Short Interest in Bunge Global SA (NYSE:BG) Drops By 15.4%

Bunge Global SA (NYSE:BG) was the target of a significant drop in short interest in August. As of August 31st, there was short interest totalling 3,670,000 shares, a drop of 15.4% from the August 15th total of 4,340,000 shares. Based on an average trading volume of 1,200,000 shares, the days-to-cover ratio is presently 3.1 days. Approximately 2.6% of the shares of the stock are short sold.

Wall Street Analysts Forecast Growth

Separately, Citigroup lowered shares of Bunge Global from a “buy” rating to a “neutral” rating and lowered their price target for the stock from $125.00 to $114.00 in a research report on Thursday, August 1st. Four research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $118.00.

Hedge Funds Weigh In On Bunge Global

A number of institutional investors have recently modified their holdings of the business. Altshuler Shaham Ltd purchased a new position in shares of Bunge Global in the 2nd quarter valued at approximately $28,000. Blue Trust Inc. raised its position in Bunge Global by 52.3% during the 2nd quarter. Blue Trust Inc. now owns 297 shares of the basic materials company’s stock worth $30,000 after buying an additional 102 shares during the last quarter. Farmers & Merchants Investments Inc. lifted its stake in shares of Bunge Global by 185.2% in the 2nd quarter. Farmers & Merchants Investments Inc. now owns 308 shares of the basic materials company’s stock worth $33,000 after acquiring an additional 200 shares during the period. Ashton Thomas Private Wealth LLC purchased a new stake in shares of Bunge Global in the second quarter valued at about $40,000. Finally, Atlas Capital Advisors LLC increased its stake in shares of Bunge Global by 261.3% during the second quarter. Atlas Capital Advisors LLC now owns 383 shares of the basic materials company’s stock worth $41,000 after acquiring an additional 277 shares during the period. 86.23% of the stock is owned by institutional investors and hedge funds.

Bunge Global Stock Up 0.0 %

NYSE BG traded up $0.02 on Wednesday, hitting $97.71. 1,045,705 shares of the stock were exchanged, compared to its average volume of 1,457,606. Bunge Global has a fifty-two week low of $86.10 and a fifty-two week high of $114.92. The company has a 50-day moving average price of $102.33 and a 200-day moving average price of $103.00. The company has a quick ratio of 0.97, a current ratio of 2.03 and a debt-to-equity ratio of 0.37. The company has a market cap of $13.84 billion, a PE ratio of 7.87 and a beta of 0.65.

Bunge Global (NYSE:BG) last released its quarterly earnings data on Wednesday, July 31st. The basic materials company reported $1.73 earnings per share for the quarter, missing analysts’ consensus estimates of $1.79 by ($0.06). Bunge Global had a return on equity of 14.84% and a net margin of 2.33%. The company had revenue of $13.24 billion for the quarter, compared to analyst estimates of $14.30 billion. During the same period in the previous year, the business posted $3.72 EPS. The firm’s revenue for the quarter was down 12.0% compared to the same quarter last year. Sell-side analysts anticipate that Bunge Global will post 9.3 EPS for the current fiscal year.

About Bunge Global

Bunge Global SA operates as an agribusiness and food company worldwide. It operates through four segments: Agribusiness, Refined and Specialty Oils, Milling, and Sugar and Bioenergy. The Agribusiness segment purchases, stores, transports, processes, and sells agricultural commodities and commodity products, including oilseeds primarily soybeans, rapeseed, canola, and sunflower seeds, as well as grains comprising wheat and corn; and processes oilseeds into vegetable oils and protein meals.