Alcoa Inc. (NYSE:AA) close to 52-week low on surging short interest

Alcoa Inc. (NYSE:AA) (TREND ANALYSIS) shares were traded with a significant increase in volume. The stock closed last trading session at $9.96, down by -1.96%, with a volume of 21,993,777 shares against an average volume for the last 30 days of 21,165,154.

Alcoa Inc. (AA) reported last quarter earnings figures on July 08th. The company announced actual earnings per share of $0.19 against the consensus Street estimate of $0.22. This represents a year-on-year increase of earning per share of $0.01 from corresponding quarter of last year. Alcoa Inc. posted revenue of $5.9 billion.

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The company is currently valued at $12.8 billion and closed the last trading session at $9.96. The stock has 50-day moving average of $11.81 and a 200-day moving average of $14.32.

Alcoa Inc. (NYSE:AA) is currently trading 44.96% below its 52-week-high, 0.21% above its 52-week-low and in the range of $9.9-$12.19 over the past month. The 1-year range for the stock is $9.75-$17.75. Alcoa Inc. (AA) has a price to book ratio of 1.08 versus S&P 500 average of 2.84. The company’s share price has underperformed the S&P 500 year to date by -39.34%.

Alcoa Inc. (AA) current short interest stands at 72,011,827 shares. It has increased by 22% from the same period of last month. Around 5.5% of the company’s shares, which are float, are short sold. With a 30-days average daily volume of 21,165,154 shares, the number of days required to cover the short positions stand at 4.1 days.

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There are currently nineteen analysts that we track that cover AA. Of those nineteen, ten have a buy rating, eight have a hold rating, and one has a sell rating. On a consensus basis this yields to a Buy. The overall consensus target price stands at $14.21 which represents an upside of 45.49% from the last closing price of $9.77.

Recently, several research firms updated their ratings on the stock. Indeed, in the last five days, an average price target of $13.75 has been given to the stock, which represents an upside of 40.74% from the last closing price.

Indeed, Sterne Agee CRT maintained their neutral stance on July 23rd, with a target price of $12, which represents an upside of 22.82% from the last closing price. Another research firm, Morningstar, Inc, reiterated their buy stance on July 22nd.

Company Profile

Alcoa Inc. offers lightweight metals, products and solutions. The Company produces primary aluminum, fabricated aluminum and is a miner of bauxite and refiner of alumina. Alcoa serves customers worldwide primarily in the automotive, aerospace, consumer electronics, packaging, defense, construction, and oil and gas industries.

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