The most recent short interest data has been released by the NASDAQ for the 06/13/2014 settlement date, and we here at Dividend Channel like to sift through this fresh data and order the underlying components of the Nasdaq 100 by "days to cover." There are a number of ways to look at short data, for example the total number of shares short; but one metric that we find particularly useful is the "days to cover" metric because it considers both the total shares short and the average daily volume of shares typically traded. The number of shares short is then compared to the average daily volume, in order to calculate the total number of trading days it would take to close out all of the open short positions if every share traded represented a short position being closed.In our new rank based on the most recent short interest data from NASDAQ, PACCAR Inc. (PCAR) has taken over the position of #30 most shorted Nasdaq 100 component, from Stericycle Inc. (SRCL) which is now in the #23 spot. The "days to cover" at 06/13/2014 was 5.83 for PCAR, and 7.08 for SRCL; this compares to the average across all Nasdaq 100 components of 5.04 (up from the average back on the 05/30/2014 settlement date of 4.62). The chart below shows the movement over time of the "days to cover" values of both PCAR and SRCL, versus the average Nasdaq 100 component.
PACCAR Becomes #30 Most Shorted Nasdaq 100 Component, Replacing Stericycle
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.