The latest short interest data is out for AMD stock, Tesla stock and Valeant stock. Take a look.
The latest short interest data as of July 31st is out. The likes of Advanced Micro Devices, Inc (NASDAQ: AMD), Tesla Inc (NASDAQ:TSLA) and Valeant Pharmaceuticals Intl Inc (NYSE:VRX) are likely to be among the most keenly watched counters. Shares of Sunnyvale, California-based AMD have not fared well after the initial post earnings gains and have been on a decline losing nearly 13% since then. While Tesla stock has put slowdown fears to rest following its second quarter earnings, Model 3 looks set to drive the stock from here onwards. Valeant stock has been very volatile after its Q2 earnings release. Valeant delivered an earnings beat but lowered revenue outlook.
Advanced Micro Devices, Inc. (NASDAQ:AMD) stock sees a minor uptick in Short Interest.
Short interest in AMD stock has risen marginally, increasing by 1.4%. Short interest in the stock stood at 152.29 million shares, up from 150.13 million shares during the preceding fortnight. Short interest has risen slowly but consistently since June end when the figure stood at about 145 million shares. Short interest in AMD stock had risen by 3.5% in the last reporting period. As a percentage of float, short interest came in at 17.3%, while days to cover was at 2 days.
Investor sentiment around AMD stock took a hit lately as the financial firm Barclays came out with a prediction that it will drop by 30%. Barclays further states that AMD is fast losing market share to Nvidia in the gaming GPU market and is of the view that the semiconductor company is bound to suffer when the cryptocurrency mining boom fades. Barclays analysts even discount AMD's chances in the data center market and they believe that the company is seeing little traction with its EPYC server chip. AMD stock could be under further pressure as the stock made a few bearish crossovers yesterday.
Tesla Inc (NASDAQ:TSLA) Short Interest remains almost flat as Shorts lose almost $800 million after earnings rally.
Tesla stock short interest remained almost flat in the latest reporting period. Short Interest in Tesla crawled up by a meager 0.3%. As of July end, short interest rose to 28.07 million shares from 27.99 million shares in mid-July. As a percentage of float, short interest in TSLA stock is still very high, coming in at 23.6%. The days to cover was also high at 4 days. Tesla shorts have not been having a good time, having lost almost $800 million as the stock rallied after the latest earnings announcement.
In spite of the high short interest, there's nothing affecting the Tesla bulls sentiment. Model 3 is the key growth driver for Tesla stock lately. Tesla bulls got another boost when Bill Selesky of Argus Research recently came out with a massive $444 price target. This price target suggests more than 22% upside from the last close. Such has been the charm of Elon Musk and his company that its junk rated bonds are also being bought heavily by investors. For now, all eyes would be on Model 3 delivery numbers going ahead.
Short Interest in Valeant Pharmaceuticals Intl Inc (NYSE:VRX) falls further.
Short interest in Valeant Pharmaceuticals stock has continued to fall consistently from mid-May. In the last reporting period, the short interest of Valeant stock fell by 9.4%. Short interest in VRX stock stood at about 28.64 million shares, down from 31.62 million shares as of the previous reporting date, July 15. In Mid-may, short interest was as high as 54.17 million shares. The total shorted shares presently constitute 8.5% of the float. The days to cover stood at 1, given the average daily volume of 12.04 million shares.
The Canada based specialty pharma company had reported its second quarter fiscal 2017 earnings earlier this week. Valeant reported revenue of $2.23 billion, and earnings of $1.05 per share, beating estimates of 94 cents per share. However, shares of the company saw a 10% decline yesterday after initially moving higher following the release of its Q2 earnings results. While no major developments occurred overnight, it seems that further absorption of earnings news still has investors concerned.
Looking for fundamentally better tech stocks? Check out Amigobulls' top stock picks from the tech sector, which have beaten the NASDAQ by over 145%. Interested in automotive stocks? Then, we also have our top picks from the auto sector, which have beaten the S&P 500 by a massive 237%. If you're a trader, you should check out our daily trading ideas section for daily, free updates on the latest crossovers and other popular technical signals.