PT Indofood Sukses Makmur Tbk (OTCMKTS:PIFMY) Sees Significant Increase in Short Interest

Key Points

• Short interest surged 149.5% to 3,932 shares as of October 15, up from 1,576 shares at the end of September. The stock had a days-to-cover ratio of 2.1, while short interest remained 0.0% of shares outstanding.
• Zacks Research upgraded Indofood from “strong sell” to “hold,” matching the average rating from the one analyst covering the stock.
• The shares opened at $17.48, with a 12-month trading range of $16.28 to $23.58; the company operates a broad Indonesian food business, including the Indomie brand.

PT Indofood Sukses Makmur Tbk (OTCMKTS:PIFMY - Get Free Report) was the target of a large increase in short interest in October. As of October 15th, there was short interest totaling 3,932 shares, an increase of 149.5% from the September 30th total of 1,576 shares. Based on an average daily volume of 1,897 shares, the days-to-cover ratio is presently 2.1 days. Currently, 0.0% of the company's stock are short sold.

Wall Street Analyst Weigh In

Separately, Zacks Research raised shares of PT Indofood Sukses Makmur Tbk from a "strong sell" rating to a "hold" rating in a report on Friday, September 4th. One investment analyst has rated the stock with a Hold rating. According to data from MarketBeat.com, the company presently has an average rating of "Hold".

PT Indofood Sukses Makmur Tbk Trading Up 6.3%

Shares of PT Indofood Sukses Makmur Tbk stock opened at $17.48 on Friday. PT Indofood Sukses Makmur Tbk has a 12 month low of $16.28 and a 12 month high of $23.58. The business's fifty day simple moving average is $19.42 and its 200 day simple moving average is $19.62.

PT Indofood Sukses Makmur Tbk Company Profile

PT Indofood Sukses Makmur Tbk is an Indonesia-based food company with operations spanning the production, distribution and marketing of consumer food products. The company's portfolio includes instant noodles, dairy products, snack foods, food seasonings, nutrition products and beverages, with well-known brands such as Indomie.

Indofood also operates through businesses focused on flour milling and pasta production, agribusiness and food ingredients, and distribution. Its Bogasari division is a major producer of wheat flour and pasta in Indonesia, while the company's agribusiness activities include the cultivation and processing of agricultural commodities and the production of cooking oils and related products.

Founded in 1990, Indofood serves consumers throughout Indonesia through an extensive distribution network and sells selected products in international markets.

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