Wesfarmers Limited (OTCMKTS:WFAFY) Sees Large Decline in Short Interest

Wesfarmers Limited (OTCMKTS:WFAFY) was the target of a significant drop in short interest in October. As of October 30th, there was short interest totaling 40,822 shares, a drop of 69.0% from the October 15th total of 131,890 shares. Based on an average daily trading volume, of 183,622 shares, the days-to-cover ratio is currently 0.2 days.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on WFAFY. Royal Bank Of Canada initiated coverage on shares of Wesfarmers in a research report on Thursday, July 30th. They issued an “underperform” rating and a $73.00 price target on the stock. Jefferies Financial Group upgraded shares of Wesfarmers from an “underperform” rating to a “hold” rating and set a $68.50 price objective on the stock in a research report on Thursday, October 29th. One research analyst has rated the stock with a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Sell” and an average price target of $70.75.

Wesfarmers Stock Performance

Shares of WFAFY stock traded down $0.05 during trading on Friday, hitting $27.35. 9,296 shares of the company were exchanged, compared to its average volume of 103,538. The business’s 50-day simple moving average is $26.86 and its 200 day simple moving average is $28.23. Wesfarmers has a twelve month low of $24.50 and a twelve month high of $33.31.

Wesfarmers Company Profile

Wesfarmers Limited is an Australian diversified company headquartered in Perth, Western Australia. Its principal retail businesses include Bunnings, a retailer of home improvement and outdoor living products; Kmart, which sells apparel, homewares and general merchandise; and Officeworks, a supplier of stationery, technology and office products. Wesfarmers also operates Priceline, a pharmacy and health-and-beauty retail network, through its Wesfarmers Health business. The company’s industrial operations include WesCEF, which produces and distributes chemicals, fertilisers and industrial gases, as well as businesses involved in industrial and safety products and services.