Short Interest in Gerdau Declines By 43.8% (GGB)
Shares of Gerdau (NYSE:GGB) were the target of a significant decrease in short interest in April. As of April 15th, there was short interest totalling 7,238,038 shares, a decrease of 43.8% from the March 31st total of 12,870,807 shares, AmericanBankingNews.com reports. Currently, 0.0% of the shares of the stock are short sold. Based on an average trading volume of 7,315,757 shares, the days-to-cover ratio is currently 1.0 days.
Several analysts have recently commented on the stock. Analysts at Zacks reiterated a “neutral” rating on shares of Gerdau in a research note on Friday, March 28th. They now have a $6.75 price target on the stock. Separately, analysts at JPMorgan Chase & Co. upgraded shares of Gerdau from a “neutral” rating to an “overweight” rating in a research note on Friday, March 14th. Finally, analysts at Bank of America upgraded shares of Gerdau from a “neutral” rating to a “buy” rating in a research note on Monday, February 24th. Two research analysts have rated the stock with a hold rating and six have given a buy rating to the company. The company presently has an average rating of “Buy” and an average price target of $6.75.
Gerdau (NYSE:GGB) opened at 6.48 on Friday. Gerdau has a 1-year low of $5.27 and a 1-year high of $8.41. The stock has a 50-day moving average of $6.18 and a 200-day moving average of $7.00. The company has a market cap of $11.043 billion and a P/E ratio of 15.54.
Gerdau SA (NYSE:GGB) is a producer of long rolled steel.
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