,117.0% from the March 15th total of 4,943 shares. Based on an average trading volume of 232,603 shares, the days-to-cover ratio is presently 0.5 days. Currently, 0.0% of the company's shares are short sold.

Analysts Set New Price Targets

ASBFY has been the topic of a number of research reports. Sanford C. Bernstein lowered shares of Associated British Foods from a "strong-buy" rating to a "hold" rating in a report on Monday, January 12th. Jefferies Financial Group lowered shares of Associated British Foods from a "hold" rating to an "underperform" rating in a research note on Monday, December 15th. Zacks Research lowered shares of Associated British Foods from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, March 10th. Finally, The Goldman Sachs Group lowered shares of Associated British Foods from a "hold" rating to a "strong sell" rating in a research note on Monday, January 12th. One analyst has rated the stock with a Strong Buy rating, three have issued a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, Associated British Foods currently has an average rating of "Hold".

Associated British Foods Price Performance

Shares of Associated British Foods stock traded up $0.35 during trading on Friday, reaching $25.99. 39,855 shares of the company traded hands, compared to its average volume of 109,327. The company has a quick ratio of 0.75, a current ratio of 1.54 and a debt-to-equity ratio of 0.28. Associated British Foods has a 1-year low of $23.36 and a 1-year high of $31.96. The company has a 50 day moving average price of $25.57 and a 200-day moving average price of $27.32.

About Associated British Foods

Associated British Foods plc OTCMKTS: ASBFY is a diversified international food, ingredients and retail group headquartered in the United Kingdom. Founded in 1935, the company operates through multiple divisions that span grocery brands, sugar production and refining, ingredient and bakery systems, agriculture and a large value-fashion retail business. Its portfolio combines branded consumer goods with industrial food and agricultural operations, giving it exposure across the consumer staples and retail sectors.

On the grocery and branded side, the group owns and markets a range of food and beverage products, including well-known tea and grocery lines, while its ingredients businesses supply yeast, bakery ingredients and other inputs to commercial bakers and food manufacturers.

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