(MMM) - Analyzing 3M's Short Interest
Portfolio Pulse from Benzinga Insights
3M (NYSE:MMM) has seen a rise in short interest, now at 7.38 million shares or 1.34% of float, taking 2.79 days to cover. This increase may indicate bearish sentiment, but doesn't necessarily predict a price drop. 3M's short interest is below its peer group average of 2.46%. Short interest can be a complex indicator, sometimes suggesting bullish potential.
January 17, 2024 | 7:00 pm
News sentiment analysis
Sort by:
Ascending
NEUTRAL IMPACT
3M's short interest has increased, which may suggest bearish market sentiment but is still below peer average. The rise in short interest doesn't necessarily predict a price drop.
While the rise in short interest for 3M indicates that more traders are betting against the stock, it is still less than the peer group average. This could mean that the market sentiment is not as bearish as it might seem. Short interest is a complex indicator and does not always correlate directly with stock price movement.
CONFIDENCE 70
IMPORTANCE 60
RELEVANCE 80