Alphabet Inc. (NASDAQ: GOOGL) 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.
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.
Sponsored: Want to Retire Early? Here’s a Great First Step
Want retirement to come a few years earlier than you’d planned? Or are you ready to retire now, but want an extra set of eyes on your finances?
Now you can speak with up to 3 financial experts in your area for FREE. By simply clicking here you can begin to match with financial professionals who can help you build your plan to retire early. And the best part? The first conversation with them is free.
Click here to match with up to 3 financial pros who would be excited to help you make financial decisions.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.