Short Interest Drops 12.2% For FTK

The most recent short interest data has been released by the NASDAQ for the 04/15/2013 settlement date, which shows a 574,909 share decrease in total short interest for Flotek Industries Inc (FTK), to 4,121,673, a decrease of 12.24% since 03/28/2013. 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 FTK at the 04/15/2013 settlement increased to 578,557, as compared to 490,870 at the 03/28/2013 report. That brought "days to cover" down to 7.12, a 25.54% decrease from the 9.57 days to cover calculated at the previous short interest data release. The below chart shows the historical "days to cover" for FTK at previous short interest release dates:

Loading+chart++2013+TickerTech.com

A decreased "days to cover" value could indicate that short sellers are no longer expecting the same decline in stock price they once were, or it could also indicate a long bet elsewhere was closed where FTK had been shorted as a hedge.

START SLIDESHOW:
The 10 Most Shorted Stocks of the Dow »

The chart below shows the one year performance of FTK shares, versus its 200 day moving average. Looking at this chart, FTK's low point in its 52 week range is $8.46 per share, with $16.50 as the 52 week high point — that compares with a last trade of $16.20.

Flotek Industries Inc Chart

In afternoon trading Thursday, FTK was up about 1.7% on the day.

null

More from Stocks

Week Ahead: Trade Fears and Stress Tests Signal More Volatility To Come

Week Ahead: Trade Fears and Stress Tests Signal More Volatility To Come

3 Great Stock Market Sectors Millennials Should Invest In

3 Great Stock Market Sectors Millennials Should Invest In

Why Millennials Are Ditching Stocks for ETFs

Why Millennials Are Ditching Stocks for ETFs

Trump's 'Space Force' Could Launch a $1 Trillion Industry, Morgan Stanley Says

Trump's 'Space Force' Could Launch a $1 Trillion Industry, Morgan Stanley Says

Abiomed Stock Should Rise Some 12% From Here, Piper Jaffray Analyst Says

Abiomed Stock Should Rise Some 12% From Here, Piper Jaffray Analyst Says