Ferroglobe PLC (NASDAQ:GSM) Short Interest Down 17.0% in August


Ferroglobe PLC (NASDAQ:GSM – Get a rating) was the target of a significant fall in short rates during the month of August. As of August 15, there was short interest totaling 1,860,000 shares, a decrease of 17.0% from the July 31 total of 2,240,000 shares. Currently, 1.9% of the company’s shares are sold short. Based on an average daily trading volume of 1,060,000 shares, the days-to-cover ratio is currently 1.8 days.

Changes to analyst ratings

Separately, StockNews.com upgraded Ferroglobe from a “hold” rating to a “strong-buy” rating in a Thursday, August 25 research report.

Ferroglobe share performance

NASDAQ: GSM traded Wednesday at $0.10 during trading hours, hitting $7.00. The stock recorded a trading volume of 1,162,746 shares, compared to an average volume of 1,259,612 shares. The company has a debt ratio of 0.68, a quick ratio of 1.28 and a current ratio of 1.91. The stock has a 50-day simple moving average of $6.14 and a 200-day simple moving average of $6.99. Ferroglobe has a 12-month low of $4.53 and a 12-month high of $11.25. The stock has a market capitalization of $1.31 billion, a P/E ratio of 4.40 and a beta of 2.33.

Hedge funds weigh on Ferroglobe

A number of large investors have recently changed their positions in the stock. Rubric Capital Management LP increased its holdings of Ferroglobe shares by 36.5% in the fourth quarter. Rubric Capital Management LP now owns 13,648,711 shares of the basic materials company worth $84,758,000 after acquiring 3,648,711 additional shares during the period. Wolf Hill Capital Management LP increased its holdings of Ferroglobe shares by 15.0% in the second quarter. Wolf Hill Capital Management LP now owns 4,957,800 shares of the basic materials company worth $29,449,000 after acquiring an additional 645,540 shares during the period. Marshall Wace LLP increased its holdings of Ferroglobe shares by 718.6% in the fourth quarter. Marshall Wace LLP now owns 4,471,252 shares of the basic materials company worth $27,766,000 after acquiring an additional 3,925,063 shares during the period. Cannell & Co. increased its holdings of Ferroglobe shares by 19.3% in the second quarter. Cannell & Co. now owns 4,379,105 shares of the basic materials company worth $26,012,000 after acquiring an additional 709,600 shares during the period. Finally, Renaissance Technologies LLC increased its shareholding in Ferroglobe by 5.5% in the fourth quarter. Renaissance Technologies LLC now owns 3,462,294 shares of the basic materials company worth $21,501,000 after acquiring an additional 179,100 shares during the period. 40.06% of the shares are held by institutional investors.

Ferroglobe Company Profile

(Get a rating)

Ferroglobe PLC operates in the silicon and specialty metals industry in the United States, Europe and internationally. It provides silicone chemicals that are used in a range of applications, including personal care items, construction-related products, healthcare and electronics products, as well as silicon metal for primary and secondary aluminum producers; silicomanganese, which is used as a deoxidizing agent in the steelmaking process; and ferromanganese which is used as a deoxidizing, desulphurizing and degassing agent in the removal of nitrogen and other harmful elements from steel.

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