Universal Music Group (OTCMKTS:UMGNF) Short Interest Update

Universal Music Group (OTCMKTS:UMGNF) saw a large increase in short interest in the month of July. As of July 31st, there was short interest totaling 8,423,041 shares, an increase of 54.9% from the July 15th total of 5,436,013 shares. Based on an average daily trading volume, of 38,037 shares, the days-to-cover ratio is currently 221.4 days. Currently, 361.5% of the company’s shares are short sold.

Analysts Set New Price Targets

UMGNF has been the topic of a number of recent research reports. Zacks Research cut shares of Universal Music Group from a “hold” rating to a “strong sell” rating in a research note on Wednesday, August 5th. Morgan Stanley reissued an “overweight” rating on shares of Universal Music Group in a research note on Tuesday, August 4th. HSBC lowered Universal Music Group from a “hold” rating to a “reduce” rating in a research report on Thursday, August 13th. The Goldman Sachs Group started coverage on Universal Music Group in a report on Monday, July 20th. They issued a “hold” rating for the company. Finally, Citigroup began coverage on Universal Music Group in a research note on Monday. They issued a “buy” rating on the stock. Four analysts have rated the stock with a Buy rating, two have given a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold”.

Universal Music Group Stock Performance

Shares of Universal Music Group stock opened at $17.16 on Wednesday. Universal Music Group has a 1 year low of $16.27 and a 1 year high of $30.04. The business has a 50-day moving average of $20.10 and a two-hundred day moving average of $21.43.

About Universal Music Group

Universal Music Group (OTCMKTS:UMGNF) is one of the world’s leading music entertainment companies, engaged in recorded music, music publishing, merchandising and brand partnerships. The company’s recorded music division encompasses a roster of major labels—such as Interscope Geffen A&M, Capitol Music Group, Republic Records, Island Records and Decca—and works with a diverse array of artists across genres ranging from pop and hip-hop to classical and jazz. Its music publishing arm, Universal Music Publishing Group, administers and exploits compositions by both established songwriters and emerging talent, providing licensing services for film, television, advertising and digital platforms.

Headquartered in Santa Monica, California, Universal Music Group operates on a truly global scale with regional offices in North America, Europe, Latin America, Asia-Pacific and Africa.