American Resources Co. (NASDAQ:AREC) Sees Significant Growth in Short Interest

American Resources Co. (NASDAQ:AREC) was the recipient of a large growth in short interest during the month of December. As of December 15th, there was short interest totalling 2,610,000 shares, a growth of 5.7% from the November 30th total of 2,470,000 shares. Approximately 5.1% of the company’s shares are sold short. Based on an average trading volume of 316,900 shares, the days-to-cover ratio is currently 8.2 days.

American Resources Trading Down 8.2 %

NASDAQ:AREC opened at $1.01 on Wednesday. The company has a market cap of $78.20 million, a price-to-earnings ratio of -2.59 and a beta of 0.21. American Resources has a twelve month low of $0.41 and a twelve month high of $1.78. The stock has a fifty day simple moving average of $1.10 and a 200-day simple moving average of $0.84.

Wall Street Analyst Weigh In

Several brokerages recently commented on AREC. D. Boral Capital reiterated a “buy” rating and set a $4.00 price target on shares of American Resources in a report on Thursday, November 21st. Roth Mkm cut their target price on American Resources from $5.00 to $4.00 and set a “buy” rating on the stock in a research note on Monday, September 30th.

Institutional Investors Weigh In On American Resources

A hedge fund recently raised its stake in American Resources stock. Geode Capital Management LLC lifted its stake in shares of American Resources Co. (NASDAQ:AREC) by 2.5% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 637,722 shares of the company’s stock after acquiring an additional 15,350 shares during the quarter. Geode Capital Management LLC owned approximately 0.82% of American Resources worth $580,000 at the end of the most recent reporting period. 9.32% of the stock is owned by institutional investors and hedge funds.

About American Resources

American Resources Corporation, together with its subsidiaries, extracts, processes, transports, and sells metallurgical coal to the steel and industrial industries. It supplies raw materials; and sells coal used in pulverized coal injections. The company was founded in 2006 and is headquartered in Fishers, Indiana.