Tesla Inc, BlackBerry Ltd And QUALCOMM, Inc.- Short Interest Tesla Inc, BlackBerry Ltd And QUALCOMM, Inc.- Short Interest Update
https://amigobulls.com/articles/2017-05-10-tesla-inc-blackberry-ltd-and-qualcomm-inc-short-interest-update A look at the latest short interest data for Tesla Inc (NASDAQ:TSLA), BlackBerry Ltd (NASDAQ:BBRY) and QUALCOMM, Inc. (NASDAQ:QCOM).
Flickr The latest short interest numbers are available now. The last few days have been eventful on account of the earnings season. The latest short interest data of Palo Alto, California-based, electric car and renewable energy company, Tesla Inc (NASDAQ:TSLA), Ontario, Canada-based software maker BlackBerry (NASDAQ:BBRY) and smartphone chip giant Qualcomm (NASDAQ:QCOM) could excite the investors. Tesla stock and Qualcomm stock have been the center of attention recently for different reasons. These fresh numbers could further increase the attention levels on these stocks. Lets's take a closer look at the new short interest information for these companies.
Tesla stock sees a marginal drop in Short Interest.
Short interest in TSLA stock inched lower, dropping by 0.4% as of April 28. The latest data came in yesterday, May 9th. The number of shorted Tesla shares dropped to 31.46 million in the latest reporting period from 31.58 million shares in the preceding reporting period of April 13th. Still, the short interest in the stock is very high with shorted shares making up 27% of the float and days to cover coming in at 7 days. Tesla Inc had reported its eagerly awaited Q1 earnings last week. The company delivered a mixed Q1 earnings but the stock doesn't seem to loose steam in spite of the headwinds. The widening losses have not done much to stop the stock's upward march. It is reported that shorts have lost near $3.7B in 2017 betting against Tesla stock. Yet shorts remain optimistic.
Social Capital's founder and CEO, Chamath Palihapitiya recent stated Tesla is a "dangerous stock to be short". The short interest numbers for the next reporting period would be of great significance since they include post earnings scenario. The rally in Tesla shares in spite of many negatives has puzzled investors. Tesla stock could well be the next Amazon (NASDAQ:AMZN), that's what some on the Street believe. Presently, a lot is riding on the Model 3 production for the electric car maker. Any miss on the Model 3 production numbers could give a breather for all those who have burnt their fingers shorting TSLA stock. If one takes a look at the technical chart of the stock, the stock price broke above its 20-day Simple Moving Average (SMA) in the last trading session. So, further upward movement in the share price in near-term could be expected.
Short interest in Blackberry stock sees a big drop.
For the time being, it appears that the shorts have retreated from BBRY stock. Short interest in Blackberry stock fell by a significant 22.8%. Short interest is only 47.67 million shares on the latest reporting date compared to 61.72 million in the preceding period. The days to cover stood at 5 days. As a percentage of float, short interest declined from 12% to 9.2%. This would have come as a big relief to Blackberry bulls after the stock had seen the largest jump in shares shorted in the previous reporting period among the companies listed on the NASDAQ. The shorts in Blackberry stock had a good time till now, unlike the Tesla shorts. However, things may not be the same hereafter. With the recent $800 million+ windfall gains, the hardware sans software company could benefit by making some strategic acquisitions from its war chest. Though the company has still not convinced the investors about its turnaround, shorts could be in for tough days ahead after the latest developments.
Shorts are piling up on Qualcomm stock.
Shares of Qualcomm have not yet recovered from the sell-off in January. From then, Qualcomm's legal woes have largely dominated the news surrounding the company. The latest short interest numbers further increase the negative sentiment surrounding the company. The short interest of QCOM stock has risen by a massive 30.7%. It seems the smartphone chipmaker's better than expected Q2 earnings results have not helped much to reduce the negative sentiment about the stock's future prospects. Legal issues still seem to weigh heavy on the stock. Shares shorted increased to 20.88 million as of April-end from 15.98 million shares in the previous reporting period. However, a positive here is that shorted shares only formed 1.4% of the total float and days to cover came in at 1 day.
Qualcomm does not seem to be affected by its distractions and continues to impress with its latest products. The company's latest 660 and 630 chips have got impressive reviews. With the San Deigo chipmaker's legal battle with Apple (NASDAQ:AAPL) becoming more intense and ugly, the chip business needs to excel to deflect the legal concerns. QCOM stock has made a decent recovery since the Q2 earnings gaining by nearly 5%. The long-term prospects of the stock seem to be good but legal risks still persist.