Peering Into Automatic Data Processing's Recent Short Interest
Portfolio Pulse from Benzinga Insights
Automatic Data Processing (NYSE:ADP) has seen a 22.34% increase in its short percent of float since the last report, with 4.71 million shares sold short, representing 1.15% of available shares. It would take about 3.05 days to cover these short positions. The rise in short interest can indicate a bearish market sentiment towards ADP, although it has less short interest compared to its peer group average of 5.79%.
March 08, 2024 | 5:15 pm
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Automatic Data Processing's short interest has increased, indicating a potentially bearish sentiment among investors. However, it's below its peer group average.
The increase in short interest suggests that investors might be expecting the price of ADP to fall, which could lead to a negative short-term impact on the stock price. However, the fact that ADP's short interest is below its peer group average might mitigate the bearish sentiment to some extent.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 90