Looking Into Centene's Recent Short Interest
Portfolio Pulse from Benzinga Insights
Centene Corporation (NYSE:CNC) has experienced a 15.87% increase in short interest since its last report, with 6.85 million shares sold short, representing 1.46% of its float. The average time to cover these short positions is 2.19 days. While an increase in short interest can indicate bearish sentiment, it does not necessarily predict a near-term price drop. Centene's short interest is below its peer group average of 3.21%.
November 21, 2023 | 4:15 pm
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NEUTRAL IMPACT
Centene's increased short interest suggests bearish market sentiment, but it remains below the peer average, indicating less negative perception compared to its peers.
The rise in short interest for Centene indicates that investors may be expecting a price decline. However, since the short interest is below the peer average, it suggests that the sentiment is not as negative as it could be for similar companies. The impact on the stock price is uncertain, as increased short interest can sometimes lead to a short squeeze, causing the price to rise if the market sentiment shifts. Therefore, the short-term impact is neutral.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 100