Nitto Denko Corp. (OTCMKTS:NDEKY) Sees Significant Increase in Short Interest

Key Points

• Nitto Denko Corp. experienced a substantial increase in short interest, rising by 82.3% to a total of 42,100 shares as of September 15th.
• The stock price of Nitto Denko increased by 1.7%, closing at $24.75, following a trading volume that exceeded its average.
• Goldman Sachs upgraded Nitto Denko from a "hold" rating to a "strong-buy" rating, indicating positive sentiment among analysts.

Nitto Denko Corp. (OTCMKTS:NDEKY - Get Free Report) was the recipient of a significant increase in short interest during the month of September. As of September 15th, there was short interest totaling 42,100 shares, an increase of 82.3% from the August 31st total of 23,100 shares. Based on an average daily volume of 33,100 shares, the short-interest ratio is presently 1.3 days. Based on an average daily volume of 33,100 shares, the short-interest ratio is presently 1.3 days.

Nitto Denko Stock Up 1.7%

Shares of NDEKY traded up $0.41 during trading hours on Friday, hitting $24.75. The company had a trading volume of 20,728 shares, compared to its average volume of 19,862. The stock's 50 day moving average price is $22.71 and its 200 day moving average price is $19.85. Nitto Denko has a 52-week low of $14.50 and a 52-week high of $25.74.

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

Wall Street Analyst Weigh In

Separately, The Goldman Sachs Group raised Nitto Denko from a "hold" rating to a "strong-buy" rating in a research note on Thursday. One equities research analyst has rated the stock with a Strong Buy rating, Based on data from MarketBeat, the company has an average rating of "Strong Buy".

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.

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