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

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

Universal Music Group Stock Performance

Shares of Universal Music Group stock opened at $20.66 on Friday. The firm has a fifty day simple moving average of $22.54 and a 200-day simple moving average of $23.23. Universal Music Group has a 1-year low of $17.36 and a 1-year high of $33.77.

Wall Street Analyst Weigh In

UMGNF has been the subject of a number of analyst reports. Guggenheim upgraded shares of Universal Music Group from a “neutral” rating to a “buy” rating in a research note on Tuesday, March 31st. 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. Four investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy”.

About Universal Music Group

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.