The most recent short interest data has been released by the NASDAQ for the 07/31/2014 settlement date, which shows a 1,921,212 share decrease in total short interest for Accuray Inc (ARAY), to 15,059,394, a decrease of 11.31% since 07/15/2014. 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 ARAY at the 07/31/2014 settlement increased to 702,961, as compared to 520,157 at the 07/15/2014 report. That brought "days to cover" down to 21.42, a 34.38% decrease from the 32.65 days to cover calculated at the previous short interest data release.The below chart shows the historical "days to cover" for ARAY at previous short interest release dates:
Short Interest Moves 11.3% Lower For ARAY
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