Colliers International Group Inc. (NASDAQ:CIGI) Sees Significant Growth in Short Interest

Key Points

• Colliers International Group experienced a significant increase in short interest, rising by 83.7% to 1,010,000 shares as of July 31, indicating heightened bearish sentiment.
• Analysts have generally upgraded their price targets for the stock, with several firms setting new targets ranging from $170.00 to $185.00 and maintaining optimistic ratings such as "buy" and "outperform."
• The company reported earnings of $1.72 per share, surpassing expectations, and its revenue grew by 18.3% year-over-year, reaching $1.37 billion.

Colliers International Group Inc. (NASDAQ:CIGI - Get Free Report) TSE: CIGI saw a large increase in short interest in the month of July. As of July 31st, there was short interest totaling 1,010,000 shares, anincreaseof83.7% from the July 15th total of 549,900 shares. Based on an average daily volume of 145,900 shares, the days-to-cover ratio is presently 6.9 days. Currently,2.4% of the shares of the company are sold short. Currently,2.4% of the shares of the company are sold short. Based on an average daily volume of 145,900 shares, the days-to-cover ratio is presently 6.9 days.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in CIGI. TCTC Holdings LLC grew its position in shares of Colliers International Group by 114.9% during the first quarter. TCTC Holdings LLC now owns 217 shares of the financial services provider's stock valued at $26,000 after purchasing an additional 116 shares in the last quarter. Caitong International Asset Management Co. Ltd purchased a new position in shares of Colliers International Group during the first quarter valued at about $33,000. JPMorgan Chase & Co. purchased a new position in Colliers International Group in the second quarter worth about $39,000. EverSource Wealth Advisors LLC grew its position in Colliers International Group by 26.3% in the second quarter. EverSource Wealth Advisors LLC now owns 303 shares of the financial services provider's stock worth $40,000 after acquiring an additional 63 shares in the last quarter. Finally, Tower Research Capital LLC TRC grew its position in Colliers International Group by 1,752.9% in the fourth quarter. Tower Research Capital LLC TRC now owns 315 shares of the financial services provider's stock worth $43,000 after acquiring an additional 298 shares in the last quarter. Hedge funds and other institutional investors own 80.09% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the company. CIBC raised their target price on Colliers International Group from $149.00 to $175.00 and gave the stock an "outperformer" rating in a report on Friday, August 1st. JMP Securities assumed coverage on Colliers International Group in a report on Monday, July 21st. They issued a "market perform" rating on the stock. Scotiabank raised their target price on Colliers International Group from $155.00 to $170.00 and gave the stock a "sector outperform" rating in a report on Friday, August 1st. Citizens Jmp assumed coverage on Colliers International Group in a report on Monday, July 21st. They issued a "market perform" rating on the stock. Finally, Stifel Nicolaus raised their target price on Colliers International Group from $165.00 to $180.00 and gave the stock a "buy" rating in a report on Friday, August 1st. Two equities research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $168.40.

Colliers International Group Price Performance

Shares of Colliers International Group stock traded up $4.77 during trading hours on Friday, hitting $167.53. The company's stock had a trading volume of 152,597 shares, compared to its average volume of 172,697. The business has a 50 day moving average price of $142.82 and a two-hundred day moving average price of $129.70. Colliers International Group has a 12-month low of $100.86 and a 12-month high of $169.27. The company has a market cap of $8.29 billion, a PE ratio of 76.15 and a beta of 1.44. The company has a debt-to-equity ratio of 1.24, a quick ratio of 1.17 and a current ratio of 1.17.

Colliers International Group (NASDAQ:CIGI - Get Free Report) TSE: CIGI last issued its quarterly earnings data on Thursday, July 31st. The financial services provider reported $1.72 earnings per share for the quarter, beating analysts' consensus estimates of $1.52 by $0.20. The firm had revenue of $1.37 billion during the quarter, compared to analyst estimates of $1.29 billion. Colliers International Group had a return on equity of 20.82% and a net margin of 2.17%.The business's quarterly revenue was up 18.3% compared to the same quarter last year. During the same quarter last year, the business posted $1.36 earnings per share. Analysts expect that Colliers International Group will post 6.2 earnings per share for the current fiscal year.

About Colliers International Group

Colliers International Group Inc provides commercial real estate professional and investment management services to corporate and institutional clients in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. The company offers outsourcing and advisory services, such as engineering and project management, property management, valuation, and other services, as well as loan servicing for commercial real estate clients.