(PENN) - Analyzing PENN Entertainment's Short Interest
Portfolio Pulse from Benzinga Insights
PENN Entertainment's (NYSE:PENN) short interest has increased by 10.26%, with 28.69 million shares sold short, representing 22.14% of its float. This indicates a bearish market sentiment, as it takes an average of 5 days to cover these short positions. Compared to its peers, PENN has a significantly higher short interest, with the peer group average at 3.99%.
May 06, 2024 | 1:00 pm
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PENN Entertainment's significant increase in short interest suggests a bearish market sentiment, potentially leading to increased volatility and pressure on the stock price in the short term.
The substantial rise in short interest for PENN Entertainment indicates that a larger number of investors are betting against the stock, expecting its price to fall. This bearish sentiment, especially when compared to its peers, could lead to increased selling pressure and volatility in the short term. However, it's also worth noting that high short interest can sometimes lead to a short squeeze if the stock unexpectedly moves higher, causing short sellers to cover their positions.
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