Ero Copper Corp. (NYSE:ERO) Sees Significant Increase in Short Interest

Ero Copper Corp. (NYSE:ERO) was the recipient of a large growth in short interest in the month of December. As of December 15th, there was short interest totalling 2,560,000 shares, a growth of 6.7% from the November 30th total of 2,400,000 shares. Based on an average trading volume of 367,400 shares, the short-interest ratio is currently 7.0 days. Currently, 2.7% of the company’s stock are sold short.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on ERO. StockNews.com raised Ero Copper from a “sell” rating to a “hold” rating in a research note on Friday, October 25th. The Goldman Sachs Group started coverage on shares of Ero Copper in a research report on Monday, December 2nd. They set a “buy” rating and a $19.00 price target for the company. One investment analyst has rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Ero Copper currently has an average rating of “Buy” and a consensus price target of $26.33.

Ero Copper Stock Performance

Shares of ERO stock opened at $13.48 on Thursday. The company has a market capitalization of $1.39 billion, a price-to-earnings ratio of 79.29 and a beta of 1.12. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.45 and a current ratio of 0.68. Ero Copper has a one year low of $12.78 and a one year high of $24.34. The company’s 50-day moving average is $15.53 and its 200 day moving average is $18.78.

Institutional Investors Weigh In On Ero Copper

Several institutional investors and hedge funds have recently made changes to their positions in the company. Exchange Traded Concepts LLC bought a new stake in Ero Copper in the 3rd quarter worth about $38,000. Toronto Dominion Bank grew its stake in shares of Ero Copper by 38.7% in the second quarter. Toronto Dominion Bank now owns 2,539 shares of the company’s stock worth $54,000 after acquiring an additional 709 shares during the period. Chesapeake Capital Corp IL bought a new stake in shares of Ero Copper in the second quarter worth approximately $351,000. Sentry Investment Management LLC purchased a new position in shares of Ero Copper during the third quarter valued at approximately $457,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its position in Ero Copper by 6.2% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 21,933 shares of the company’s stock valued at $469,000 after purchasing an additional 1,277 shares during the period. Institutional investors own 71.30% of the company’s stock.

About Ero Copper

Ero Copper Corp. engages in the exploration, development, and production of mining projects in Brazil. The company is involved in the production and sale of copper concentrate from the Caraíba operations located in the Curaçá Valley, northeastern Bahia state, Brazil, as well as gold and silver by-products.