Welcome to this week’s installment of “The Short Interest Report" - The Fly's weekly recap of short interest trends among some of the most widely followed high-short-float stocks. Using the data from our partner Ortex.com, which utilizes the latest information from stock lenders to estimate short interest changes for thousands of publicly traded companies, this version will screen for some of biggest changes in short interest as a percentage of free float and days-to-cover ratios. This report will also continue to layer the short interest data on some of the more volatile and heavier-traded names of the week. Based on the availability of data from Ortex, the report will continue to track the trading period that covers prior Friday through Thursday of this week.
As a basis of comparison, the S&P 500 index was up 0.2%, the Russell 2000 index was down 0.2%, the Russell 1000 Growth ETF (IWF) was up 0.6%, and the Russell 1000 Value ETF (IWD) was flat in the period range.
BLINK CHARGING SHORT INTEREST JUMPS ABOVE 40%
Estimated short interest in Blink Charging (BLNK) had tracked sideways around the mid 30% range over the second half of July, but bearish sentiment has risen more markedly this week. The estimated short position is up over six percentage points at 40.1% - the highest level in about five weeks and also within a percentage point of a multi-month high. Days-to-cover ratio on the stock is already at its highest level, increasing by 30% to 9.1. Shares of Blink Charging were up 4.0% in the five-day trading period covered.
IROBOT SHORT INTEREST SPIKES TO SIX-MONTH HIGH
Estimated short interest in iRobot (IRBT) saw a relatively massive spike of about ten percentage points this week, the bulk of which came on Tuesday. Short position as a percentage of free-float reached its highest level since late January at 33.3%, while days-to-cover ratio in the stock matched the magnitude of the advance with a 65% increase to 13.6. The stock was exceptionally volatile after the company missed on earnings and cut its guidance last week with a near 10% opening gap lower before paring much of that decline during the session and later in the week. iRobot shares were up 1.3% for the five-day trading period covered.
ROOT, STITCH FIX SHORT INTEREST HIT MULTI-MONTH LOW
Root (ROOT) and Stitch Fix (SFIX) are this week’s highlights among the short interest decliners in our Ortex-driven screen. The estimated short interest in Root was down two percentage points to 13.6%, its lowest level since late February, with days-to-cover on the stock down 13% to 3.1. For Stitch Fix, the estimated short position has also declined to a five-month low of 10.4%, down four percentage points, while the days-to-cover on the stock is down 29% at 2.0. In the five-day trading period covered and with the absence of meaningful news, Root shares are down 6.8%, while those of Stitch Fix are down 15.3%.
WAVE LIFE SCIENCES SHORT INTEREST HITS TWO-MONTH HIGH
Small-cap biotech Wave Life Sciences (WVE) is making its first appearance on our screen, coinciding with yesterday’s spike in volume and volatility following the company’s Q2 earnings report. The estimated short position on the name jumped 15 percentage points to 22.4% and its days-to-cover tripled to 1.0 as the stock broke out of its 2-week range on the news. Wave Life Sciences shares were up 4.5% for the five-day trading period covered.
INTERSECT SHORT INTEREST RISES BEFORE MEDTRONIC DEAL ANNOUNCEMENT
Shares of Intersect ENT (XENT) have risen nearly 50% in just over a month with the stock up another 5.7% in the five-day trading period covered through Thursday and up another 12% on Friday, though volatility will surely retrace with today’s announcement that the company is being acquired by Medtronic (MDT). The estimated short position on the name had been approaching its record high of 48% with a 13 point jump to 46% over the past five days.
iRobot
-1.47 (-1.68%)
Root
+0.08 (+1.11%)
Stitch Fix
-1.26 (-2.66%)
Wave Life Sciences
-0.09 (-1.50%)
Intersect ENT
+2.95 (+12.03%)
Blink Charging
-1.395 (-3.95%)
Medtronic
+0.56 (+0.44%)