Nickel Mines Limited (OTCMKTS:NICMF – Get Rating) saw a significant increase in short interest in March. As of March 31st, there was short interest totalling 1,086,800 shares, an increase of 22.0% from the March 15th total of 890,800 shares. Based on an average trading volume of 26,600 shares, the days-to-cover ratio is currently 40.9 days.
Shares of Nickel Mines stock traded down $0.03 during midday trading on Tuesday, reaching $0.91. 8,295 shares of the company’s stock traded hands, compared to its average volume of 19,177. The stock has a 50 day moving average of $1.00 and a 200-day moving average of $0.95. Nickel Mines has a 12 month low of $0.01 and a 12 month high of $1.29.
Separately, Canaccord Genuity Group upgraded Nickel Mines from a “hold” rating to a “buy” rating in a report on Thursday, April 14th.
Nickel Mines Limited engages in nickel ore mining and nickel pig iron production operations in Singapore and Indonesia. The company holds an 80% interest in the Hengjaya Mine that covers an area of 5,983 hectares located in the Morowali Regency of Central Sulawesi; 80% interest in the Ranger Nickel project; and 70% interest in the Angel Nickel project.
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