Ferroglobe PLC (NASDAQ:GSM) Sees Large Decline in Short Interest

Ferroglobe PLC (NASDAQ:GSM) was the target of a significant decline in short interest in December. As of December 31st, there was short interest totalling 968,300 shares, a decline of 43.0% from the December 15th total of 1,700,000 shares. Currently, 1.2% of the company’s shares are short sold. Based on an average daily trading volume, of 527,800 shares, the days-to-cover ratio is presently 1.8 days.

NASDAQ:GSM opened at $0.87 on Friday. The firm’s fifty day simple moving average is $0.82 and its 200 day simple moving average is $1.09. The company has a current ratio of 1.76, a quick ratio of 0.96 and a debt-to-equity ratio of 0.74. Ferroglobe has a twelve month low of $0.51 and a twelve month high of $3.01. The firm has a market capitalization of $143.67 million, a price-to-earnings ratio of 3.10 and a beta of 2.32.

Ferroglobe (NASDAQ:GSM) last announced its quarterly earnings data on Monday, December 2nd. The basic materials company reported ($0.10) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.18) by $0.08. The firm had revenue of $381.75 million during the quarter, compared to analyst estimates of $397.30 million. Ferroglobe had a negative return on equity of 8.27% and a negative net margin of 11.96%. On average, analysts predict that Ferroglobe will post -0.61 earnings per share for the current year.

A number of brokerages have weighed in on GSM. Zacks Investment Research lowered Ferroglobe from a “buy” rating to a “hold” rating in a research note on Tuesday. Stifel Nicolaus lowered Ferroglobe from a “buy” rating to a “hold” rating in a research note on Monday, September 16th. Finally, ValuEngine upgraded Ferroglobe from a “sell” rating to a “hold” rating in a report on Wednesday, November 27th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $2.82.

A number of hedge funds have recently bought and sold shares of GSM. Russell Investments Group Ltd. raised its holdings in shares of Ferroglobe by 25.0% during the second quarter. Russell Investments Group Ltd. now owns 38,418 shares of the basic materials company’s stock valued at $65,000 after acquiring an additional 7,676 shares in the last quarter. Parametric Portfolio Associates LLC increased its stake in shares of Ferroglobe by 69.7% in the second quarter. Parametric Portfolio Associates LLC now owns 19,561 shares of the basic materials company’s stock worth $33,000 after purchasing an additional 8,033 shares in the last quarter. Wells Fargo & Company MN raised its position in shares of Ferroglobe by 14.0% during the 2nd quarter. Wells Fargo & Company MN now owns 97,018 shares of the basic materials company’s stock valued at $165,000 after purchasing an additional 11,947 shares during the period. United Services Automobile Association raised its position in shares of Ferroglobe by 3.7% during the 2nd quarter. United Services Automobile Association now owns 550,965 shares of the basic materials company’s stock valued at $937,000 after purchasing an additional 19,574 shares during the period. Finally, Ardsley Advisory Partners LP lifted its stake in shares of Ferroglobe by 150.0% during the 2nd quarter. Ardsley Advisory Partners LP now owns 200,000 shares of the basic materials company’s stock valued at $340,000 after buying an additional 120,000 shares in the last quarter. Institutional investors own 30.88% of the company’s stock.

Ferroglobe Company Profile

Ferroglobe PLC engages in the production of silicon metal, silicon-based specialty alloys, and ferroalloys. It operates through the following segments: Electrometallurgy-North America, Electrometallurgy-Europe, Electrometallurgy-South Africa, and Other. The company was founded on February 5, 2015 and is headquartered in London, the United Kingdom.

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