Some Familiar Names Among Short Sellers’ Top Stocks

FIS Astec Analytics released its latest list of the most popular stocks among short sellers. This week’s list includes some under-the-radar stocks, as well as several that traders know all-too-well.

Here’s a rundown of the hottest stocks among short sellers.

Top Pick: Gogo

In-flight connectivity and entertainment stock Gogo Inc (NASDAQ: GOGO) has been a huge win for short sellers, dropping to a new all-time low of $5.05 within the past week. FIS Astec said short sellers have consistently utilized 90 percent of the available supply of shares over the past 12 months, even when new shares become available.

1. J.C. Penney

Short sellers are hoping for more ugly numbers from J C Penney Company Inc (NYSE: JCP) when it reports earnings on Thursday. FIS Astec reports that short sellers have maxed out their positions with a 100 percent utilization rate on JC Penney shares over most of the past three weeks.

2. Tesla

With its litany of Model 3 production delays and cash burn problems, Tesla Inc (NASDAQ: TSLA) has been a regular on the FIS Astec list. Although utilization rates have eased from their 52-week high of 94 percent earlier this month, Tesla’s utilization rate remains elevated, closing out last week at 85 percent.

3. Frontier Communications

FIS Astec reported that Frontier Communications Corp (NASDAQ: FRT) short interest volume declined 10 percent last week as some holders may have cashed out their positions following a 35 percent rally in the previous week. Short sellers appear to be sticking to their guns, utilizing 83 percent of available shares.

4. Snap

Following its disastrous first-quarter earnings report, Snap Inc (NYSE: SNAP) stock is now flirting with the single digits. Short sellers seem to think it’s only a matter of time, and short interest volume grew 16 percent last week alone.

5. Achaogen

Even with borrowing costs in the double-digits, determined short sellers are biting the bullet to bet against biopharmaceutical company Achaogen Inc (NASDAQ: AKAO). FIS Astec reported that Achaogen’s utilization rate is now 96 percent of available shares.

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Image credit: Miosotis Jade (Own work) [CC BY-SA 4.0], via Wikimedia Commons