Turquoise Hill Resources Ltd (NYSE:TRQ) Sees Significant Increase in Short Interest

Turquoise Hill Resources Ltd (NYSE:TRQ) (TSE:TRQ) was the recipient of a significant growth in short interest in February. As of February 14th, there was short interest totalling 14,790,000 shares, a growth of 217.4% from the January 30th total of 4,660,000 shares. Based on an average trading volume of 2,680,000 shares, the days-to-cover ratio is presently 5.5 days. Approximately 1.5% of the shares of the company are sold short.

Hedge funds and other institutional investors have recently bought and sold shares of the business. Twin Focus Capital Partners LLC bought a new position in shares of Turquoise Hill Resources in the fourth quarter valued at about $26,000. Citigroup Inc. raised its position in shares of Turquoise Hill Resources by 2,457.5% in the fourth quarter. Citigroup Inc. now owns 74,832 shares of the basic materials company’s stock valued at $55,000 after purchasing an additional 71,906 shares during the period. Tower Research Capital LLC TRC raised its position in shares of Turquoise Hill Resources by 65.7% in the third quarter. Tower Research Capital LLC TRC now owns 145,412 shares of the basic materials company’s stock valued at $68,000 after purchasing an additional 57,635 shares during the period. Nwam LLC raised its position in shares of Turquoise Hill Resources by 38.3% in the fourth quarter. Nwam LLC now owns 128,261 shares of the basic materials company’s stock valued at $94,000 after purchasing an additional 35,500 shares during the period. Finally, Exane Derivatives raised its position in shares of Turquoise Hill Resources by 81.2% in the fourth quarter. Exane Derivatives now owns 574,045 shares of the basic materials company’s stock valued at $398,000 after purchasing an additional 257,214 shares during the period. 39.09% of the stock is currently owned by hedge funds and other institutional investors.

Several research firms have issued reports on TRQ. CIBC raised shares of Turquoise Hill Resources from a “neutral” rating to a “sector outperform” rating and upped their price target for the stock from $1.00 to $1.60 in a research report on Wednesday, January 22nd. TD Securities upped their price target on shares of Turquoise Hill Resources from $1.60 to $2.00 and gave the stock a “speculative buy” rating in a research report on Friday, January 10th. One analyst has rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $1.87.

NYSE TRQ traded up $0.01 on Wednesday, hitting $0.55. 1,381,000 shares of the stock were exchanged, compared to its average volume of 1,831,524. The company has a debt-to-equity ratio of 0.54, a current ratio of 5.24 and a quick ratio of 4.91. The business’s fifty day moving average is $0.65 and its 200 day moving average is $0.54. Turquoise Hill Resources has a 52 week low of $0.40 and a 52 week high of $1.96. The company has a market capitalization of $1.12 billion, a PE ratio of -7.86 and a beta of 1.35.

About Turquoise Hill Resources

Turquoise Hill Resources Ltd., together with its subsidiaries, operates as a mining company. The company explores for copper, gold, and silver deposits. It primarily develops and operates the Oyu Tolgoi mine located in the southern Mongolia. The company was formerly known as Ivanhoe Mines Ltd. and changed its name to Turquoise Hill Resources Ltd.

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