Universal Music Group (OTCMKTS:UMGNF) Short Interest Update

Universal Music Group (OTCMKTS:UMGNF) was the target of a large drop in short interest in the month of September. As of September 15th, there was short interest totalling 7,488,900 shares, a drop of 14.7% from the August 31st total of 8,783,400 shares. Based on an average trading volume of 12,700 shares, the days-to-cover ratio is presently 589.7 days.

Universal Music Group Price Performance

UMGNF opened at $26.53 on Monday. Universal Music Group has a 12-month low of $22.53 and a 12-month high of $32.24. The firm has a 50 day moving average of $25.58 and a two-hundred day moving average of $28.58.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on UMGNF. Citigroup downgraded Universal Music Group from a “buy” rating to a “neutral” rating in a research report on Thursday, July 25th. Wells Fargo & Company cut Universal Music Group from an “overweight” rating to an “equal weight” rating in a research note on Thursday, July 25th. Guggenheim downgraded Universal Music Group from a “buy” rating to a “neutral” rating in a report on Thursday, July 25th. Barclays downgraded shares of Universal Music Group from an “overweight” rating to an “equal weight” rating in a report on Thursday, July 25th. Finally, Kepler Capital Markets cut shares of Universal Music Group from a “buy” rating to a “hold” rating in a research note on Thursday, July 25th. Seven analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat.com, Universal Music Group presently has an average rating of “Hold” and an average target price of $25.00.

Universal Music Group Company Profile

Universal Music Group N.V. operates as a music company worldwide. It operates through Recorded Music, Music Publishing, and Merchandising & Other segments. The Recorded Music segment discovers and develops recording artists, as well as markets and promotes their music across various formats and platforms; and engages in the live events, sponsorship, film, and television operations.