PHH Stock Sees Short Interest Decrease By 13.7%

The most recent short interest data has been released by the NASDAQ for the 06/15/2015 settlement date, which shows a 1,718,151 share decrease in total short interest for PHH Corp ( PHH), to 10,803,292, a decrease of 13.72% since 05/29/2015. 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 PHH at the 06/15/2015 settlement increased to 978,346, as compared to 793,492 at the 05/29/2015 report. That brought "days to cover" down to 11.04, a 30.02% decrease from the 15.78 days to cover calculated at the previous short interest data release.

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

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