(OTIS) - Analyzing Otis Worldwide's Short Interest
Portfolio Pulse from Benzinga Insights
Otis Worldwide (NYSE:OTIS) has seen a 7.07% increase in short interest since the last report, with 4.34 million shares sold short, representing 1.06% of available shares. The short interest ratio is 2.13 days to cover. While an increase in short interest can indicate bearish sentiment, Otis has less short interest compared to its peer group average of 3.82%. The rise in short interest does not necessarily predict a near-term price decline.
November 28, 2023 | 6:45 pm
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Otis Worldwide's short interest has increased, which may indicate bearish sentiment, but it remains below the peer group average. This could lead to increased volatility in the short term.
The increase in short interest suggests that some investors are expecting a price decline, which could lead to short-term volatility. However, since OTIS's short interest is below the peer average, the impact may be muted compared to other companies with higher short interest. The short interest ratio indicates that it would not take long for short positions to be covered, which could limit downward pressure on the stock price.
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