Short Interest Drops 11.3% For BJRI

The most recent short interest data has been released by the NASDAQ for the 04/30/2015 settlement date, which shows a 359,948 share decrease in total short interest for BJ's Restaurants Inc ( BJRI), to 2,811,700, a decrease of 11.35% since 04/15/2015. 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 BJRI at the 04/30/2015 settlement increased to 551,407, as compared to 168,542 at the 04/15/2015 report. That brought "days to cover" down to 5.10, a 72.90% decrease from the 18.82 days to cover calculated at the previous short interest data release.

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

Top 25 S.A.F.E. Dividend Stocks »

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 BJRI had been shorted as a hedge.

The chart below shows the one year performance of BJRI shares, versus its 200 day moving average. Looking at this chart, BJRI's low point in its 52 week range is $28.25 per share, with $55.44 as the 52 week high point — that compares with a last trade of $46.69.

If you liked this article you might like

Eating McDonald's Stock Might Make You Sick

Investors in Restaurant Stocks Still Need Strong Stomachs

Someone Left a CAKE Out by the Mall

It's Hard to Work Up an Appetite for Most Restaurant Stocks

BJ's Restaurants Gets 'Buy' Rating at Canaccord