Short Interest in Weg S.A. (OTCMKTS:WEGZY) Rises By 1,645.0%

Weg S.A. (OTCMKTS:WEGZY) was the recipient of a large increase in short interest in August. As of August 14th, there was short interest totaling 357,537 shares, an increase of 1,645.0% from the July 30th total of 20,489 shares. Approximately 0.0% of the company’s stock are sold short. Based on an average trading volume of 753,201 shares, the short-interest ratio is currently 0.5 days.

WEG Price Performance

Shares of OTCMKTS:WEGZY traded up $0.20 during midday trading on Tuesday, hitting $9.76. 2,018,738 shares of the stock were exchanged, compared to its average volume of 160,419. WEG has a 52-week low of $6.57 and a 52-week high of $10.80. The business’s fifty day simple moving average is $9.09 and its two-hundred day simple moving average is $9.25.

WEG (OTCMKTS:WEGZY) last issued its earnings results on Wednesday, August 5th. The company reported $0.07 EPS for the quarter, meeting analysts’ consensus estimates of $0.07. The firm had revenue of $1.96 billion during the quarter, compared to analysts’ expectations of $1.94 billion. As a group, sell-side analysts predict that WEG will post 0.31 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts have weighed in on WEGZY shares. The Goldman Sachs Group raised WEG from a “sell” rating to a “neutral” rating in a research note on Tuesday, July 28th. Zacks Research upgraded shares of WEG to a “hold” rating in a report on Tuesday, July 21st. One analyst has rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold”.

About WEG

WEG SA, trading in the U.S. over-the-counter as WEGZY, is a Brazilian multinational corporation specializing in the manufacture and distribution of electric motors, automation technologies and power generation equipment. The company’s portfolio spans low-, medium- and high-voltage electric machines, variable frequency drives and control systems designed for a wide array of industrial applications. WEG also offers transformer solutions and integrated automation products that support sectors including oil and gas, mining, pulp and paper, and infrastructure.

Founded in 1961 in Jaraguá do Sul, Brazil, WEG has grown from a small electric motor shop into one of the world’s largest industrial equipment manufacturers.