How Is The Market Feeling About Automatic Data Processing?
Portfolio Pulse from Benzinga Insights
Automatic Data Processing (NYSE:ADP) has seen a decrease in short interest, with the short percent of float dropping 4.63% since the last report. The company has 4.24 million shares sold short, representing 1.03% of available shares. The average time to cover these short positions is 2.28 days. A decrease in short interest can indicate a more bullish sentiment towards the stock. ADP's short interest is below its peer group average of 5.81%.
November 14, 2023 | 1:15 pm
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ADP's short interest has decreased, which may indicate a more bullish sentiment towards the stock and could lead to less selling pressure in the short term.
The decrease in short interest for ADP suggests that traders are less bearish on the stock, which could reduce selling pressure and potentially lead to a short-term increase in the stock price. However, the article also cautions that this does not necessarily mean the stock will rise in the near term, hence the importance is not at the maximum level.
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