Peering Into Baker Hughes's Recent Short Interest
Portfolio Pulse from Benzinga Insights
Baker Hughes (NYSE:BKR) has experienced a 14.96% increase in short interest since its last report, with 17.90 million shares sold short, representing 2.69% of its float. The average time to cover these short positions is 2.84 days. While an increase in short interest can indicate bearish sentiment, it does not necessarily predict a near-term price decline. Compared to its peers, Baker Hughes has a lower short interest as a percentage of float, with the peer group average at 6.27%.
December 26, 2023 | 3:15 pm
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Baker Hughes has seen a significant rise in short interest, but it remains below the peer group average. This could indicate bearish sentiment but isn't a definitive predictor of immediate stock price movement.
While the increase in short interest for Baker Hughes suggests that some investors are expecting the price to fall, the fact that it is below the peer average and the lack of a direct correlation between short interest and immediate price drops leads to a neutral score. The relevance is high as the news is directly about BKR, but the importance is moderate because short interest is just one of many factors that can affect stock prices. The confidence level is at 75 due to the uncertainty inherent in predicting stock movements based on short interest alone.
CONFIDENCE 75
IMPORTANCE 50
RELEVANCE 100