Short interest in Apple Inc. (NASDAQ: AAPL) fell 16.4% in the two-week reporting period ended February 29. Some 47.44 million Apple shares were short, about 0.9% of the company’s float. Days to cover was one, at average daily volume of about 49 million shares traded. The total marks a 12-month low in Apple short interest.
Since the beginning of the year, short interest in Apple has dropped by 28% to around 66 million shares, after rising to a high of more than 108 million at the end of November 2015.
Is the market telling us that Apple stock was overvalued at its 12-month high of $134.54 posted late last April? From that date through February 29, the stock price has dropped by 30%.
Or is the market telling us that Apple shares have touched a bottom? The stock posted its 52-week low on August 24, when the Dow lost nearly 600 points.
Apple may have hit a bump in the road. Sales of the iPhone are not growing at the torrid pace investors were used to, and tablet sales have been slowed even more by the large-screen phones (phablets).
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