Short Interest in National Grid plc (NYSE:NGG) Grows By 38.1%

National Grid plc (NYSE:NGGGet Rating) was the target of a significant growth in short interest during the month of April. As of April 15th, there was short interest totalling 925,000 shares, a growth of 38.1% from the March 31st total of 669,700 shares. Based on an average daily volume of 409,100 shares, the days-to-cover ratio is currently 2.3 days.

Shares of NYSE:NGG traded down $2.37 during trading on Friday, reaching $74.16. 432,909 shares of the company traded hands, compared to its average volume of 374,572. The company’s 50 day moving average is $75.58 and its two-hundred day moving average is $71.56. The company has a debt-to-equity ratio of 1.61, a quick ratio of 0.67 and a current ratio of 0.69. National Grid has a 52 week low of $59.53 and a 52 week high of $80.20.

A number of equities analysts have weighed in on NGG shares. Bernstein Bank downgraded shares of National Grid from an “outperform” rating to a “market perform” rating and cut their price target for the stock from GBX 1,120 ($14.27) to GBX 1,105 ($14.08) in a research note on Monday, January 10th. Zacks Investment Research lowered shares of National Grid from a “buy” rating to a “hold” rating in a report on Wednesday, March 16th. Deutsche Bank Aktiengesellschaft downgraded shares of National Grid from a “buy” rating to a “hold” rating in a research report on Monday, April 25th. Sanford C. Bernstein downgraded shares of National Grid from an “outperform” rating to a “market perform” rating and dropped their price target for the stock from $1,120.00 to $1,105.00 in a research report on Monday, January 10th. Finally, Morgan Stanley downgraded shares of National Grid from an “overweight” rating to an “equal weight” rating in a research report on Thursday, February 17th. Eleven equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $873.00.

Large investors have recently added to or reduced their stakes in the company. Ahrens Investment Partners LLC bought a new stake in shares of National Grid during the 4th quarter valued at $27,000. Ellevest Inc. bought a new stake in shares of National Grid during the 4th quarter valued at $30,000. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA bought a new stake in shares of National Grid during the 1st quarter valued at $31,000. Newbridge Financial Services Group Inc. lifted its position in shares of National Grid by 120.8% during the 4th quarter. Newbridge Financial Services Group Inc. now owns 457 shares of the utilities provider’s stock valued at $33,000 after acquiring an additional 250 shares during the period. Finally, EverSource Wealth Advisors LLC bought a new stake in shares of National Grid during the 4th quarter valued at $36,000. Hedge funds and other institutional investors own 3.49% of the company’s stock.

National Grid Company Profile (Get Rating)

National Grid plc transmits and distributes electricity and natural gas. It operates through UK Electricity Transmission, UK Gas Transmission, US Regulated, and National Grid Ventures (NGV) and Other segments. The UK Electricity Transmission segment owns and operates electricity transmission networks, which comprise approximately 7,236 kilometers of overhead lines.

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