Finance

Tech Sector Sees Surge in Short Interest

Jun 2, 2024 2 min read

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Align Technology, Inc. (NASDAQ:ALGN) experienced a notable rise in short interest in May, with 1,500,000 shares short, marking a 16.3% increase from April 30th. This means that 1.5% of the company's stock is currently short sold, with a days-to-cover ratio of 2.5 days. Analyst reports have been favorable, with Morgan Stanley raising its target price from $344.00 to $360.00 and rating the stock as “overweight.” Stifel Nicolaus also increased their price target for the company to $350.00.

ACM Research, Inc. (NASDAQ:ACMR) also saw significant growth in short interest in May, reaching 4,060,000 shares, a 7.1% increase from the previous month. The days-to-cover ratio is 2.4 days. Goldman Sachs Group upgraded ACM Research from a “neutral” rating and set a $3900 target price, while Benchmark increased its target price from $3500 to $3800. Additionally, Janus Henderson Group PLC expanded its position in ACM by 6.4% in the first quarter, with several other institutional investors adjusting their stakes in the company.

Short interest in Analog Devices (NASDAQ:ADI) rose by 12.0% in May, with 11,420,000 shares short as of May 15th, up from 10,200,000 at the end of April. The days-to-cover ratio is currently 3.5 days. The company reported a quarterly earnings per share (EPS) of $1.40, surpassing the consensus estimate of $1.26. Analysts predict that Analog Devices will post an EPS of 6.22 for the current year. The company also declared a quarterly dividend on June 17th. Over the past five years, Analog Devices' share price has increased by 133%, with a 20% gain in the last three months, indicating strong market performance.

AdTheorent Holding Company, Inc. (NASDAQ:ADTH) experienced a 5.6% increase in short interest in May, with 592,900 shares short as of May 15th, up from 561,200 shares on April 30th. The days-to-cover ratio is 0.3 days, based on an average daily trading volume of 1,770,000 shares. Several large investors have recently adjusted their stakes in ADTH, which has a market capitalization of $293

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