The most recent short interest data has been released by the NASDAQ for the 04/30/2013 settlement date, which shows a 1,131,205 share decrease in total short interest for ServiceNow Inc (NOW), to 9,913,986, a decrease of 10.24% since 04/15/2013. Total short interest is just one way to look at short data; another metric that we here at Dividend Channel find particularly useful is the "days to cover" metric because it considers both the total shares short and the average daily volume of shares traded. The number of shares short is then compared to the average daily volume, in order to calculate the total number of trading days (at the average volume) it would take to close out all of the open short positions if every share traded represented a short position being closed. Average daily volume for NOW at the 04/30/2013 settlement increased to 1,877,887, as compared to 859,726 at the 04/15/2013 report. That brought "days to cover" down to 5.28, a 58.91% decrease from the 12.85 days to cover calculated at the previous short interest data release. The below chart shows the historical "days to cover" for NOW at previous short interest release dates:
ServiceNow Stock Sees Short Interest Drop 10.2%
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts
More than 30 investing pros with skin in the game give you actionable insight and investment ideas.