Veoneer Inc (NYSE:VNE) Short Interest Up 5.7% in October

Veoneer Inc (NYSE:VNE) was the target of a large growth in short interest in October. As of October 31st, there was short interest totalling 8,550,000 shares, a growth of 5.7% from the September 30th total of 8,090,000 shares. Approximately 7.7% of the company’s stock are sold short. Based on an average daily volume of 659,500 shares, the days-to-cover ratio is currently 13.0 days.

VNE has been the topic of a number of analyst reports. Barclays reduced their price objective on shares of Veoneer from $22.00 to $21.00 and set an “overweight” rating on the stock in a report on Wednesday, October 2nd. ValuEngine raised shares of Veoneer from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, October 2nd. Guggenheim initiated coverage on shares of Veoneer in a research report on Tuesday, October 15th. They issued a “neutral” rating on the stock. Zacks Investment Research reaffirmed a “buy” rating and issued a $16.00 target price on shares of Veoneer in a research report on Saturday, October 12th. Finally, Deutsche Bank dropped their target price on shares of Veoneer from $16.00 to $14.00 and set a “sell” rating on the stock in a research report on Thursday, October 24th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, five have given a buy rating and one has issued a strong buy rating to the company’s stock. Veoneer presently has a consensus rating of “Hold” and a consensus target price of $25.45.

Shares of NYSE VNE traded down $0.35 during mid-day trading on Friday, reaching $15.75. The company had a trading volume of 306,869 shares, compared to its average volume of 623,938. Veoneer has a 52-week low of $13.46 and a 52-week high of $35.28. The company has a current ratio of 2.61, a quick ratio of 2.35 and a debt-to-equity ratio of 0.15. The firm has a 50 day simple moving average of $16.08 and a two-hundred day simple moving average of $16.95.

Veoneer (NYSE:VNE) last issued its quarterly earnings data on Wednesday, October 23rd. The company reported ($1.20) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($1.34) by $0.14. Veoneer had a negative net margin of 26.11% and a negative return on equity of 27.00%. The company had revenue of $462.00 million for the quarter, compared to the consensus estimate of $475.33 million. During the same period last year, the firm posted ($0.78) EPS. Veoneer’s revenue for the quarter was down 12.2% on a year-over-year basis. On average, sell-side analysts expect that Veoneer will post -5.12 earnings per share for the current fiscal year.

A number of institutional investors have recently modified their holdings of the business. First Trust Advisors LP grew its position in Veoneer by 43.8% during the 3rd quarter. First Trust Advisors LP now owns 94,678 shares of the company’s stock worth $1,419,000 after purchasing an additional 28,829 shares during the last quarter. California Public Employees Retirement System grew its position in Veoneer by 81.2% during the 3rd quarter. California Public Employees Retirement System now owns 210,200 shares of the company’s stock worth $3,151,000 after purchasing an additional 94,200 shares during the last quarter. Great West Life Assurance Co. Can grew its position in Veoneer by 103.4% during the 3rd quarter. Great West Life Assurance Co. Can now owns 45,573 shares of the company’s stock worth $685,000 after purchasing an additional 23,172 shares during the last quarter. State of New Jersey Common Pension Fund D purchased a new position in Veoneer during the 3rd quarter worth $2,100,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its position in Veoneer by 30.7% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,853 shares of the company’s stock worth $118,000 after purchasing an additional 1,845 shares during the last quarter. 29.78% of the stock is currently owned by institutional investors.

Veoneer Company Profile

Veoneer, Inc designs, develops, manufactures, and sells automotive safety electronic products in Asia, the Americas, and Europe. It operates in two segments, Electronics and Brake Systems. The company provides automotive radars, night driving assist systems, positioning systems, advanced driver assistance systems (ADAS), night vision systems, brake control systems, electronic control units, active safety sensors, and controllers; mono-and stereo-vision cameras; and passive safety electronics, such as airbag control units and crash sensors.

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