Investing

The 6 Most Shorted Nasdaq Stocks: Sirius XM Back on Top

A modest increase in short interest between the July 31 and August 14 settlement dates was enough for Sirius XM to reclaim the top spot on the list of the most heavily shorted stocks traded on the Nasdaq. Mannkind was the only other among the top six that saw the number of shares short grow during the period, while short sellers lost interest in AMD in particular.

Note that the six most shorted Nasdaq stocks all had more than 100,000 shares short by the middle of August.

After rising more than 8% in the previous period, the number of Sirius XM Holdings Inc. (NASDAQ: SIRI) shares short swelled again, more than 4%, to around 160.47 million early this month. That was 7.3% of the total float and the highest short interest so far this year. At the current average daily volume, it would take more than five days to cover all short positions. Record subscriber additions recently garnered Sirius an analyst upgrade. The share price ended the two-week period about where it began, but it has retreated about 9% since. Shares ended Tuesday at $3.63, in a 52-week trading range of $3.14 to $4.04.

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After dropping for the third period in a row, the short interest in Frontier Communications Corp. (NASDAQ: FTR) came in at around 156.21 million shares, or 13.6% of the telecom’s float, by mid-August. That was the lowest number of shares short since the end of May. The days to cover is a little more than six. The dividend seemed safe after the most recent earnings, and shares ended the short interest period more than 13% higher, compared to a marginal decline for the Nasdaq. The share price is about 26% lower year to date. The stock closed Tuesday at $4.92, within a 52-week trading range of $4.19 to $8.46.

By the middle of the month, Advanced Micro Devices Inc. (NASDAQ: AMD) had more than 137.19 million shares short, which was down about 13% from the end of July. The most recent reading totaled 21.7% of the company’s float. The days to cover rose above 10 as the average daily volume continued to cool from recent highs. The share price ended the two weeks more than 4% lower than where it began, though at one point it was up about 14%. The stock closed at $1.66 on Tuesday, and the 52-week range is $1.61 to $4.25.
MannKind Corp.’s (NASDAQ: MNKD) short interest, at around 121.77 million shares as of August 14, was up about 4.9% from the previous period. Note that was 47.6% of the total float, and the days to cover rose from about 19 to more than 21. Peak short interest year to date was more than 131 million shares, back in May. Mannkind’s inhaled insulin drug Afrezza has moved out of clinical development into the commercial market. Shares fell on Tuesday to a new 52-week low of $3.29, compared to a 52-week high of $7.88 back in February. The stock saw a share price decrease of almost 8% in early August, and it has pulled back an additional 18% or so since.

After a drop of more than 9% in the previous period, short interest in Intel Corp. (NASDAQ: INTC) shrank a further 7.8% to more than 117.35 million shares short at the end of the latest period. That totaled 2.5% of the company’s float. The days to cover rose to almost five, the highest level since February. During the period, we recognized Intel as a great place to work. Short sellers watched shares gain more than 2% and then give it back in the short interest period. The stock is now more than 28% lower year to date and closed most recently at $25.87. Shares have traded between $24.87 and $37.90 in the past year.

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BlackBerry Ltd. (NASDAQ: BBRY) saw a 2.0% decline in the number of shares short over the two-week period. The more than 102.95 million shares as of August 14 were 19.4% of the total float, and it was the fourth period in a row above 100,000. It would take more than 21 days to cover all short positions, as the average daily volume dwindled to about half what it was a month earlier. BlackBerry continues to lose market share, though the stock ticked up about 1% during the two weeks. Shares closed Tuesday at $6.75, in a 52-week range of $6.41 to $12.63. The stock is now down more than 38% year to date.

Rounding out the top 10 were Groupon Inc. (NASDAQ: GRPN), Express Scripts Holding Co. (NASDAQ: ESRX), Apple Inc. (NASDAQ: AAPL) and Micron Technology Inc. (NASDAQ: MU). Of these, only Express Scripts had shrinking short interest during the period. Microsoft Corp. (NASDAQ: MSFT) saw a double-digit rise in its shares short, but it fell short of returning to the top 10.

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