Short interest out (8/25 post-mkt) - analysis D
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Posted On: 08/27/2020 8:38:45 AM
Short interest out (8/25 post-mkt) - analysis
Data is always rear-view mirror as it's published 2 weeks after trade date, but short interest was steady @ 9.5mm from 5/15 through 7/15.
As of 7/29: 13.2mm
As of 8/12: 18.7mm
So short interest doubled in 1 month . For the ADV hacks, there was NET shorting (not subsequently covered in that timeframe) of 6% of the volume over the 4 week span, and 8.4% of volume in the 2 weeks preceding 8/12. Enough to have a moderate impact on the stock price.
Still only 3.74% of float (Sorrento as a pt. of comparison is 25% of float), so an increase off a low base, nothing alarming.
Bottom line: Shorts definitively increased after the RTF letter caused the share price to first drop, then bounce back over $6, then gradually selloff from there. Need to wait a couple of weeks to see what happened in the back half of August.
Silver lining: Stock went from $3 to $10 when there were ~9.5mm short. Now there are 2x that. Again, these are short term technical dynamics, won't impact long term trajectory of the stock.
Data is always rear-view mirror as it's published 2 weeks after trade date, but short interest was steady @ 9.5mm from 5/15 through 7/15.
As of 7/29: 13.2mm
As of 8/12: 18.7mm
So short interest doubled in 1 month . For the ADV hacks, there was NET shorting (not subsequently covered in that timeframe) of 6% of the volume over the 4 week span, and 8.4% of volume in the 2 weeks preceding 8/12. Enough to have a moderate impact on the stock price.
Still only 3.74% of float (Sorrento as a pt. of comparison is 25% of float), so an increase off a low base, nothing alarming.
Bottom line: Shorts definitively increased after the RTF letter caused the share price to first drop, then bounce back over $6, then gradually selloff from there. Need to wait a couple of weeks to see what happened in the back half of August.
Silver lining: Stock went from $3 to $10 when there were ~9.5mm short. Now there are 2x that. Again, these are short term technical dynamics, won't impact long term trajectory of the stock.
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