Makita Corp. (OTCMKTS:MKTAY) Sees Significant Growth in Short Interest

Key Points

• Short interest in Makita Corp. rose by 500% in July, with total shares short increasing from 1,400 to 8,400 as of July 15.
• Makita reported an earnings per share (EPS) of $0.50 for the quarter, surpassing analysts' expectations of $0.38 by $0.12, with a notable revenue of $1.26 billion.
• Recent analyst ratings on Makita have varied, with Citigroup downgrading the stock from "strong-buy" to "hold," while Wall Street Zen upgraded it from "hold" to "buy."

Makita Corp. (OTCMKTS:MKTAY - Get Free Report) was the target of a large growth in short interest in the month of July. As of July 15th, there was short interest totaling 8,400 shares, agrowthof500.0% from the June 30th total of 1,400 shares. Based on an average trading volume of 11,800 shares, the short-interest ratio is presently 0.7 days. Based on an average trading volume of 11,800 shares, the short-interest ratio is presently 0.7 days.

Makita Stock Performance

Shares of MKTAY traded up $0.19 during mid-day trading on Wednesday, reaching $33.01. The stock had a trading volume of 4,223 shares, compared to its average volume of 17,922. The business has a fifty day moving average of $30.69 and a 200 day moving average of $30.96. The firm has a market cap of $8.88 billion, a price-to-earnings ratio of 16.02 and a beta of 0.63. Makita has a 12 month low of $25.56 and a 12 month high of $39.05.

Makita (OTCMKTS:MKTAY - Get Free Report) last announced its quarterly earnings data on Wednesday, July 30th. The company reported $0.50 EPS for the quarter, beating the consensus estimate of $0.38 by $0.12. Makita had a return on equity of 9.11% and a net margin of 11.07%. The business had revenue of $1.26 billion for the quarter, compared to the consensus estimate of $187.49 billion. On average, research analysts forecast that Makita will post 1.56 EPS for the current fiscal year.

Analysts Set New Price Targets

Separately, Wall Street Zen raised Makita from a "hold" rating to a "buy" rating in a report on Saturday.

About Makita

Makita Corporation engages in the manufacture and sale of electric power tools, pneumatic tools, and gardening and household equipment in Japan, Europe, North America, Asia, Australia, Brazil, and the United Arab Emirates. It offers cordless, drilling/fastening, impact drilling/demolition, grinding/sanding, sawing, planning/routering, pneumatic, outdoor power, and dust extraction/other equipment, as well as accessories; and cutting equipment for new materials, masonry, and metals.