Sumitomo Electric Industries, Ltd. (OTCMKTS:SMTOY) Sees Significant Increase in Short Interest

Sumitomo Electric Industries, Ltd. (OTCMKTS:SMTOYGet Rating) was the recipient of a large growth in short interest in the month of June. As of June 15th, there was short interest totalling 16,900 shares, a growth of 74.2% from the May 31st total of 9,700 shares. Based on an average trading volume of 53,700 shares, the short-interest ratio is presently 0.3 days.

Shares of SMTOY stock traded down $0.27 during trading on Friday, reaching $11.00. 4,466 shares of the company’s stock traded hands, compared to its average volume of 6,702. The firm’s 50-day moving average is $11.03 and its 200 day moving average is $12.16. Sumitomo Electric Industries has a 1 year low of $10.21 and a 1 year high of $14.97.

Separately, Daiwa Capital Markets cut shares of Sumitomo Electric Industries from an “outperform” rating to a “neutral” rating in a research note on Monday, May 30th.

Sumitomo Electric Industries Company Profile (Get Rating)

Sumitomo Electric Industries, Ltd. manufactures and sells electric wires and cables worldwide. It operates through five segments: Automotive, Infocommunications, Electronics, Environment and Energy, and Industrial Materials and Others. The company offers wiring harnesses and electrical components; steel cords for tire reinforcement; steel wires for springs; wiring materials; optical lenses for infrared devices; abrasion-resistant parts/materials; heat shrink and heat-resistant tubing/tapes; magnet wires; aluminum bars/wires; spinel products; products for electronic devices; sintered parts; and EV quick-charger connector assemblies.

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