Short Interest in Nitto Denko Co. (OTCMKTS:NDEKY) Grows By 92.0%

Nitto Denko Co. (OTCMKTS:NDEKY – Get Rating) was the recipient of a significant growth in short interest in March. As of March 31st, there was short interest totalling 50,100 shares, a growth of 92.0% from the March 15th total of 26,100 shares. Based on an average daily volume of 27,800 shares, the days-to-cover ratio is currently 1.8 days.

Separately, Zacks Investment Research upgraded shares of Nitto Denko from a “hold” rating to a “buy” rating and set a $42.00 price objective on the stock in a research report on Thursday, February 17th.

Shares of Nitto Denko stock opened at $34.37 on Friday. Nitto Denko has a twelve month low of $32.46 and a twelve month high of $45.13. The business has a 50-day moving average price of $35.60 and a 200-day moving average price of $36.80. The firm has a market cap of $10.29 billion, a price-to-earnings ratio of 12.06 and a beta of 1.20.

Nitto Denko (OTCMKTS:NDEKY – Get Rating) last released its quarterly earnings results on Wednesday, January 26th. The technology company reported $0.77 earnings per share for the quarter. The business had revenue of $1.94 billion during the quarter. Nitto Denko had a return on equity of 12.48% and a net margin of 11.02%. Sell-side analysts forecast that Nitto Denko will post 2.9 earnings per share for the current fiscal year.

About Nitto Denko (Get Rating)

Nitto Denko Corporation primarily engages in the adhesive tapes business in Japan and internationally. It provides double sided tapes, surface protective films, sealing materials/NVH related products, masking tapes, membranes, FPD/touch panel related products, gasket materials, semiconductor manufacturing process products, flexible printed circuit boards, porous films/breathable materials, and packaging tapes.

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