The most recent short interest data has been released by the NASDAQ for the 05/31/2013 settlement date, which shows a 333,765 share increase in total short interest for ITC Holdings Corp (ITC), to 3,225,106, an increase of 11.54% since 05/15/2013. 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 ITC at the 05/31/2013 settlement decreased to 238,590, as compared to 254,041 at the 05/15/2013 report. That brought "days to cover" up to 13.52, a 18.77% increase from the 11.38 days to cover calculated at the previous short interest data release.
Short Interest In ITC Holdings Corp Moves 11.5% Higher
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