The 6 Most Shorted Nasdaq Stocks: Bye-Bye Apple

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Among the most heavily shorted stocks traded on the Nasdaq, the moves between the June 15 and June 30 settlement dates were mostly mixed and modest. However, note that Apple did manage to slip out of the top 10 again with a double-digit percentage decline in its short interest, its second sizable retreat in a row.

Also note that only two of the most shorted Nasdaq stocks still had more than 100 million shares short by the end of the most recent period.

Sirius XM

The nearly 195.34 million Sirius XM Holdings Inc. (NASDAQ: SIRI) shares short by the end of last month was more than 3% lower than on the previous settlement date, which was the highest level of short interest in the past year. Some 10.9% of the company’s float was sold short most recently. At the current average daily volume, it would take less than four days to cover all short positions.

Sirius XM’s second-quarter earnings report is due out on July 26. Its share price ended the two-week period about 1% higher, though it was down almost 4% at one point. The stock closed Tuesday at $4.10 a share, within a 52-week trading range of $3.29 to $4.20.

Frontier Communications

After a more than 9% rise in the previous period, short interest in Frontier Communications Corp. (NASDAQ: FTR), increased another 4% or so to more than 163.98 million shares by June 30. That was 14.1% of the telecom’s float, as of the most recent settlement date. The days to cover dropped to less than 10 as the average daily volume grew.

Frontier remains a top pick at Merrill Lynch. Shares ended the short interest period up more than 2%, although it was almost 8% higher at one point. The Nasdaq was flat in that time. The share price now is about 8% higher year to date and closed most recently at $5.04, within a 52-week range of $3.81 to $5.85.

MannKind

MannKind Corp.’s (NASDAQ: MNKD) short interest, at around 85.96 million shares most recently, was more than 5% higher than on the prior settlement date, taking back most of the drop in the previous period. It was also 26.6% of the total float. The days to cover was more than 16, while the daily average volume ended a three-period decline. Note that the year-to-date peak was more than 130 million shares back in February.

MannKind plans to relaunch Afrezza in the current quarter. Despite about a more than a 22% gain during period, the stock ended the two weeks up less than 14%. Shares are now about 22% lower year to date to $1.13, still well up from the multiyear low of $0.64 earlier this year. The 52-week high of $5.80 was seen nearly a year ago.