Joel Kornblau - Tuesday, March 12, 10:41 AMAn examination of the most recent short interest data revealed these five Steven Cohen stocks with particularly high short interest, as measured by "days to cover." This metric is just one way to look at short data, but this is a metric we here at Holdings Channel find particularly useful because it considers both the total shares short and the average daily volume of shares traded. The number of shares short is then compared to the average daily volume, in order to calculate the total number of trading days (at the average volume) it would take to close out all of the open short positions if every share traded represented a short position being closed. So for example we found that WD-40 Co (WDFC) now has 30.58 days to cover.
Looking through the stocks held by Steven Cohen for the most recent reporting period, we found the following five stand-outs with the highest levels of short interest as measured by the number of days to cover. The first column is the Steven Cohen holding, the second column is the number of days to cover, the third column is the number of shares held at Point72 Asset Management at last report, and the final column is the total number of shares short (in this way we can compare "Steven Cohen vs. The Shorts" as far as the relative positions).
|Steven Cohen Holding||Days To Cover||Point72 Asset Management Shares||Short Interest|
As you can see, WD-40 Co (WDFC) is an interesting situation, as are Duluth Holdings Inc (DLTH), Unisys Corp (UIS), Tanger Factory Outlet Centers, Inc. (SKT), and Tellurian Inc (TELL) — why are short sellers attracted to these names, while Steven Cohen has the opposite view (i.e. Point72 Asset Management is long those stocks)? It could simply be a matter of differing viewpoint on valuation of each given stock, or there could be fundamental disagreements over what is happening at the business level and whether recent developments are positive or negative for that company's future success. Following quarterly 13F filings to keep track of Steven Cohen stock picks is warranted for investors interested in keeping track of what Steven Cohen does with these positions (adds, reduces, or exits).