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Planar Systems Inc. Message Board

  • who_let_the_daytraders_out who_let_the_daytraders_out Jun 26, 2004 11:53 AM Flag

    short interest

    As of Jan 15, 2004 there was 639,085 shares sold short according the Nasdaq. Before that date but during Jan. the pps dropped from a high of $26.09 down to a low of $17.02. The close on Jan 12 was 17.58. Since that time a little over 1.6m shares have been added to the short total and as of Jun. 15 we stood at 2,256,800 shares sold short according to the Nasdaq website. It is impossible (at least for me) to determine exactly how much churn has transpired with the shares sold short. It is possible that all of the shares bought in Jan, have been covered and new positions have been initiated. One thing I can determine, however, is that the best price possible that the new short positions could have been initiated is $18.01 in Jan., $17.45 in Feb., $17.69 in Mar., $14.05 in Apr., $12.65 in May, and $12.85 up to Jun. 15.

    Again I don't know how much churn is taking place but there is very likely some. Since the monthly increases have been steady but a large number increase in Mar/Apr, I think there has been many positions initiated on the technical basis that we were in a prolonged downward trend.

    Yesterdays action indicates the trend has reversed and it sure looks like shorts have begun covering...case in point the 175k buy at $13.38 at the close. course, that could have been someone looking to get in on a short squeeze too.

    At least 1 million shares sold short since April will be under water at the $14. mark and probably many more than that. Most of those are already under water. Given avg daily volume reported by Nasdaq for 30 days prior to Jun. 15 as 157,800, I would say the shorts have a problem here if we continue to move north come Monday.

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