Carbo Ceramics Stock Sees Short Interest Drop 17.2%

The most recent short interest data has been released by the NASDAQ for the 09/30/2013 settlement date, which shows a 1,124,686 share decrease in total short interest for Carbo Ceramics Inc. (CRR), to 5,403,142, a decrease of 17.23% since 09/13/2013. 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 CRR at the 09/30/2013 settlement increased to 396,325, as compared to 196,021 at the 09/13/2013 report. That brought "days to cover" down to 13.63, a 59.06% decrease from the 33.30 days to cover calculated at the previous short interest data release.

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The below chart shows the historical "days to cover" for CRR at previous short interest release dates:

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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 CRR had been shorted as a hedge.

The chart below shows the one year performance of CRR shares, versus its 200 day moving average. Looking at this chart, CRR's low point in its 52 week range is $60.33 per share, with $106.51 as the 52 week high point — that compares with a last trade of $104.84.

Carbo Ceramics Inc. Chart

According to the ETF Finder at ETF Channel, CRR makes up 2.56% of the SPDR S&P Oil & Gas Equipment & Services ETF (XES) which is up by about 1.1% on the day Friday.

In afternoon trading Friday, CRR was up about 1% on the day.

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