Short Interest in Millicom International Cellular SA (NASDAQ:TIGO) Declines By 22.3%

Millicom International Cellular SA (NASDAQ:TIGO - Get Free Report) was the target of a significant drop in short interest in August. As of August 15th, there was short interest totaling 2,200,000 shares, a drop of 22.3% from the July 31st total of 2,830,000 shares. Based on an average daily volume of 1,110,000 shares, the days-to-cover ratio is currently 2.0 days. Based on an average daily volume of 1,110,000 shares, the days-to-cover ratio is currently 2.0 days.

Millicom International Cellular Trading Up 0.8%

Shares of Millicom International Cellular stock traded up $0.37 on Friday, hitting $47.53. The stock had a trading volume of 778,281 shares, compared to its average volume of 1,120,902. The stock has a market cap of $8.18 billion, a price-to-earnings ratio of 8.38 and a beta of 1.09. The stock's 50-day simple moving average is $43.26 and its two-hundred day simple moving average is $36.59. Millicom International Cellular has a one year low of $23.61 and a one year high of $50.78. The company has a quick ratio of 0.87, a current ratio of 0.89 and a debt-to-equity ratio of 1.59.

Millicom International Cellular (NASDAQ:TIGO - Get Free Report) last released its quarterly earnings results on Thursday, August 7th. The technology company reported $0.51 earnings per share for the quarter, missing the consensus estimate of $0.54 by ($0.03). The company had revenue of $1.37 billion during the quarter, compared to the consensus estimate of $1.40 billion. Millicom International Cellular had a net margin of 16.97% and a return on equity of 10.32%. As a group, sell-side analysts predict that Millicom International Cellular will post 1.91 EPS for the current year.

Hedge Funds Weigh In On Millicom International Cellular

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. USA Financial Formulas purchased a new position in Millicom International Cellular during the second quarter valued at $30,000. EverSource Wealth Advisors LLC lifted its position in Millicom International Cellular by 55.1% during the second quarter. EverSource Wealth Advisors LLC now owns 1,413 shares of the technology company's stock valued at $53,000 after buying an additional 502 shares during the period. State of Wyoming purchased a new position in Millicom International Cellular during the fourth quarter valued at $49,000. Caitong International Asset Management Co. Ltd purchased a new position in Millicom International Cellular during the first quarter valued at $84,000. Finally, Orion Porfolio Solutions LLC purchased a new position in Millicom International Cellular during the second quarter valued at $201,000.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on TIGO shares. Wall Street Zen downgraded shares of Millicom International Cellular from a "strong-buy" rating to a "buy" rating in a research note on Saturday. Scotiabank raised their target price on shares of Millicom International Cellular from $37.00 to $46.10 and gave the company a "sector perform" rating in a research note on Tuesday, August 19th. Zacks Research raised shares of Millicom International Cellular from a "hold" rating to a "strong-buy" rating in a research note on Friday, August 15th. UBS Group downgraded shares of Millicom International Cellular from a "buy" rating to a "neutral" rating and raised their target price for the company from $39.50 to $49.00 in a research note on Thursday. Finally, JPMorgan Chase & Co. increased their price target on shares of Millicom International Cellular from $50.00 to $55.00 and gave the company an "overweight" rating in a research report on Thursday, August 14th. Two research analysts have rated the stock with a Strong Buy rating, two have given a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, Millicom International Cellular has an average rating of "Moderate Buy" and an average price target of $42.02.

Millicom International Cellular Company Profile

Millicom International Cellular SA provides cable and mobile services in Latin America. It offers mobile services, including mobile data and voice, and short message services; and mobile financial services, such as payments, money transfers, international remittances, savings, real-time loans, and micro-insurance.