Oatly Group AB (NASDAQ:OTLY) was the recipient of a significant growth in short interest during the month of August. As of August 31st, there was short interest totalling 15,300,000 shares, a growth of 45.4% from the August 15th total of 10,520,000 shares. Approximately 2.7% of the shares of the company are short sold. Based on an average daily volume of 2,370,000 shares, the days-to-cover ratio is currently 6.5 days.
OTLY has been the topic of several analyst reports. Citigroup began coverage on Oatly Group in a research report on Monday. They issued a “buy” rating and a $21.00 target price on the stock. Morgan Stanley decreased their price objective on Oatly Group from $29.00 to $20.00 and set an “equal weight” rating for the company in a research report on Wednesday, August 18th. Barclays initiated coverage on shares of Oatly Group in a research note on Monday, June 14th. They set an “overweight” rating and a $34.00 price target on the stock. Royal Bank of Canada upgraded shares of Oatly Group from a “sector perform” rating to an “outperform” rating and set a $28.00 target price on the stock in a research note on Thursday, August 19th. They noted that the move was a valuation call. Finally, JPMorgan Chase & Co. assumed coverage on shares of Oatly Group in a research report on Monday, June 14th. They issued a “neutral” rating and a $24.00 price target on the stock. Six investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Buy” and an average price target of 28.07.
Institutional investors and hedge funds have recently bought and sold shares of the company. Nicholas Investment Partners LP purchased a new position in shares of Oatly Group in the second quarter worth about $938,000. Calamos Advisors LLC bought a new position in shares of Oatly Group in the second quarter valued at approximately $455,000. Yong Rong HK Asset Management Ltd bought a new position in shares of Oatly Group in the second quarter valued at approximately $7,338,000. Sei Investments Co. bought a new position in shares of Oatly Group in the second quarter valued at approximately $1,857,000. Finally, Thornburg Investment Management Inc. bought a new position in shares of Oatly Group in the second quarter valued at approximately $8,145,000. Hedge funds and other institutional investors own 19.76% of the company’s stock.
Oatly Group (NASDAQ:OTLY) last announced its earnings results on Sunday, August 15th. The company reported -0.11 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of -0.10 by -0.01. The firm had revenue of 146.20 million for the quarter, compared to the consensus estimate of 146.98 million. Oatly Group’s quarterly revenue was up 53.4% on a year-over-year basis. On average, equities research analysts anticipate that Oatly Group will post -0.36 earnings per share for the current fiscal year.
About Oatly Group
Oatly Group AB, an oatmilk company, provides a range of plant-based dairy products made from oats in Sweden. It offers Barista edition oatmilk, oatgurts, and frozen desserts and novelties; ready-to-go drinks, such as cold brew latte, mocha latte, matcha latte, and mini oatmilk in original and chocolate flavors; and cooking products, including cooking creams, crÃ¨me fraiche products, whipping creams, vanilla custards, and spreads in a variety of flavors.
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