Short Interest in Oversea-Chinese Banking Corporation Limited (OTCMKTS:OVCHY) Declines By 21.1%

Key Points

• Short interest in OCBC fell 21.1% to 28,260 shares as of Feb 27, leaving a days-to-cover ratio of 0.3 based on average daily volume of 97,897 shares.
• Share price opened at $32.10 (down 0.8%) with a 52-week range of $20.70–$35.85 and 50-/200-day moving averages of $32.87 and $29.32, respectively.
• Analyst sentiment cooled after Zacks downgraded OCBC from "strong-buy" to "hold," and the stock currently carries a consensus "Hold" rating.

Oversea-Chinese Banking Corporation Limited (OTCMKTS:OVCHY - Get Free Report) was the target of a large decrease in short interest in February. As of February 27th, there was short interest totaling 28,260 shares, a decrease of 21.1% from the February 12th total of 35,835 shares. Based on an average daily volume of 97,897 shares, the days-to-cover ratio is presently 0.3 days. Approximately 0.0% of the shares of the company are short sold. Approximately 0.0% of the shares of the company are short sold. Based on an average daily volume of 97,897 shares, the days-to-cover ratio is presently 0.3 days.

Oversea-Chinese Banking Trading Down 0.8%

Shares of OTCMKTS OVCHY opened at $32.10 on Friday. Oversea-Chinese Banking has a 52 week low of $20.70 and a 52 week high of $35.85. The business's 50 day moving average price is $32.87 and its 200 day moving average price is $29.32.

Wall Street Analysts Forecast Growth

Separately, Zacks Research lowered shares of Oversea-Chinese Banking from a "strong-buy" rating to a "hold" rating in a report on Tuesday, March 10th. One research analyst has rated the stock with a Hold rating, According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold".

About Oversea-Chinese Banking

Oversea-Chinese Banking Corporation Limited (commonly known as OCBC) is a Singapore-based regional bank that provides a broad range of banking and financial services to retail, corporate and institutional customers. Its core activities include consumer banking, wealth management, commercial and corporate banking, treasury and markets, trade finance, and transaction banking. OCBC also conducts investment banking activities and offers asset management services, and its group structure includes insurance and other financial services delivered through affiliated subsidiaries and regional units.

The bank traces its origins to a 1932 merger of several Chinese-named banks in Singapore and has since grown into one of the region's larger financial institutions with a significant presence across Southeast Asia and Greater China.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.