Alphabet’s Short Interest Slips by 25%
Alphabet stock has been on the rise over the past year, and short sellers have been getting squeezed.
Alphabet Inc. (NASDAQ: GOOGL | GOOGL Price Prediction) stock has been on the rise over the past year, and short sellers have been getting squeezed — but not nearly as bad as with GameStop.
Alphabet short interest for the January 15 settlement was 2.46 million, down from 2.51 million in the prior two-week period. Note though that it was about a 25% drop from the 3.13 million shares short reported in the same period last year.
In the past 52 weeks, the stock has outperformed the broad markets with shares up about 25%, practically matching how much short interest has fallen off in this time.
Alphabet has a daily average trading volume of 1.72 million shares traded, so it would take short sellers about 1.65 days to cover their positions.
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Currently, Alphabet ranks as the fourth largest company in the world, with a market cap of $1.27 trillion. It is in an elite club with the likes of Apple, Microsoft and Amazon, all with market caps over $1 trillion.
Alphabet traded up about 1.4% to $1,844.10 on Thursday, in a 52-week range of $1,008.87 to $1,932.08. The consensus price target is $1,967.72.
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Chris Lange is a financial and geopolitical writer with more than a decade of experience covering a myriad of topics. He has published thousands of articles for 24/7 Wall St., with past coverage focused heavily on stocks, IPOs, healthcare, defense, global affairs, and technology.
His work has been quoted, or referenced by a number of outlets including Business Insider, USA Today, Yahoo Finance, MSN, The Motley Fool, and many other publications. A graduate of Southwestern University, he studied business with a focus on investments and has previous experience in banking and startups.
When not reading or writing the news, he is following his passion for Lacrosse, playing chess, or building solar projects with his dad.
