GGRAsia – Short interest in Melco Crown shares rose in July

Short interest in Melco Crown shares rose in July

Jul 25, 2014 Newsdesk Latest News, Top of the deck, World

Short interest in Asian casino developer Melco Crown Entertainment Ltd’s Nasdaq-listed shares rose nearly 33 percent sequentially between end-June and mid-July, according to data compiled by stockratingsnetwork.com.

As of July 15, there was short interest totalling 8,592,356 shares, a growth of 32.6 percent from the June 30 total of 6,479,450 shares.

‘Short interest’ is a term used to define the quantity of stock shares that investors have sold short but not yet covered or closed out. Short interest can be a market sentiment indicator on whether investors think a stock’s price is likely to fall.

Analysts at JPMorgan Chase & Co cut their price target on shares of Melco Crown from US$47.00 to US$46.00 in a research note on July 9.

Separately, analysts at Credit Suisse Group AG initiated coverage on shares of Melco Crown in a research note on July 1. They set an “outperform” rating and a US$44.00 price target on the Nasdaq listing of the stock.

Melco Crown had risen 0.15 percent to US$32.71 at the close of trading in New York on Thursday. The stock has posted a one-year return of +39.53 percent.