Peering Into Paychex's Recent Short Interest
Portfolio Pulse from Benzinga Insights
Paychex's (NYSE:PAYX) short percent of float has risen 3.24% since its last report, with 9.25 million shares sold short, which is 2.87% of all regular shares available for trading. It would take traders 5.87 days to cover their short positions on average. Paychex's peer group average for short interest as a percentage of float is 5.35%, which means the company has less short interest than most of its peers.
November 02, 2023 | 7:30 pm
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Paychex's short percent of float has increased, indicating a bearish sentiment among traders. However, it has less short interest than most of its peers, which could be a positive sign.
An increase in short interest indicates that more traders are betting that the stock price will fall. However, having less short interest than its peers could mean that traders are less bearish on Paychex compared to other similar companies. This could potentially limit the downside risk for the stock in the short term.
CONFIDENCE 85
IMPORTANCE 75
RELEVANCE 100