Short interest in Reliance (NYSE: RS) has seen a significant increase, with the company reporting a 10.61% rise in short percent of float since its last report. This means that there are now 857 thousand shares sold short, accounting for 1.98% of all regular shares available for trading. Traders would take an average of 3.56 days to cover their short positions based on the company’s trading volume.
Short interest is an important metric to track as it can provide insights into market sentiment towards a particular stock. When short interest increases, it may indicate that investors have become more bearish on the stock, while a decrease in short interest could signal a more bullish outlook.
The chart above shows that Reliance’s short interest has been on the rise in the past three months. While this doesn’t necessarily mean that the stock will fall in the near-term, it is a notable trend that traders should be aware of.
When comparing Reliance’s short interest against its peers, data from Benzinga Pro shows that the company has less short interest than most of its peer group, with an average short interest as a percentage of float of 4.86%. This suggests that Reliance is not as heavily shorted as some of its competitors.
It’s worth noting that increasing short interest can sometimes be bullish for a stock. Traders can learn more about how to profit from short squeezes in a post by Benzinga Money.
In conclusion, tracking short interest can provide valuable insights into market sentiment and potential trading opportunities. As Reliance’s short interest continues to rise, traders should keep a close eye on developments in the stock.
