How Is The Market Feeling About Intuit?
Portfolio Pulse from Benzinga Insights
Intuit (NYSE:INTU) has seen a 9.8% rise in short interest since the last report, with 4.57 million shares sold short, representing 1.68% of available shares. It would take 2.94 days to cover these short positions based on current trading volume. While an increase in short interest can indicate bearish sentiment, it does not necessarily predict a near-term price drop. Intuit's short interest is below its peer group average of 3.52%.
December 28, 2023 | 8:00 pm
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Intuit's increased short interest suggests bearish market sentiment, but it remains below the peer average, indicating less negative sentiment compared to its peers.
The rise in short interest indicates that some investors are expecting the price of Intuit's stock to fall. However, since the short interest is below the peer average, it suggests that the sentiment is not as negative as it could be. The impact on the stock price in the short term is uncertain, as increased short interest can sometimes lead to a short squeeze, driving the price up, or it could align with a price decline if the bearish sentiment is correct.
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