Short Interest in City Developments Ltd. (OTCMKTS:CDEVY) Rises By 581.8%

Key Points

• Short interest in City Developments jumped 581.8% to 4,200 shares as of March 13, though this still represents 0.0% of shares short and a short-interest ratio of 0.5 days based on average daily volume.
• Shares traded down 1.4% to $6.29 on light volume (below average), with a 50‑day SMA of $7.29, 200‑day SMA of $6.22 and a one‑year range of $3.24–$8.20.
• DBS Bank upgraded the stock to a "moderate buy" and MarketBeat shows a consensus rating of Buy.

City Developments Ltd. (OTCMKTS:CDEVY - Get Free Report) saw a significant increase in short interest in the month of March. As of March 13th, there was short interest totaling 4,200 shares, an increase of 581.8% from the February 26th total of 616 shares. Currently, 0.0% of the shares of the company are short sold. Based on an average daily volume of 8,803 shares, the short-interest ratio is presently 0.5 days. Based on an average daily volume of 8,803 shares, the short-interest ratio is presently 0.5 days. Currently, 0.0% of the shares of the company are short sold.

City Developments Trading Down 1.4%

Shares of CDEVY traded down $0.09 during mid-day trading on Tuesday, reaching $6.29. The company had a trading volume of 1,935 shares, compared to its average volume of 15,878. The company's 50 day simple moving average is $7.29 and its 200 day simple moving average is $6.22. City Developments has a 1-year low of $3.24 and a 1-year high of $8.20.

Analysts Set New Price Targets

Separately, Dbs Bank raised shares of City Developments to a "moderate buy" rating in a report on Tuesday, November 25th. One equities research analyst has rated the stock with a Buy rating, According to MarketBeat, the stock currently has a consensus rating of "Buy".

About City Developments

City Developments Limited OTCMKTS: CDEVY is a Singapore-based real estate developer founded in 1963. As one of the country's largest and most established property companies, it operates as part of the Hong Leong Group of Companies. Over the past five decades, City Developments has grown from its local beginnings into an international developer with a diversified portfolio spanning residential, commercial and mixed-use projects.

The company's core activities include property development, investment and management.

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