How Is The Market Feeling About Progressive?
Portfolio Pulse from Benzinga Insights
Progressive's (NYSE:PGR) short percent of float has risen 12.28% since its last report, with 3.74 million shares sold short, which is 0.64% of all regular shares available for trading. This increase in short interest can act as an indicator of market sentiment towards a particular stock. However, compared to its peers, Progressive has less short interest as a percentage of float, which is 1.72% on average.
October 20, 2023 | 5:15 pm
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The increase in short interest in Progressive's shares indicates a bearish sentiment in the market. However, compared to its peers, the company has less short interest, which could be a positive sign.
Short interest is the number of shares that have been sold short but have not yet been covered or closed out. An increase in short interest can signal that investors have become more bearish, while a decrease can signal they have become more bullish. In the case of Progressive, the increase in short interest indicates a bearish sentiment. However, the fact that Progressive's short interest is less than its peers' average could indicate that the company is in a better position compared to its peers.
CONFIDENCE 85
IMPORTANCE 75
RELEVANCE 100