The most recent short interest data has been released by the NASDAQ for the 01/29/2016 settlement date, which shows a 1,415,108 share decrease in total short interest for TrueCar Inc (TRUE - Get Report), to 11,624,803, a decrease of 10.85% since 01/15/2016. 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 TRUE at the 01/29/2016 settlement increased to 924,076, as compared to 805,113 at the 01/15/2016 report. That brought "days to cover" down to 12.58, a 22.33% decrease from the 16.20 days to cover calculated at the previous short interest data release.The below chart shows the historical "days to cover" for TRUE at previous short interest release dates: 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 TRUE had been shorted as a hedge. The chart below shows the one year performance of TRUE shares, versus its 200 day moving average. Looking at this chart, TRUE's low point in its 52 week range is $4.01 per share, with $21.00 as the 52 week high point — that compares with a last trade of $5.37.
More from Stocks
Dow Futures Drift Lower, Crude Pares Gains As Markets Gear for Fed Rate Decision
Global stocks edged lower again Tuesday, following one of the biggest single-day declines in oil prices on record, as investors adopted a cautious stance on risk ahead of the Federal Reserve's two-day rate-setting meeting and the start of formal U.S.-China trade talks later this week.
Why It's a Good Time to Consider Dividend-Paying Stocks
Mark Hulbert notes dividend-stock strategies may be out of favor, but these days, they can provide not only a higher yield but also growth potential.
Boeing, FedEx, Federal Reserve, WeWork, General Motors - 5 Things You Must Know
U.S. stock futures decline modestly and oil prices slip following one of the biggest single-day price jumps on record; investors adopt a cautious stance ahead of the Federal Reserve's two-day rate-setting meeting and the start of formal U.S.-China trade talks; FedEx, Adobe and Chewy report earnings.