How Is The Market Feeling About American Express?
Portfolio Pulse from Benzinga Insights
American Express (NYSE:AXP) has seen a decrease in short interest, with 6.66 million shares sold short, representing 1.17% of its float. This marks a 12.69% decline since the last report, indicating a potential shift in market sentiment towards more bullish views. The current short interest requires approximately 2.93 days for traders to cover, based on average trading volumes. Compared to its peers, American Express has a significantly lower short interest percentage of float, with an average of 8.17% among its peers, suggesting a stronger position or sentiment in its favor.
April 17, 2024 | 2:45 pm
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American Express's decrease in short interest to 1.17% of its float, a 12.69% decline, suggests a more bullish sentiment among investors. This is further supported by its lower short interest compared to an 8.17% peer average.
The reduction in short interest for American Express indicates that fewer investors are betting against the stock, which can be interpreted as a positive sentiment shift. Given that short interest is a contrarian indicator, a decrease suggests that investors are becoming more optimistic about the company's future performance. Additionally, having a significantly lower short interest compared to its peers highlights American Express's stronger position or favorable market sentiment towards it, potentially leading to positive short-term price movement.
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