Investing

The 6 Most Shorted Nasdaq Stocks

Caesars Entertainment

Caesars Entertainment Corp.’s (NASDAQ: CZR) remains on the list as its short interest increased for the 15th straight period, and the latest gain was by more than 3.3 million shares. The more than 108.37 million shares posted for the mid-month settlement date represented 19.0% of the total float, and it was the greatest number of shares short in at least a year. The days-to-cover figure dropped from over nine to less than eight as the average daily volume increased.

At least one key analyst was willing to take a big gamble on Caesars in the short interest period. Its share price ended the first two weeks of this month about 3% higher, despite being down more than 8% at one point. The stock ended Tuesday’s at $10.35 per share, which is down more than 4% over the past 90 days. Its 52-week trading range is $8.55 to $14.50, and that low was seen at the beginning of last month.

Opko Health

Opko Health Inc.’s (NASDAQ: OPK) short interest shrank by around 2 million shares from in the previous period to more than 74.04 million on the most recent settlement date. That was the third consecutive period of falling short interest, and it represented 22.7% of the total float. The daily average trading volume doubled, though, and the days to cover figure dropped from a year-to-date high near 24 to less than 12.

Opko’s CEO was among those recently charged by the SEC in a so-called pump-and-dump scheme. The stock dropped over 20% before trading was halted on the Nasdaq for about a week. By the end of the short-interest period, the share price was more than 35% lower, and the stock was last seen trading at $3.99 per share. That’s closer to the 52-week low of $2.66 than the 52-week high of $7.24 seen almost a year ago.

Neovasc

Short interest at Neovasc Inc. (NASDAQ: NVCN) totaled more than 71.96 million shares by the middle of this month, after pulling back about 1% from the prior settlement date. That was the seventh period in a row in which the number of shares sold short had dwindled. The days to cover shrank from a year-to-date high near nine to around four during the latest period to as the average daily volume doubled.

Nasdaq had begun the process of delisting this Canadian cardiovascular device maker. Short sellers watched the stock fall more than 23% (reverse-split adjusted) in those two weeks. The most recent closing share price of $2.69 compares with the split-adjusted 52-week low of $2.00. Shares are more than 95% lower year to date. The stock has traded as high as $178.00 a share (again, reverse-split adjusted) in the past year.

And Others

Rounding out the top 10 were Intel Corp. (NASDAQ: INTC), Comcast Corp. (NASDAQ: CMCSA), Geron Corp. (NASDAQ: GERN) and TherapeuticsMD Inc. (NASDAQ: TXMD). Comcast is the standout here, with a double-digit percentage decline in the number of its shares short. The short interest moves in the others were marginal.

Lingering outside the spotlight of the top 10 most shorted Nasdaq stocks again were MiMedx Group Inc. (NASDAQ: MDXG), Micron Technology Inc. (NASDAQ: MU), Synergy Pharmaceuticals Inc. (NASDAQ: SGYP) and Mattel Inc. (NASDAQ: MAT).

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