Short Interest in Nitto Denko Corp. (OTCMKTS:NDEKY) Drops By 37.8%

Key Points

• Nitto Denko Corp. experienced a 37.8% decrease in short interest, with only 7,400 shares short sold as of July 31st.
• The company's stock price fell 2.2% to $22.28, with a trading volume of 19,487 shares, lower than its average of 46,442 shares.
• In its latest earnings report, Nitto Denko missed analyst expectations, reporting $0.32 earnings per share versus the expected $0.86.

Nitto Denko Corp. (OTCMKTS:NDEKY - Get Free Report) was the target of a significant drop in short interest in the month of July. As of July 31st, there was short interest totaling 7,400 shares, adropof37.8% from the July 15th total of 11,900 shares. Approximately0.0% of the shares of the stock are sold short. Based on an average trading volume of 39,100 shares, the days-to-cover ratio is currently 0.2 days. Based on an average trading volume of 39,100 shares, the days-to-cover ratio is currently 0.2 days. Approximately0.0% of the shares of the stock are sold short.

Nitto Denko Stock Up 1.8%

OTCMKTS:NDEKY traded up $0.39 on Friday, reaching $22.59. 22,529 shares of the company's stock traded hands, compared to its average volume of 79,651. The stock has a 50-day simple moving average of $20.11 and a 200-day simple moving average of $19.04. The firm has a market cap of $15.97 billion, a PE ratio of 19.34 and a beta of 0.86. Nitto Denko has a 12 month low of $14.13 and a 12 month high of $23.80.

Nitto Denko (OTCMKTS:NDEKY - Get Free Report) last posted its quarterly earnings results on Monday, July 28th. The technology company reported $0.32 EPS for the quarter, missing analysts' consensus estimates of $0.86 by ($0.54). The business had revenue of $1.66 billion during the quarter, compared to analyst estimates of $1.64 billion. On average, equities analysts anticipate that Nitto Denko will post 1.23 earnings per share for the current year.

About Nitto Denko

Nitto Denko Corporation primarily engages in the adhesive tapes business in Japan, the Americas, Europe, Asia, and Oceania. It provides double sided tapes, surface protective films, sealing materials, masking tapes, membranes, FPD/touch panel related products, gasket materials, semiconductor manufacturing process products, flexible printed circuit boards, porous films/breathable materials, and packaging tapes.