Insurance Australia Group Limited (OTCMKTS:IAUGY) Sees Significant Increase in Short Interest

Insurance Australia Group Limited (OTCMKTS:IAUGY) saw a significant increase in short interest in the month of June. As of June 15th, there was short interest totaling 1,053 shares, an increase of 35,000.0% from the May 31st total of 3 shares. Based on an average trading volume of 6,763 shares, the days-to-cover ratio is presently 0.2 days. Currently, 0.0% of the shares of the company are sold short.

Insurance Australia Group Stock Performance

Shares of IAUGY stock opened at $28.38 on Friday. Insurance Australia Group has a 1 year low of $21.58 and a 1 year high of $30.71. The firm has a market capitalization of $13.27 billion and a PE ratio of 10.43. The stock has a fifty day moving average of $27.33 and a two-hundred day moving average of $26.17.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. The Goldman Sachs Group raised shares of Insurance Australia Group to a “buy” rating in a report on Wednesday. Zacks Research upgraded shares of Insurance Australia Group to a “hold” rating in a research report on Tuesday, May 19th. One analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy”.

About Insurance Australia Group

Insurance Australia Group (OTCMKTS:IAUGY) is a leading general insurance underwriter headquartered in Sydney, Australia. The company provides a broad range of personal and commercial insurance products, including home, motor, travel, business and liability coverage. IAG serves individual policyholders, small to mid-sized enterprises and large corporate clients through a diversified distribution network of brokers, direct sales, affinity partnerships and digital channels.

Formed in 2000 through the merger of several Australian and New Zealand insurers, IAG has since grown to become the largest general insurer in its home markets.