Short Interest in Michelin (OTCMKTS:MGDDY) Drops By 51.1%

Michelin (OTCMKTS:MGDDY) was the target of a large drop in short interest in the month of March. As of March 31st, there was short interest totaling 51,208 shares, a drop of 51.1% from the March 15th total of 104,678 shares. Based on an average daily trading volume, of 387,467 shares, the days-to-cover ratio is currently 0.1 days. Currently, 0.0% of the company’s shares are short sold.

Michelin Trading Up 0.7%

MGDDY opened at $17.83 on Friday. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.22 and a current ratio of 1.90. The business has a 50 day moving average of $18.33 and a 200-day moving average of $17.32. Michelin has a 52 week low of $14.82 and a 52 week high of $20.48.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on MGDDY shares. Berenberg Bank started coverage on Michelin in a report on Tuesday, January 13th. They issued a “hold” rating for the company. Zacks Research cut Michelin from a “strong-buy” rating to a “hold” rating in a report on Tuesday, April 7th. Finally, Citigroup restated a “buy” rating on shares of Michelin in a research note on Thursday, January 29th. One investment analyst has rated the stock with a Buy rating and six have given a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold”.

About Michelin

Michelin (OTCMKTS: MGDDY) is a French multinational tire manufacturer founded in 1889 and headquartered in Clermont-Ferrand, France. Over more than a century the company has grown into one of the world’s leading tiremakers, serving passenger car, truck, motorcycle, bicycle, agricultural, construction and aviation markets. Michelin has a global footprint with manufacturing facilities, research centers and commercial operations across multiple regions to supply OEMs, replacement markets and large commercial fleets.

The company’s core business is the design, manufacture and sale of tires and related products.