The Top 5 Most Shorted Stocks on the NYSE

The Top 5 Most Shorted Stocks on the NYSE

The Top 5 Most Shorted Stocks on the NYSE

$F, $GE, $BAC, $SNAP, $RAD

History tells us that October can be a volatile frame for the stock market, and this year we are seeing it in spades.

Investors and traders worry about the Fed raising interest rates, weakness in global and emerging markets, the effects of the trade dispute with China, mixed corporate earnings and forward caution, the US midterm congressional elections and the Holiday season.

All this has the major US stock market indexes off its all-time highs marked in September and wringing out the excesses.

Judging by the most shorted stocks traded on the NAS Comp between 28 September and 15 October settlement dates, sellers were cautious overall too.

Here are the most shorted stocks on the NYSE, as follows:

Snap Inc. (NYSE:SNAP), which saw the number of its shares short rise less than 1% in 1-H of October. The more than 162.25-M/shares reported most recently represented 25.3% of the social media and camera company’s total float. At the daily average trading volume in the middle of this month, it would take about 5 days for investors to cover all short positions.

A leaked memo suggested that Snap could be profitable before long.

Yet, the stock ended the short interest period about 13% lower, and it has pulled back further since then. Snap’s share price was last seen at 6.28, which compares to the 52-wk low of 5.77 seen Friday. The 52-wk high, reached early this year, was 21.22 a share. The stock now is down almost 55% in the past 90 days.

Ford Motor Co. (NYSE:F) saw it number of its shares short in 1st weeks of the month grew more than 10% to 130.62-M or so, which was 3.3% of the iconic automaker’s float. At the average daily volume on the latest settlement date, it would take about 3 days for sellers to cover all their short positions.

Lately, Ford has had trouble with sales in China, the world’s largest car market. The share price ended the most recent settlement period more than 6% lower, and it has sagged further since that time. The stock closed most recently at 8.98/share, which is about 7% lower than 3 months ago. The 52-wk low of 8.17 was seen last week, and the shares have changed hands as high as 13.48 apiece in the past 52 wks.

General Electric Co. (NYSE: GE) is still in our Top 5 even though the number of its shares short changed little in the settlement frame. That followed a jump of more than 23% in 2-H of September. The more than 124.16-M shares reported most recently represented 1.4% of the giant conglomerate’s total float, and it compares to the YTD high above 155-M seen back March. The daily average trading volume increased sharply again in the latest period, and the days to cover remained less than 1.

Short sellers watched the shares rise almost 7% but then end the fram down more than 5%. In those 2 weeks, the DJIA pulled back less than 5%. GE’s share price was last seen at 11.30, which compares with a 52-wk low of 11.17 last wk. The 52-wk high, from about a year ago, was 21.65/share. The stock now is down about 7% in the past 90 days.

Bank of America Corp.’s (NYSE:BAC) short interest in the latest 2-week frame slipped by about 6% to almost 116.67-M, and the stock fell a couple of spots down our list. That reading represented just 1.2% of the total float. As of the middle of October, it would take about 2 days to cover all short positions, after the daily average volume rose for the 3rd consecutive frame.

Bank of America share price ended the latest settlement period with a decliner of more than 6%, though it had been up more than 3% recently. The stock closed most recently at 26.39/share, which is down almost 15% from 90 days ago. The shares have changed hands between $25.81 – 33.05 in the past 52 wks.

Rite Aid Corp. (NYSE:RAD), at #1 on our list, shares sold short rose more than 3.2-M to 159.07, between the most recent settlement dates. The most recent figure was 15.4% of the company’s total float, as well as more than 14-M less than the highest level of short interest YTD. The average daily trading volume rose during the frame, and the days to cover figure is 11.

Rite Aid shares kept sinking to new 52-wk lows during the short interest period.

The share price ended the latest settlement period about 17% lower. This past week, the stock fell more than 9% but recovered somewhat, and it closed most recently at 1.05/share, near the 52-wk low at 0.98. That was more than 15% lower than 90 days ago. Rite Aid shares have traded as high as 2.55 in the past 52 wks.

Have a terrific weekend.

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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