Short Interest in SSAB (OTCMKTS:SSAAY) Rises By 2,614.9%

Key Points

• Short interest in SSAB surged sharply in June, rising 2,614.9% to 1,276 shares from 47 shares two weeks earlier. Even so, only about 0.0% of the company’s shares are currently sold short.
• SSAB’s shares were flat at $4.83 in recent trading, with the stock sitting between a 12-month low of $2.80 and a high of $5.30. The company has a market cap of $9.63 billion and a modest debt-to-equity ratio of 0.10.
• Analysts remain broadly positive: three rate the stock a Buy and one a Hold, giving SSAB a consensus “Moderate Buy.” The company recently reported $0.09 EPS on $2.77 billion in revenue, and analysts expect $0.38 EPS for the current fiscal year.

SSAB (OTCMKTS:SSAAY - Get Free Report) was the target of a large growth in short interest in the month of June. As of June 30th, there was short interest totaling 1,276 shares, a growth of 2,614.9% from the June 15th total of 47 shares. Approximately 0.0% of the shares of the company are sold short. Based on an average daily volume of 462 shares, the days-to-cover ratio is currently 2.8 days.

SSAB Price Performance

Shares of SSAAY remained flat at $4.83 during mid-day trading on Friday. 277 shares of the company were exchanged, compared to its average volume of 222. SSAB has a 12-month low of $2.80 and a 12-month high of $5.30. The stock has a market capitalization of $9.63 billion, a price-to-earnings ratio of 16.66 and a beta of 1.43. The company has a 50-day moving average of $4.95 and a two-hundred day moving average of $4.45. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.39 and a current ratio of 2.48.

SSAB (OTCMKTS:SSAAY - Get Free Report) last issued its earnings results on Tuesday, April 28th. The basic materials company reported $0.09 EPS for the quarter. The company had revenue of $2.77 billion for the quarter. SSAB had a net margin of 5.59% and a return on equity of 8.13%. As a group, sell-side analysts anticipate that SSAB will post 0.38 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the company. Citigroup reaffirmed a "buy" rating on shares of SSAB in a report on Wednesday, May 20th. Morgan Stanley reissued an "overweight" rating on shares of SSAB in a report on Monday, June 29th. Finally, Deutsche Bank Aktiengesellschaft restated a "hold" rating on shares of SSAB in a research report on Tuesday. Three investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. According to MarketBeat, SSAB has an average rating of "Moderate Buy".

About SSAB

SSAB OTCMKTS: SSAAY is a Swedish steel producer specializing in high-strength and wear-resistant steels. The company develops and manufactures steel products for customers in industries such as construction, automotive, mining and heavy transport. SSAB's key brands include Hardox® for abrasion-resistant steel, Strenx® for high-strength steel in structural applications and Docol® for advanced automotive steel solutions.

Founded in 1978 through the merger of Sweden's state-owned steelworks, SSAB was privatized in the mid-1980s and listed on the Nasdaq Stockholm exchange.

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