How Is The Market Feeling About Fortinet?
Portfolio Pulse from Benzinga Insights
Fortinet's (NASDAQ:FTNT) short percent of float has risen 27.88% since its last report, with 13.88 million shares sold short, which is 2.11% of all regular shares available for trading. It would take traders 2.8 days to cover their short positions on average. An increase in short interest can signal that investors have become more bearish. However, Fortinet's peer group average for short interest as a percentage of float is 5.48%, which means the company has less short interest than most of its peers.
June 29, 2023 | 7:15 pm
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Fortinet's short percent of float has increased, indicating a bearish sentiment among investors. However, it has less short interest than most of its peers, which could be a positive sign.
The increase in short percent of float indicates that more investors are betting against Fortinet, which could put downward pressure on the stock price in the short term. However, the fact that Fortinet has less short interest than most of its peers could indicate that it is in a relatively stronger position.
CONFIDENCE 85
IMPORTANCE 75
RELEVANCE 100