Short Interest in Covestro AG (OTCMKTS:COVTY) Decreases By 13.9%

Covestro AG (OTCMKTS:COVTY) saw a significant drop in short interest in October. As of October 31st, there was short interest totalling 8,700 shares, a drop of 13.9% from the October 15th total of 10,100 shares. Based on an average daily trading volume, of 7,200 shares, the short-interest ratio is presently 1.2 days.

Analysts Set New Price Targets

Several research firms recently commented on COVTY. Citigroup upgraded shares of Covestro to a “hold” rating in a research report on Thursday, October 3rd. Barclays upgraded shares of Covestro to a “hold” rating in a research report on Wednesday, October 9th.

Covestro Stock Performance

COVTY stock traded up $0.08 during trading on Monday, hitting $30.09. The stock had a trading volume of 12,000 shares, compared to its average volume of 26,096. The stock has a market cap of $11.37 billion, a price-to-earnings ratio of -40.66 and a beta of 1.18. Covestro has a 1-year low of $24.12 and a 1-year high of $32.60. The company’s 50 day moving average price is $31.19 and its two-hundred day moving average price is $29.40.

Covestro (OTCMKTS:COVTY) last issued its earnings results on Tuesday, October 29th. The company reported $0.09 earnings per share for the quarter. The company had revenue of $3.96 billion during the quarter. As a group, sell-side analysts forecast that Covestro will post 0.03 earnings per share for the current fiscal year.

Covestro Company Profile

Covestro AG supplies high-tech polymer materials and application solutions. It operates in two segments, Performance Materials, and Solutions & Specialties. The Performance Materials segment develops, produces, and supplies high-performance materials, such as polyurethanes and polycarbonates, and base chemicals, which include diphenylmethane diisocyanate (MDI), toluylene diisocyanate, long-chain polyols, and polycarbonate resins for use in furniture and wood processing, construction, automotive, and transportation industries, as well as roof structures, insulation for buildings and refrigerators, mattresses, car seats, and other applications.