GrafTech International Ltd. (NYSE:EAF) Short Interest Update

Key Points

• Short interest in GrafTech International jumped sharply in June, rising 76.5% to 999,086 shares, which represents about 3.9% of the company’s stock. The current days-to-cover ratio is 1.8 days.
• The stock was trading up 7.9% at $7.39, but it remains well below its 1-year high of $20.32 and below both its 50-day and 200-day moving averages.
• GrafTech recently reported a wider-than-expected quarterly loss, posting EPS of ($2.05) versus analyst estimates of ($1.25), even though revenue came in slightly above expectations at $125.1 million. Analysts currently have a consensus rating of “Reduce” on the stock.

GrafTech International Ltd. (NYSE:EAF - Get Free Report) saw a significant increase in short interest in the month of June. As of June 30th, there was short interest totaling 999,086 shares, an increase of 76.5% from the June 15th total of 566,195 shares. Currently, 3.9% of the company's stock are short sold. Based on an average daily volume of 559,802 shares, the days-to-cover ratio is presently 1.8 days.

Hedge Funds Weigh In On GrafTech International

A number of institutional investors have recently bought and sold shares of the business. Intesa Sanpaolo Wealth Management bought a new position in GrafTech International in the 4th quarter valued at about $31,000. Jefferies Financial Group Inc. acquired a new position in shares of GrafTech International in the fourth quarter valued at approximately $157,000. 9823 Capital L.P. acquired a new position in shares of GrafTech International in the fourth quarter valued at approximately $177,000. Ramsey Quantitative Systems bought a new position in shares of GrafTech International during the second quarter worth approximately $69,000. Finally, Prelude Capital Management LLC bought a new position in shares of GrafTech International during the third quarter worth approximately $192,000. Institutional investors and hedge funds own 92.83% of the company's stock.

GrafTech International Trading Up 7.9%

GrafTech International stock opened at $7.39 on Friday. GrafTech International has a 1-year low of $4.92 and a 1-year high of $20.32. The company has a fifty day simple moving average of $7.96 and a 200 day simple moving average of $9.39. The company has a market cap of $192.51 million, a P/E ratio of -0.85 and a beta of 1.84.

GrafTech International (NYSE:EAF - Get Free Report) last posted its quarterly earnings data on Friday, May 1st. The company reported ($2.05) EPS for the quarter, missing analysts' consensus estimates of ($1.25) by ($0.80). The firm had revenue of $125.10 million for the quarter, compared to the consensus estimate of $120.60 million. On average, equities research analysts forecast that GrafTech International will post -6.18 EPS for the current year.

Analyst Ratings Changes

A number of analysts recently issued reports on the company. JPMorgan Chase & Co. reissued an "underweight" rating on shares of GrafTech International in a research note on Tuesday, April 14th. BMO Capital Markets upped their price target on shares of GrafTech International from $6.00 to $8.00 and gave the company a "market perform" rating in a report on Monday, May 4th. Royal Bank Of Canada reissued a "sector perform" rating and set a $10.00 price objective on shares of GrafTech International in a research report on Tuesday, May 5th. Weiss Ratings raised shares of GrafTech International from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Tuesday. Finally, Wall Street Zen raised shares of GrafTech International from a "strong sell" rating to a "sell" rating in a research note on Saturday, May 9th. Four investment analysts have rated the stock with a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, GrafTech International has a consensus rating of "Reduce" and a consensus price target of $10.67.

GrafTech International Company Profile

GrafTech International NYSE: EAF is a leading global manufacturer of graphite electrodes and other specialty graphite products used primarily in electric arc furnaces (EAFs) for steel production. The company's core offerings include ultrahigh-power, high-power and regular power electrodes, along with related accessories such as graphite shapes and heterogeneous carbon materials. These products play a critical role in steelmaking by conducting the high electrical currents required to melt scrap steel efficiently and with reduced environmental impact compared to traditional blast furnace methods.

With a manufacturing footprint spanning North America, Europe and Asia, GrafTech serves steel producers and foundries worldwide.

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