Mullen Group Ltd. (OTCMKTS:MLLGF) Sees Significant Drop in Short Interest

Mullen Group Ltd. (OTCMKTS:MLLGF) was the target of a large decrease in short interest in the month of September. As of September 30th, there was short interest totalling 158,900 shares, a decrease of 23.0% from the September 15th total of 206,400 shares. Based on an average daily volume of 700 shares, the days-to-cover ratio is currently 227.0 days.

A number of analysts recently commented on MLLGF shares. Scotiabank lifted their price objective on Mullen Group from C$16.00 to C$17.50 and gave the stock an “outperform” rating in a research report on Monday. National Bankshares lifted their price objective on Mullen Group from C$15.50 to C$16.50 and gave the stock an “outperform” rating in a research report on Tuesday, October 12th. CIBC lifted their price target on Mullen Group from C$14.75 to C$15.50 and gave the company an “outperform” rating in a report on Friday, July 23rd. BMO Capital Markets lifted their price target on Mullen Group from C$16.00 to C$17.00 and gave the company an “outperform” rating in a report on Thursday, July 1st. Finally, National Bank Financial lifted their price objective on Mullen Group from C$15.50 to C$16.50 and gave the company an “outperform” rating in a research note on Tuesday, October 12th. Two investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of $15.72.

Mullen Group stock remained flat at $$10.69 during midday trading on Monday. The company had a trading volume of 56 shares, compared to its average volume of 1,133. The stock has a fifty day simple moving average of $10.49 and a two-hundred day simple moving average of $10.53. Mullen Group has a 12-month low of $6.67 and a 12-month high of $11.29.

About Mullen Group

Mullen Group Ltd. provides trucking and logistics services in Canada and the United States. The company operates through three segments: Less-Than-Truckload, Logistics & Warehousing, and Specialized & Industrial Services. The Less-Than-Truckload segment delivers general freight consisting of smaller shipments, packages, and parcels; and pharmaceutical and package products.

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