Universal Music Group (OTCMKTS:UMGNF) Sees Large Drop in Short Interest

Universal Music Group (OTCMKTS:UMGNF) saw a large decline in short interest during the month of May. As of May 29th, there was short interest totaling 5,283,578 shares, a decline of 43.8% from the May 14th total of 9,404,358 shares. Based on an average daily volume of 37,361 shares, the short-interest ratio is presently 141.4 days.

Universal Music Group Stock Performance

UMGNF stock opened at $20.66 on Friday. The firm has a 50 day simple moving average of $22.54 and a 200 day simple moving average of $23.23. Universal Music Group has a 52 week low of $17.36 and a 52 week high of $33.77.

Analyst Ratings Changes

Several brokerages have recently issued reports on UMGNF. Wells Fargo & Company cut shares of Universal Music Group from an “overweight” rating to an “equal weight” rating in a research note on Monday, April 6th. Guggenheim raised shares of Universal Music Group from a “neutral” rating to a “buy” rating in a research report on Tuesday, March 31st. Four analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, Universal Music Group presently has a consensus rating of “Moderate Buy”.

Universal Music Group Company Profile

Universal Music Group (OTCMKTS:UMGNF) is one of the world’s leading music entertainment companies, engaged in recorded music, music publishing, merchandising and brand partnerships. The company’s recorded music division encompasses a roster of major labels—such as Interscope Geffen A&M, Capitol Music Group, Republic Records, Island Records and Decca—and works with a diverse array of artists across genres ranging from pop and hip-hop to classical and jazz. Its music publishing arm, Universal Music Publishing Group, administers and exploits compositions by both established songwriters and emerging talent, providing licensing services for film, television, advertising and digital platforms.

Headquartered in Santa Monica, California, Universal Music Group operates on a truly global scale with regional offices in North America, Europe, Latin America, Asia-Pacific and Africa.