Covestro AG (OTCMKTS:COVTY) Short Interest Update

Covestro AG (OTCMKTS:COVTY) was the target of a significant drop in short interest during the month of October. As of October 31st, there was short interest totalling 8,700 shares, a drop of 13.9% from the October 15th total of 10,100 shares. Based on an average daily trading volume, of 7,200 shares, the short-interest ratio is currently 1.2 days.

Wall Street Analyst Weigh In

A number of brokerages have commented on COVTY. Barclays raised Covestro to a “hold” rating in a research report on Wednesday, October 9th. Citigroup raised Covestro to a “hold” rating in a report on Thursday, October 3rd.

Covestro Stock Performance

Shares of COVTY traded up $0.08 during trading hours on Friday, hitting $30.09. The stock had a trading volume of 12,043 shares, compared to its average volume of 26,096. Covestro has a fifty-two week low of $24.12 and a fifty-two week high of $32.60. The firm has a 50-day moving average price of $31.19 and a 200 day moving average price of $29.34. The firm has a market capitalization of $11.37 billion, a price-to-earnings ratio of -40.66 and a beta of 1.18.

Covestro (OTCMKTS:COVTY) last posted its earnings results on Tuesday, October 29th. The company reported $0.09 EPS for the quarter. The business had revenue of $3.96 billion for the quarter. As a group, analysts predict that Covestro will post 0.03 EPS for the current fiscal year.

About Covestro

Covestro AG supplies high-tech polymer materials and application solutions. It operates in two segments, Performance Materials, and Solutions & Specialties. The Performance Materials segment develops, produces, and supplies high-performance materials, such as polyurethanes and polycarbonates, and base chemicals, which include diphenylmethane diisocyanate (MDI), toluylene diisocyanate, long-chain polyols, and polycarbonate resins for use in furniture and wood processing, construction, automotive, and transportation industries, as well as roof structures, insulation for buildings and refrigerators, mattresses, car seats, and other applications.