Codan Limited (OTCMKTS:CODAF) Sees Large Increase in Short Interest

Codan Limited (OTCMKTS:CODAF) saw a significant growth in short interest during the month of October. As of October 15th, there was short interest totaling 1,372 shares, a growth of 74.3% from the September 30th total of 787 shares. Based on an average trading volume of 625 shares, the days-to-cover ratio is presently 2.2 days.

Codan Stock Performance

CODAF opened at C$47.58 on Wednesday. Codan has a twelve month low of C$18.44 and a twelve month high of C$47.58. The company has a fifty day moving average of C$35.11 and a 200-day moving average of C$27.09.

Analyst Upgrades and Downgrades

Separately, Jefferies Financial Group initiated coverage on Codan in a report on Tuesday, September 29th. They issued a “buy” rating and a $75.00 target price on the stock. One equities research analyst has rated the stock with a Buy rating. According to data from MarketBeat, the stock has a consensus rating of “Buy”.

About Codan

Codan Limited is an Australian technology company that develops communications and metal-detection products for customers worldwide. Founded in 1959 and headquartered in Adelaide, South Australia, the company serves government, military, humanitarian, mining, security and consumer markets.

Its communications business designs and supplies high-frequency, very-high-frequency and ultra-high-frequency radio systems, along with related networking, tracking and communications equipment. These products are used where reliable communications are required in remote or infrastructure-limited environments, including public safety, defense, mining and emergency response applications.

Codan also develops metal-detection technologies through its Minelab business, which produces consumer and specialist detectors for gold prospecting, treasure hunting, security screening and demining.