Overstock, Under Armour The Hot Stocks Among Shorts
FIS Astec Analytics has released its latest weekly list of the most popular stocks among short sellers.
This week’s list contains some familiar names, as well as several companies that may be flying under the radar for most traders. Here’s a rundown of this week’s hottest stocks among short sellers.
Top Pick: Overstock.com
FIS Astec reports that Overstock.com, Inc. (NASDAQ: OSTK) short interest has surged by more than five-fold since the beginning of September and now stands at 92 percent of available shares. At the same time, the stocks share price is up 81 percent, indicating something’s got to give.
1. Under Armour
Under Armour Inc (NYSE: UAA)’s struggles have been well-documented, as the once-popular high-growth stocks’ revenue growth has fallen from the 20 and 30 percent range down into the single digits. FIS Astec reports that short interest now accounts for 98 percent of available supply, meaning short traders aren’t finished with Under Armour just yet.
2. Diamond Offshore Drilling
Short sellers clearly aren’t buying the recent spike in crude oil prices and the corresponding 12 percent gain in Diamond Offshore Drilling Inc (NYSE: DO) in the past month. FIS Astec reports that short interest increased 6 percent in the past week alone, climbing all the way to 94 percent of available supply.
3. GoPro
GoPro Inc (NASDAQ: GPRO) has been a cash cow for short sellers all the way down from its 2014 peak at around $93 to its current price of under $9. FIS Astec reports that borrowing costs continue to rise, meaning short sellers will need the bearish momentum to continue to turn a profit on their positions.
4. MiMedx Group
Biotech stock MiMedx Group Inc (NASDAQ: MDXG) first appeared on the short seller list last week, and it returned to the list this week after short interest volume ticked up by 1 percent. However, FIS Astec reports that a flood of new supply hit the market, dropping utilization rates from 96 percent to only 67 percent.
5. J C Penney
J C Penney Company Inc (NYSE: JCP) has been another regular on the list as it struggles to survive in an increasingly difficult brick-and-mortar retail environment. Incredibly, the stock is now trading below $2.50 per share, and FIS Astec reports that its short interest volume is still on the rise.
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