How Is The Market Feeling About Advance Auto Parts?
Portfolio Pulse from Benzinga Insights
Advance Auto Parts (NYSE:AAP) has seen a decrease in short interest, with the short percent of float dropping 20.85% since the last report. The company has 5.10 million shares sold short, representing 9.91% of available shares. The average time to cover these short positions is 3.84 days. A decrease in short interest can indicate a more bullish sentiment towards the stock. Compared to its peers, AAP has a lower short interest as a percentage of float, with the peer group average at 12.34%.
January 18, 2024 | 2:30 pm
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Advance Auto Parts has experienced a significant decrease in short interest, which may suggest a more bullish sentiment among investors. The company's short interest is below the peer group average, potentially indicating a favorable comparison.
The reduction in short interest for Advance Auto Parts suggests that investors may be less bearish on the stock, which could lead to a short-term increase in its price. However, the article also cautions that this does not necessarily mean the stock will rise in the near term. The confidence level is not at the maximum because the relationship between short interest and stock price is not always direct and can be influenced by various other factors.
CONFIDENCE 80
IMPORTANCE 75
RELEVANCE 100