short percent of float has decreased by 14.49% since its last report. The company recently reported that it has
1.39 million shares sold short, which is 0.59% of all regular shares available for trading.
Based on its trading volume,
it would take traders an average of 1.59 days to cover their short positions.
Why Short Interest Matters
Short interest refers to the number of shares that have been sold short but have not yet been covered or closed out.
is when a trader sells shares of a company they do not own, hoping that the price will drop.
Traders profit from short selling when the stock price falls, but incur losses if it rises.
Tracking short interest is important because it can indicate the market sentiment towards a specific stock.
An increase in short interest may suggest that investors are becoming more bearish, while a decrease may indicate a more bullish sentiment.
List of the most shorted stocks
Elevance Health Short Interest Graph (3 Months)
As shown in the above chart, the percentage of shares sold short for Elevance Health has decreased since its last report.
However, this does not necessarily mean that the stock will rise in the near term, but it is worth noting that fewer shares are being shorted.
Comparing Elevance Health’s Short Interest Against Its Peers
Peer comparison is a common technique used by analysts and investors to assess a company’s performance.
A peer group consists of companies that share similar characteristics such as industry, size, age, and financial structure.
You can identify a company’s peer group by reading its 10-K, proxy filing, or conducting your own similarity analysis.
Elevance Health’s peer group has an average short interest as a percentage of float of 3.26%, indicating that the company has
lower short interest compared to most of its peers.
Did you know that increasing short interest can actually be
bullish for a stock?
This post by Benzinga Money explains how you can profit from it.
This article was generated by Benzinga’s automated content engine and was reviewed by an editor.