Technology

Alphabet Short Sellers Betting Against All-Time Highs

Alphabet Inc.’s (NASDAQ: GOOGL) short interest data has been released, and there was a slight bump. This data comes from the June 30 settlement date, and it also comes on the heels of Alphabet stock hitting all-time highs.

Of all the major trillion-dollar companies, Alphabet’s short interest ranks as the lowest among the group, and there’s a lot of reasons to be bullish on the stock.

Alphabet’s short interest for the June 30 settlement was 2.76 million shares, which was up from 2.70 million on the prior settlement date. Note that this also compares with the 3.20 million shares short reported in the same period of last year.

In the past 52 weeks, the stock has outperformed the broad markets, with shares up about 65%. Year to date, the stock is up only 45%.

Alphabet has a daily average volume of 1.36 million shares traded, so it would take short sellers just over two days to cover their positions.

24/7 Wall St. recently reported on Alphabet:

The search giant continues to expand and was the G in the FANG stocks before changing its name in 2015. Alphabet … is a global technology company focused on key areas such as search, advertising, operating systems and platforms, and enterprise and hardware products. The company generates revenue primarily by delivering online advertising and by selling apps and content on Google Play, as well as hardware products. Alphabet provides its products and services in more than 100 languages and in 190 countries, regions and territories.

Alphabet offers performance and brand advertising services. It operates through Google and Other Bets segments. The Google segment includes principal internet products, such as search, ads, commerce, Maps, YouTube, Apps, Cloud, Android, Chrome and Google Play, as well as technical infrastructure and newer efforts, such as virtual reality.

Analysts point to Google Cloud, which is the largest cloud infrastructure play and engages in more technology, infrastructure research and development in headcount and dollars than any other company does. That gives it the strength and wherewithal to compete with and differentiate itself from Amazon’s AWS and Microsoft’s Azure.

Alphabet stock closed Monday’s session at $2,539.51 a share, in a 52-week range of $1,402.15 to $2545.68. The consensus price target is $2,764.46.