Glencore plc (OTCMKTS:GLCNF) Sees Significant Drop in Short Interest

Glencore plc (OTCMKTS:GLCNF) was the recipient of a large decline in short interest in February. As of February 27th, there was short interest totaling 997,320 shares, a decline of 43.5% from the February 12th total of 1,766,096 shares. Based on an average daily volume of 281,927 shares, the days-to-cover ratio is currently 3.5 days. Based on an average daily volume of 281,927 shares, the days-to-cover ratio is currently 3.5 days.

Glencore Stock Up 0.1%

Shares of Glencore stock traded up $0.01 on Thursday, reaching $7.05. The company’s stock had a trading volume of 24,141 shares, compared to its average volume of 127,822. The stock has a 50-day moving average price of $6.66 and a 200-day moving average price of $5.35. Glencore has a 52-week low of $2.88 and a 52-week high of $7.35.

Analysts Set New Price Targets

Separately, Berenberg Bank set a $12.90 price target on shares of Glencore in a research report on Wednesday, December 17th.

About Glencore

Glencore plc is a global leader in the production, marketing and trading of commodities. Through its diversified portfolio, the company operates in two principal segments: Metals & Minerals, and Energy Products. In Metals & Minerals, Glencore produces and trades a wide array of industrial metals, including copper, zinc, nickel, cobalt, lead, aluminum, iron ore and coal. Its Energy Products segment encompasses the sourcing, storage and distribution of crude oil, refined products, natural gas and liquefied petroleum gas, while also managing a significant agricultural trading business that handles grains, oilseeds and sugar.

Founded in 1974 by Marc Rich as Marc Rich + Co International, the company rebranded to Glencore in 1994 and has since expanded through both organic growth and strategic acquisitions.