Wesfarmers Limited (OTCMKTS:WFAFY) Sees Large Decline in Short Interest

Wesfarmers Limited (OTCMKTS:WFAFY) was the target of a significant decline in short interest in the month of October. As of October 30th, there was short interest totaling 40,822 shares, a decline of 69.0% from the October 15th total of 131,890 shares. Based on an average daily trading volume, of 183,622 shares, the short-interest ratio is currently 0.2 days.

Wesfarmers Price Performance

Shares of OTCMKTS WFAFY traded down $0.05 during midday trading on Friday, reaching $27.35. 9,296 shares of the company traded hands, compared to its average volume of 103,538. The stock has a 50-day moving average price of $26.86 and a 200 day moving average price of $28.23. Wesfarmers has a 52 week low of $24.50 and a 52 week high of $33.31.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on WFAFY shares. Jefferies Financial Group raised Wesfarmers from an “underperform” rating to a “hold” rating and set a $68.50 price objective for the company in a report on Thursday, October 29th. Royal Bank Of Canada initiated coverage on Wesfarmers in a research note on Thursday, July 30th. They set an “underperform” rating and a $73.00 target price on the stock. One analyst has rated the stock with a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Sell” and a consensus price target of $70.75.

Wesfarmers Company Profile

Wesfarmers Limited is an Australian diversified company headquartered in Perth, Western Australia. Its principal retail businesses include Bunnings, a retailer of home improvement and outdoor living products; Kmart, which sells apparel, homewares and general merchandise; and Officeworks, a supplier of stationery, technology and office products. Wesfarmers also operates Priceline, a pharmacy and health-and-beauty retail network, through its Wesfarmers Health business. The company’s industrial operations include WesCEF, which produces and distributes chemicals, fertilisers and industrial gases, as well as businesses involved in industrial and safety products and services.