Peering Into Novanta's Recent Short Interest
Portfolio Pulse from Benzinga Insights
Novanta (NYSE:NOVT) has seen a decrease in short interest, now at 5.03% of its float, lower than the peer group average of 8.22%. This reduction from 1.57 million shares suggests a more bullish sentiment among traders, despite the high days-to-cover ratio of 12.89.
March 20, 2024 | 3:15 pm
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Novanta's short interest has decreased to 5.03% of its float, indicating a potential bullish sentiment among traders.
A decrease in short interest typically indicates that traders are less bearish on the stock, potentially leading to a price increase in the short term. Given that Novanta's short interest is now below the peer group average, this could be seen as a positive signal by the market.
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IMPORTANCE 75
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