Short Report: GameStop Short Interest Falls To Multi-Year Low

In this week’s installment of “The Short Interest Report" we recap 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 1.2%, the Russell 2000 index was down 0.2%, the Russell 1000 Growth ETF (IWF) was up 1.4%, and the Russell 1000 Value ETF (IWD) was up 0.9% in the period range.

GAMESTOP SHORT INTEREST FALLS TO MULTI-YEAR LOW

Estimated short interest on GameStop (GME) was down every day of this week, with an overall-decline in the five-day trading period covered of four percentage points to 9.5%. This is the lowest level in estimated short position for the stock since the start of Ortex data availability in early 2019. Shares of GameStop were down 3.7% in the five-day trading period covered and off by an additional 1.1% late on Friday.

B&G FOODS SHORT INTEREST SPIKES TO ONE-MONTH HIGH

Estimated short interest in B&G Foods (BGS) had fallen to a three-month low earlier this week but spiked by 11 percentage points this past Thursday. For the week the short position is up four percentage points at 25.6%, while the days-to-cover ratio on the stock up up 20% at 18.4. Shares of B&G Foods were down 3.1% in the five-day trading period covered, though the decline included a 1.5% dividend payout, and off by an additional 2% late on Friday.

ROOT SHORT INTEREST REACHES 2021 HIGH

Estimated short interest in Root (ROOT) has continued its steady five-month-long upswing, accelerating late in the week to its highest levels of the year. For the five days covered, the short position in the stock is up 7.5 percentage points to 37.9%, while days-to-cover ratio is 10% to 4.3 times. Shares of Root were down 3.7% in the five-day trading period covered and off by an additional 3.8% late on Friday.

WORKHORSE GROUP SHORT INTEREST DOWN TO ONE-MONTH LOW

Estimated short interest in Workhorse (WKHS) peaked last Wednesday at the highest level of this year and has since declined for the past six consecutive sessions. Over the past five-day period, short position in Workhorse is down four percentage points at 37.9%, with days-to-cover ratio on the stock also off by 14% to 3.4. Shares of Workhorse were up about 1% in the five-day trading period covered but slid by over 9% late on Friday.

FUNKO SHORT INTEREST JUMPS OVER 100%

Funko (FNKO) is the newcomer to the Ortex-driven screen for extreme short positioning. The estimated short position held steady through Friday of last week around 25% but has since spiked to over 100%. In the five-day trading period covered, the estimated short position in Funko is up 76 percentage points at 102%, the days-to-cover has nearly quintupled to 3.8, while shares of Funko were down 6.9% in the five-day trading period covered and off by an additional 1.9% late on Friday

Disclaimer: TheFly's news is intended for informational purposes only and does not claim to be actionable for investment decisions. Read more at  more

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