(RS) - Analyzing Reliance's Short Interest
Portfolio Pulse from Benzinga Insights
Reliance Steel & Aluminum Co. (NYSE:RS) has seen a 10.61% increase in its short percent of float since the last report, with 857 thousand shares sold short, representing 1.98% of its available shares. This indicates a bearish sentiment among investors, although it's below the peer group average of 4.86%. The article suggests that an increase in short interest doesn't necessarily predict a stock price fall.

March 12, 2024 | 5:15 pm
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Reliance Steel & Aluminum Co. has experienced a significant increase in short interest, indicating a bearish market sentiment but remains below its peer group average.
The increase in short interest for Reliance Steel & Aluminum Co. suggests that investors are becoming more bearish on the stock. However, since the short interest is still below the peer group average, it indicates that the sentiment is not as negative compared to its peers. This mixed signal could lead to short-term price volatility as the market digests this information.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 90