Sumitomo Electric Industries, Ltd. (OTCMKTS:SMTOY) Short Interest Up 112.6% in June

Sumitomo Electric Industries, Ltd. (OTCMKTS:SMTOY) was the recipient of a significant growth in short interest in June. As of June 30th, there was short interest totaling 63,592 shares, a growth of 112.6% from the June 15th total of 29,918 shares. Based on an average daily trading volume, of 122,820 shares, the short-interest ratio is presently 0.5 days. Currently, 0.0% of the shares of the company are sold short.

Wall Street Analysts Forecast Growth

Separately, Nomura raised shares of Sumitomo Electric Industries to a “strong-buy” rating in a report on Wednesday, April 1st. Two equities research analysts have rated the stock with a Strong Buy rating, According to data from MarketBeat.com, the company currently has a consensus rating of “Strong Buy”.

Sumitomo Electric Industries Stock Down 1.3%

SMTOY stock opened at $7.61 on Wednesday. The stock has a market capitalization of $47.48 billion, a P/E ratio of 19.51 and a beta of 1.01. The firm has a 50-day simple moving average of $63.37 and a 200-day simple moving average of $58.29. Sumitomo Electric Industries has a 52 week low of $2.63 and a 52 week high of $11.14.

Sumitomo Electric Industries Company Profile

Sumitomo Electric Industries, Ltd. is a diversified Japanese industrial manufacturing company renowned for its expertise in electric wire and cable technologies. The company operates through multiple business segments, including power and communications systems, automotive and electronics materials, and industrial materials. Its product portfolio spans high-performance power cables, optical fibers, wiring harnesses, and various electronic components designed to serve the needs of energy utilities, telecommunications carriers, automotive manufacturers and industrial clients worldwide.

In the power and communications segment, Sumitomo Electric produces underground and submarine power cables, cable accessories and optical fiber cables for high-speed data transmission.