(CNC) - Analyzing Centene's Short Interest
Portfolio Pulse from Benzinga Insights
Centene Corporation (NYSE:CNC) has seen a 19.35% increase in its short percent of float since the last report, with 6.93 million shares sold short, representing 1.48% of its available trading shares. It would take approximately 2.29 days for traders to cover these short positions. The rise in short interest can indicate a bearish market sentiment towards CNC, although it's not a definitive predictor of stock price movement. Compared to its peers, CNC has a lower short interest percentage of float, with an average of 3.44% among its peers, suggesting less bearish sentiment towards CNC than its counterparts.
February 01, 2024 | 5:15 pm
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Centene Corporation (CNC) has experienced a significant increase in short interest, which could indicate bearish market sentiment. However, its short interest is still below the peer group average.
The increase in short interest for CNC suggests that some investors are expecting the price to fall, which is typically a bearish signal. However, the fact that CNC's short interest is below its peer group average could mean that it is in a relatively stronger position compared to its peers. The impact on CNC's stock price in the short term is uncertain, as short interest is just one of many factors that can influence stock prices.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 90