Post by
joebravo on May 19, 2023 8:28am
Shorts Have Not Covered Yet...1.736 Million Short Position
Short position as of May 15/23 shows a decrease of only 22,583 shorts, leaving 1.736 million shorts still open and yet to cover.
This can be a turning point as shorts have not increased their positions meaning they know they will need to cover soon. Some are, but not enough and this could lead to a short squeeze as long as investors hold their position.
Fundamentals should continue to improve for Sienna as cost cutting measures are working and their growth strategy is taking effect as more beds come online later this year.
Covid-19 is over along with the high costs associated with it.
They are negotiating $150 Million in debt coming due this year with CMHC at a fixed rate of 3.7% for 10 years as stated at their AGM which is less than the going Bank of Canada rate. 95% of their Debt is Fixed and not effected by rate hikes therefore well managed.
AFFO more than covers Dividend and with continued efficiencies and revenue growth should be sustainable long term.
Just a matter of time before we move higher. Take advantage of the 8% Yield in this recession proof industry.