EMC Sees Large Decrease in Short Interest (EMC)
EMC (NYSE:EMC) was the target of a large decline in short interest during the month of May. As of May 30th, there was short interest totalling 34,011,090 shares, a decline of 10.5% from the May 15th total of 37,999,309 shares, American Banking and Market News reports. Based on an average trading volume of 11,716,049 shares, the days-to-cover ratio is presently 2.9 days. Approximately 1.7% of the shares of the company are short sold.
Several analysts have recently commented on the stock. Analysts at Zacks reiterated a “neutral” rating on shares of EMC in a research note on Friday. They now have a $28.00 price target on the stock. Separately, analysts at Needham & Company LLC initiated coverage on shares of EMC in a research note on Thursday, April 24th. They set a “buy” rating and a $30.00 price target on the stock. Four research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. EMC presently has an average rating of “Buy” and an average target price of $29.82.
Shares of EMC (NYSE:EMC) opened at 26.38 on Tuesday. EMC has a 52-week low of $23.08 and a 52-week high of $28.26. The stock has a 50-day moving average of $26.29 and a 200-day moving average of $25.93. The company has a market cap of $54.008 billion and a P/E ratio of 20.86.
EMC (NYSE:EMC) last posted its quarterly earnings results on Wednesday, April 23rd. The company reported $0.35 earnings per share for the quarter, meeting the analysts’ consensus estimate of $0.35. The company had revenue of $5.48 billion for the quarter, compared to the consensus estimate of $5.43 billion. During the same quarter last year, the company posted $0.39 earnings per share. EMC’s revenue was up 1.7% compared to the same quarter last year. Analysts expect that EMC will post $1.91 EPS for the current fiscal year.
EMC Corporation (NYSE:EMC) and its subsidiaries develop, deliver and support the Information Technology (IT) industry’s range of information infrastructure and virtual infrastructure technologies, solutions and services.
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