Mullen Group Ltd. (OTCMKTS:MLLGF) Sees Large Growth in Short Interest

Mullen Group Ltd. (OTCMKTS:MLLGF) was the target of a significant increase in short interest in the month of September. As of September 30th, there was short interest totaling 1,230,433 shares, an increase of 70.1% from the September 15th total of 723,322 shares. Based on an average trading volume of 107,803 shares, the days-to-cover ratio is currently 11.4 days.

Mullen Group Price Performance

Mullen Group stock remained flat at $18.95 during trading hours on Friday. 35,497 shares of the company’s stock were exchanged, compared to its average volume of 31,071. The stock has a fifty day moving average price of $18.72 and a 200 day moving average price of $16.77. Mullen Group has a 12-month low of $9.47 and a 12-month high of $20.35.

Analysts Set New Price Targets

Several research firms have recently weighed in on MLLGF. Canadian Imperial Bank of Commerce reaffirmed a “neutral” rating on shares of Mullen Group in a report on Monday, October 5th. Scotiabank reaffirmed a “sector perform” rating on shares of Mullen Group in a research note on Thursday. BMO Capital Markets restated an “outperform” rating on shares of Mullen Group in a research report on Friday, July 24th. Finally, Royal Bank Of Canada restated an “outperform” rating on shares of Mullen Group in a report on Wednesday, September 30th. Three analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat, Mullen Group has an average rating of “Moderate Buy”.

Mullen Group Company Profile

Mullen Group Ltd. is a Canadian logistics and transportation company headquartered in Okotoks, Alberta. Through a network of operating companies, it provides freight transportation, specialized hauling, logistics, warehousing and related supply-chain services to customers across Canada and the United States.

The company’s transportation activities include less-than-truckload, truckload and specialized freight services, including the movement of industrial, energy, construction and other oversized or specialized cargo.