Sinda Ltd. (NYSE:SIND) Sees Large Increase in Short Interest

Key Points

• Sinda’s short interest surged 621.3% to 70,943 shares as of September 15, up from 9,835 shares at the end of August. Despite the sharp increase, short interest represents approximately 0.0% of shares outstanding and only 0.5 days of average trading volume.
• Institutional investor Bornite Capital Management LP acquired 200,000 shares valued at roughly $2.4 million, representing about 0.13% of Sinda and 0.3% of the fund’s portfolio.
• Analysts remain broadly positive, with an overall “Moderate Buy” rating and an average price target of $18.83, although shares recently fell 2.2% to $13.95. Sinda also reported a quarterly EPS loss of $0.13, slightly worse than the expected $0.12 loss.

Sinda Ltd. (NYSE:SIND - Get Free Report) was the recipient of a large growth in short interest in the month of September. As of September 15th, there was short interest totaling 70,943 shares, a growth of 621.3% from the August 31st total of 9,835 shares. Approximately 0.0% of the company's shares are short sold. Based on an average daily volume of 153,496 shares, the short-interest ratio is currently 0.5 days.

Institutional Investors Weigh In On Sinda

A hedge fund recently bought a new position in Sinda stock. Bornite Capital Management LP purchased a new stake in Sinda Ltd. (NYSE:SIND - Free Report) in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 200,000 shares of the company's stock, valued at approximately $2,400,000. Sinda makes up approximately 0.3% of Bornite Capital Management LP's investment portfolio, making the stock its 20th biggest holding. Bornite Capital Management LP owned about 0.13% of Sinda as of its most recent SEC filing.

Analyst Ratings Changes

A number of analysts have issued reports on SIND shares. UBS Group set a $19.00 target price on Sinda in a research report on Tuesday, July 21st. Weiss Ratings began coverage on Sinda in a report on Monday. They issued a "sell (d)" rating on the stock. Royal Bank Of Canada assumed coverage on Sinda in a research note on Tuesday, July 21st. They set an "outperform" rating and a $19.00 target price on the stock. Citigroup initiated coverage on Sinda in a report on Tuesday, July 21st. They set a "buy" rating and a $18.00 target price for the company. Finally, Canaccord Genuity Group assumed coverage on Sinda in a research report on Tuesday, August 18th. They issued a "speculative buy" rating and a $19.00 target price for the company. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $18.83.

Sinda Trading Down 2.2%

Shares of SIND traded down $0.32 during midday trading on Thursday, reaching $13.95. The stock had a trading volume of 82,923 shares, compared to its average volume of 186,985. The business has a fifty day moving average price of $15.22. Sinda has a 1-year low of $10.03 and a 1-year high of $18.95.

Sinda (NYSE:SIND - Get Free Report) last posted its earnings results on Friday, August 14th. The company reported ($0.13) EPS for the quarter, missing the consensus estimate of ($0.12) by ($0.01). On average, analysts predict that Sinda will post -0.32 earnings per share for the current fiscal year.

Sinda Company Profile

We hold title to, or have exploration and exploitation rights on, five contiguous mining concessions covering a large-scale, high-grade, silver-gold greenfield discovery located in the historic Guanajuato epithermal silver belt of Mexico (the “Sinda Property” or the “Project”). The Sinda Property is a large primary silver asset that we believe has the potential to be a globally significant mining operation. The Sinda Property is located approximately 22 miles (35 kilometers) from the colonial city of San Miguel de Allende in the Mexican state of Guanajuato, approximately 180 miles (290 kilometers) northwest of Mexico City and 28 miles (45 kilometers) southeast of the Guanajuato Mining District, in close proximity to several of the world's largest and historically most productive silver deposits and mines.

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