Looking Into AutoZone's Recent Short Interest
Portfolio Pulse from Benzinga Insights
AutoZone's (NYSE:AZO) short interest has increased by 4.35% since the last report, with 407 thousand shares sold short, representing 2.64% of its float. It would take about 2.47 days to cover these short positions. This rise in short interest indicates a more bearish market sentiment towards AZO, although it has less short interest compared to its peers, with the peer group average at 13.12%.
March 14, 2024 | 4:30 pm
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AutoZone's short interest has risen, indicating a bearish market sentiment. However, it's still below its peer group average, suggesting relative strength.
The increase in short interest for AutoZone suggests that investors are becoming more bearish on the stock. However, the fact that AutoZone's short interest is significantly lower than its peer group average could indicate that it is in a relatively stronger position compared to its peers. This mixed signal makes the short-term impact slightly negative, as it reflects increased bearish sentiment but also acknowledges AutoZone's relative strength within its peer group.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 90