MBIA Inc. (NYSE:MBI) Sees Significant Increase in Short Interest

MBIA Inc. (NYSE:MBI) was the target of a large growth in short interest in the month of October. As of October 31st, there was short interest totalling 2,030,000 shares, a growth of 6.3% from the October 15th total of 1,910,000 shares. Based on an average daily volume of 342,700 shares, the days-to-cover ratio is currently 5.9 days. Currently, 4.6% of the company’s shares are sold short.

Institutional Trading of MBIA

A number of hedge funds have recently made changes to their positions in MBI. Federated Hermes Inc. purchased a new position in shares of MBIA in the first quarter valued at $34,000. Point72 Middle East FZE purchased a new position in MBIA in the 4th quarter valued at about $34,000. State of Wyoming acquired a new stake in shares of MBIA during the fourth quarter valued at about $37,000. Tower Research Capital LLC TRC increased its position in shares of MBIA by 24.8% during the third quarter. Tower Research Capital LLC TRC now owns 4,914 shares of the insurance provider’s stock worth $46,000 after acquiring an additional 976 shares during the last quarter. Finally, Great West Life Assurance Co. Can lifted its stake in shares of MBIA by 105.8% in the first quarter. Great West Life Assurance Co. Can now owns 2,782 shares of the insurance provider’s stock worth $46,000 after acquiring an additional 1,430 shares in the last quarter. Hedge funds and other institutional investors own 58.53% of the company’s stock.

Analysts Set New Price Targets

MBI has been the topic of several research reports. StockNews.com started coverage on shares of MBIA in a report on Thursday, October 5th. They issued a “sell” rating on the stock. Keefe, Bruyette & Woods cut their target price on shares of MBIA from $10.00 to $9.00 and set a “market perform” rating on the stock in a research note on Friday.

MBIA Stock Performance

MBI stock opened at $7.12 on Friday. The firm has a market cap of $364.11 million, a P/E ratio of -0.86 and a beta of 1.25. MBIA has a 1 year low of $6.07 and a 1 year high of $14.00. The stock has a 50-day simple moving average of $7.05 and a 200-day simple moving average of $7.95.

MBIA Company Profile

MBIA Inc provides financial guarantee insurance services to public finance markets. It operates through United States (U.S.) Public Finance Insurance, Corporate, and International and Structured Finance Insurance segments. The company issues financial guarantees for municipal bonds, including tax-exempt and taxable indebtedness of the U.S.