Codan Limited (OTCMKTS:CODAF) Stock Short Interest Rises 74.3%

Codan Limited (OTCMKTS:CODAF) was the recipient of a significant increase in short interest in the month of October. As of October 15th, there was short interest totaling 1,372 shares, an increase of 74.3% from the September 30th total of 787 shares. Based on an average daily volume of 625 shares, the days-to-cover ratio is presently 2.2 days.

Analyst Ratings Changes

Separately, Jefferies Financial Group began coverage on Codan in a report on Tuesday, September 29th. They issued a “buy” rating and a $75.00 price objective on the stock. One equities research analyst has rated the stock with a Buy rating. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy”.

Codan Stock Performance

OTCMKTS:CODAF opened at C$47.58 on Tuesday. Codan has a fifty-two week low of C$18.44 and a fifty-two week high of C$47.58. The stock has a fifty day moving average price of C$34.63 and a 200-day moving average price of C$26.96.

About Codan

Codan Limited is an Australian technology company that develops communications and metal-detection products for customers worldwide. Founded in 1959 and headquartered in Adelaide, South Australia, the company serves government, military, humanitarian, mining, security and consumer markets.

Its communications business designs and supplies high-frequency, very-high-frequency and ultra-high-frequency radio systems, along with related networking, tracking and communications equipment. These products are used where reliable communications are required in remote or infrastructure-limited environments, including public safety, defense, mining and emergency response applications.

Codan also develops metal-detection technologies through its Minelab business, which produces consumer and specialist detectors for gold prospecting, treasure hunting, security screening and demining.