Crypto Whales Are Loading Up — Are You?
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Market data provider Astec Analytics releases a weekly list of top shorted stocks. Here's the firm's take on six of this week's most-shorted equities.
Top Pick: Redfin
The top short is Redfin Corp (NASDAQ:RDFN), a provider of residential real estate brokerage services. The stock has risen from its IPO offering level of $15 to close last week at $26.01 and, as is the case with new IPO stocks, short interest rises quickly as shares become available to short. In fact, utilization has remained above 80 percent for most days since September and finished last week north of 93 percent.
1. Overstock
Online retailer Overstock.com Inc (NASDAQ:OSTK) continues to expand its exposure to bitcoin. But at the same time short interest has been rising steadily since the middle of October, and when the stock closed last week at $68.35 — up 258 percent for 2017 — short interest volume as a proportion of supply stood just shy of 95 percent.
2. Qudian
A new entry to the hot short list is Qudian Inc - ADR (NYSE:QD), a China-based online provider of cash credit products. After jumping 45 percent after its IPO, the stock peaked at $34.90. As of the end of last week, utilization stood at just over 99 percent and has been above 75 percent for a month.
Why Did Shares Of Chinese Internet Microlender Qudian Plunge Friday?
3. Snap
Snap Inc (NYSE:SNAP), a regular member of the hot stocks to short list, ended last week's trading session at $15.75. While short interest volume has been declining since it peaked in mid-November, utilization has fallen by just 7 percent, closing last week at 87.5 percent.
4. Roku
Roku Inc (NASDAQ:ROKU)'s stock continues to trade near its all-time high of $58.80. While short sellers have been active in closing out their position, utilization rates did increase over the past week. At the same time, short selling volume did fall 6 percent — which implies that a bubble may burst.
5. AMC Entertainment
Finally, AMC Entertainment Holdings Inc (NYSE:AMC) saw a small 2-percent rise in short volume last week, which translated into a 14-percent rise in utilization rates to end the week at just over 85 percent.
Plot Twist: AMC Entertainment's Messy Q3 Carries Positive Themes
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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