Short Interest Update on Magna International (MGA)

Magna International (MGA) : The traders have covered their outstanding shorts in Magna International (MGA) to the tune of -259,150 shares, a change of -9.6%. As on Jul 29, 2016, the outstanding shorts on the stock were 2,709,451 shares, however, by August 15, 2016, the shorts had reduced to 2,450,301 shares. The covering shows that the traders dont believe that a large downside exists in the stock from current levels. The open short positions equal 0.7% of the free float of the stock. It takes 2 days to cover the outstanding short positions. The stock has an average daily volume of 1,314,019 shares. The short interest information was released on Wednesday Aug 24th after the market close.

Magna International (NYSE:MGA): The stock opened at $40.45 on Wednesday but the bulls could not build on the opening and the stock topped out at $40.81 for the day. The stock traded down to $40.17 during the day, due to lack of any buying support eventually closed down at $40.27 with a loss of -0.30% for the day. The stock had closed at $40.39 on the previous day. The total traded volume was 837,013 shares.


Magna International Inc. (Magna) is an automotive supplier with approximately 313 manufacturing operations and over 84 product development, engineering and sales centers in approximately 28 countries. Its product capabilities include producing body, chassis, interior, exterior, seating, powertrain, electronic, vision, closure and roof systems and modules, as well as vehicle engineering and contract manufacturing. Its customers include General Motors, Fiat-Chrysler, Ford, BMW, Daimler and Volkswagen. Its offers programs, which include Ford Transit; MINI Countryman; Ford F-Series and F-Series Super Duty; QOROS 3; Ford Mustang; BMW X6; Mercedes-Benz M-Class; BMW X4 and Porsche Panamera. The Company operates in North America, Europe and Asia.

Comments (0)

Leave a Reply

Your email address will not be published. Required fields are marked *

Get Pre-Market Alerts!

Get Pre-Market Analysts' Upgrades, Downgrades, Earnings & Initiations with our FREE daily email newsletter.