Peering Into Paychex's Recent Short Interest
Portfolio Pulse from Benzinga Insights
Paychex's (NYSE:PAYX) short percent of float has risen 14.06% since its last report, with 9.15 million shares sold short, which is 2.84% of all regular shares available for trading. It would take traders 3.57 days to cover their short positions on average. An increase in short interest can signal that investors have become more bearish. Paychex's peer group average for short interest as a percentage of float is 5.76%, which means the company has less short interest than most of its peers.
August 04, 2023 | 1:43 pm
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Paychex's short percent of float has risen 14.06% since its last report, indicating a bearish sentiment among investors. However, the company has less short interest than most of its peers.
The increase in short interest indicates that investors are expecting the price of Paychex's stock to fall. However, the fact that Paychex has less short interest than most of its peers could mean that the bearish sentiment is not as strong as it seems. This could potentially lead to a decrease in the stock's price in the short term.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100