After two periods of wildly surging short interest in Procter & Gamble, short sellers had enough and fled the stock between the September 30 and October 14 settlement dates, allowing it to nearly drop back out of the top 10 most shorted stocks traded on the New York Stock Exchange.
So Sprint rose back to the top of the list earlier this month, despite a modest decline in short interest. Note that the number of GE shares short also dropped sharply in the period.
The top six stocks on the list all had more than 115 million shares short at the end of the most recent settlement period.
After popping more than 8% in the previous period, short interest in Sprint Corp. (NYSE: S) retreated almost 4% between the most recent settlement dates. The approximately 161.07 million shares short reported totaled 25.4% of the float. The days to cover remained more than nine, even as the daily average volume shrank somewhat in the initial weeks of the month.
24/7 Wall St. took a good look at Sprint’s sky-high valuation last month. The share price ended the short interest period about 6% higher than where it began it, though it was down more than 2% at one point. The shares are still up almost 80% year to date and closed most recently at $6.50. The stock hit a 52-week high of $7.16 last week, well up from the 52-week low of $2.18 early in the year.
The short interest in Ford Motor Co. (NYSE: F) pulled back more than 5%, ending two straight periods of a declining number of shares short and bringing the number most recently to around 155.98 million. That represented 4.0% of the total float, down from a high of about 4.4% in mid-March. It still would take about five days to cover all short positions.
It may be the best time in eight years to buy a pickup like the Ford F-150, but after the share price rose more than 3% it ended the two weeks down more than 1%. The S&P 500 slipped less than 2% in that time. Ford shares have changed hands between $11.02 and $15.15 apiece in the past year. They were trading at $11.85 on Tuesday’s close, which is down nearly 16% year to date.
The number of Vale S.A. (NYSE: VALE) shares short grew by around 8.8 million during the period, or around 7%, to almost 133.69 million. Note that before this, seven of the past eight periods had seen shrinking short interest. At the most recent average daily volume, it would take about five days to cover all short positions.
This Brazilian miner still intends to sell off its fertilizer business. Vale’s shares grew more than 7% but gave up most of that gain during the short-interest period. They closed most recently at $6.79. That is up more than 106% year to date but around 58% higher than a year ago. The share price has ranged from $2.13 to $6.83 in the past 52 weeks.