Short Interest In Cooper Tire & Rubber Falls 28%

The most recent short interest data has been released by the NASDAQ for the 09/30/2013 settlement date, which shows a 800,787 share decrease in total short interest for Cooper Tire & Rubber Co. (CTB), to 2,066,109, a decrease of 27.93% 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 CTB at the 09/30/2013 settlement increased to 1,599,014, as compared to 800,478 at the 09/13/2013 report. That brought "days to cover" down to 1.29, a 63.92% decrease from the 3.58 days to cover calculated at the previous short interest data release.

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

The below chart shows the historical "days to cover" for CTB 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 CTB had been shorted as a hedge.

The chart below shows the one year performance of CTB shares, versus its 200 day moving average. Looking at this chart, CTB's low point in its 52 week range is $18.38 per share, with $34.80 as the 52 week high point — that compares with a last trade of $25.73.

Cooper Tire & Rubber Co. Chart

According to the ETF Finder at ETF Channel, CTB makes up 1.36% of the WisdomTree U.S. SmallCap Dividend Growth Fund ETF (DGRS) which is up by about 1.1% on the day Friday.

In afternoon trading Friday, CTB was trading flat on the day.

null

More from Stocks

Tesla Model 3 Delivery Time Falls, but Will It Help the Stock?

Tesla Model 3 Delivery Time Falls, but Will It Help the Stock?

Baidu Stock Plummets After COO Qi Lu Resignation

Baidu Stock Plummets After COO Qi Lu Resignation

18 Top Stocks Hedge Funds Own That Goldman Sachs Thinks Will Keep Outperforming

18 Top Stocks Hedge Funds Own That Goldman Sachs Thinks Will Keep Outperforming

Dow Rises Sharply as U.S.-China Trade Tensions Thaw

Dow Rises Sharply as U.S.-China Trade Tensions Thaw

One Chart on Global Trade Conditions Should Make You Worried About Stocks

One Chart on Global Trade Conditions Should Make You Worried About Stocks