Short Interest in Covestro AG (OTCMKTS:COVTY) Decreases By 13.9%

Covestro AG (OTCMKTS:COVTY) saw a significant drop in short interest in 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 volume of 7,200 shares, the short-interest ratio is presently 1.2 days.

Wall Street Analyst Weigh In

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

Covestro Trading Up 0.3 %

COVTY stock traded up $0.08 during trading hours on Monday, hitting $30.09. 12,000 shares of the stock traded hands, compared to its average volume of 26,096. The stock has a 50-day simple moving average of $31.19 and a 200 day simple moving average of $29.40. Covestro has a one year low of $24.12 and a one year high of $32.60. The company has a market cap of $11.37 billion, a P/E ratio of -40.66 and a beta of 1.18.

Covestro (OTCMKTS:COVTY) last announced its earnings results on Tuesday, October 29th. The company reported $0.09 earnings per share for the quarter. The firm had revenue of $3.96 billion for the quarter. Analysts forecast that Covestro will post 0.03 earnings per share for the current year.

Covestro Company Profile

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.