Looking Into Fastenal's Recent Short Interest
Portfolio Pulse from Benzinga Insights
Fastenal (NYSE:FAST) has seen a 6.27% increase in short interest since its last report, with 17.82 million shares sold short, representing 3.56% of its float. The current short interest suggests a bearish sentiment, but it's lower than the peer group average of 5.18%. It would take about 7.03 days for traders to cover their short positions based on average trading volume.
December 18, 2023 | 6:00 pm
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NEUTRAL IMPACT
Fastenal's increased short interest indicates a bearish market sentiment, but it remains below the peer group average. This could lead to increased volatility in the short term.
While the rise in short interest for Fastenal suggests that investors are more bearish, the fact that it's below the peer average could mitigate the impact. Short interest can also sometimes be a contrarian indicator, meaning if shorts are squeezed, the price could rise. The impact is therefore considered neutral with moderate importance and confidence.
CONFIDENCE 70
IMPORTANCE 60
RELEVANCE 80