Manchester United Stock Moves Higher on Upgrade

The stock has just broken above a key trendline

Deputy Editor
Mar 21, 2022 at 11:00 AM
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Manchester United PLC (NYSE:MANU) is up 4.5% at $13.74 at last glance, after earning an upgrade from Deutsche Bank to "buy" from "hold," with the brokerage firm noting MANU is undervalued in its sector.

This positive price action has the security jumping above its 50-day moving average, which had helped guide the shares lower since its early October bear gap. Distancing itself from a March 7, roughly two-year low of $12.04, Manchester United stock remains down $20.9% year-over-year.  

Now that Deutsche Bank is bullish, two of the three analysts in coverage call the security a "buy" or better, with one a tepid "hold." Meanwhile, the 12-month consensus price target of $17.67 is a 28.6% premium to current levels. 

There has been plenty of short covering lately. Short interest is down 47.4% over the two most recent reporting periods, and now makes up just 1.3% of the stock's available float.  

 

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