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.
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