(FTNT) - Analyzing Fortinet's Short Interest
Portfolio Pulse from Benzinga Insights
Fortinet (NYSE:FTNT) has seen a 6.08% increase in short interest since its last report, with 12.31 million shares sold short, representing 1.92% of its float. The average time to cover these short positions is 1.81 days. While an increase in short interest can indicate bearish sentiment, it doesn't necessarily predict a near-term price drop. Compared to its peers, Fortinet has a lower short interest as a percentage of float, with the peer group average at 4.67%.
December 28, 2023 | 4:00 pm
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Fortinet's short interest has increased, which may indicate bearish sentiment, but it remains below the peer group average. This could suggest a relatively stronger position or less negative market sentiment compared to its peers.
While the increase in short interest for Fortinet suggests that some investors are expecting the price to fall, the fact that it is below the peer group average could be seen as a positive sign. The short-term impact on the stock price is uncertain, as short interest is just one of many factors that can affect stock prices. Additionally, the article suggests that an increase in short interest does not necessarily predict a near-term price drop.
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