Trade Report: The China Unicom Ltd. (CHU) Sees Significant Growth in Short Interest

The China Unicom Ltd. (CHU) Sees Significant Growth in Short Interest

China Unicom Ltd. (NYSE:CHU) was the target of a significant growth in short interest in the month of September. As of September 30th, there was short interest totalling 1,391,479 shares, a growth of 174.5% from the September 15th total of 506,929 shares. Based on an average daily trading volume, of 575,304 shares, the days-to-cover ratio is currently 2.4 days.

A number of institutional investors have recently made changes to their positions in CHU. Renaissance Technologies LLC increased its position in shares of China Unicom by 77.2% in the first quarter. Renaissance Technologies LLC now owns 1,476,800 shares of the company’s stock valued at $19,435,000 after buying an additional 643,200 shares during the period. Credit Suisse AG increased its position in shares of China Unicom by 72.1% in the second quarter. Credit Suisse AG now owns 772,428 shares of the company’s stock valued at $8,041,000 after buying an additional 323,495 shares during the period. NINE MASTS CAPITAL Ltd increased its position in shares of China Unicom by 21.7% in the second quarter. NINE MASTS CAPITAL Ltd now owns 698,550 shares of the company’s stock valued at $7,221,000 after buying an additional 124,754 shares during the period. OLD Mission Capital LLC acquired a new position in shares of China Unicom during the second quarter valued at approximately $1,823,000. Finally, Emerald Acquisition Ltd. acquired a new position in shares of China Unicom during the second quarter valued at approximately $1,714,000. 0.96% of the stock is currently owned by institutional investors.

China Unicom (NYSE:CHU) opened at 12.29 on Tuesday. The stock has a market cap of $29.43 billion, a price-to-earnings ratio of 39.65 and a beta of 0.59. The stock has a 50 day moving average price of $11.99 and a 200 day moving average price of $11.33. China Unicom has a 52-week low of $9.89 and a 52-week high of $13.45.

Several brokerages have commented on CHU. Jefferies Group lowered China Unicom from a “buy” rating to a “hold” rating in a research report on Monday, July 18th. Goldman Sachs Group Inc. raised China Unicom from a “neutral” rating to a “buy” rating and set a $12.50 price objective for the company in a research report on Thursday, September 22nd. Finally, Sanford C. Bernstein raised China Unicom from a “market perform” rating to an “outperform” rating in a research report on Thursday, August 18th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and six have assigned a buy rating to the stock. China Unicom presently has a consensus rating of “Buy” and a consensus price target of $13.47.

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