(PGR) - Analyzing Progressive's Short Interest
Portfolio Pulse from Benzinga Insights
Progressive (NYSE: PGR) has seen a 7.25% increase in short interest since its last report, with 4.34 million shares sold short, representing 0.74% of available shares. The short interest is below the peer group average of 1.69%. While an increase in short interest can indicate bearish sentiment, it does not necessarily predict a near-term price drop.
November 17, 2023 | 2:15 pm
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NEUTRAL IMPACT
Progressive's short interest has increased, but remains below the peer average, suggesting mixed market sentiment.
The increase in short interest for Progressive indicates that some investors are bearish. However, since the short interest is below the peer average, it does not strongly suggest an impending price decline. The impact on the stock price is likely to be neutral in the short term as the market absorbs this information.
CONFIDENCE 70
IMPORTANCE 50
RELEVANCE 80