The most recent short interest data has been released by the NASDAQ for the 08/15/2014 settlement date, which shows a 945, 570 share decrease in total short interest for Kate Spade iPhone 5 case & Co (NYSE: KATE), to 6, 494, 964, a decrease of 12. 71% since 07/31/2014. Total short interest is just one way to look at short data; another metric that we only at Dividend Channel find particularly of use is the “days to cover” metric because it considers both the total shares short and the average daily level of shares traded. The number of shares short is then compared to the average daily volume, in order to calculate the total quantity of trading days (at the average volume) it would take to close out all the open short positions if every share traded represented a short position being closed. Average daily volume for KATE at the 08/15/2014 settlement increased to 8, 173, 077, as compared to 1, 281, 580 at the 07/31/2014 report. That brought “days to cover” down to – 00, a 82. 78% decrease from the 5. 81 days to cover calculated at the last short interest data release.
The below chart shows the historical “days to cover” for KATE at previous short interest release dates:
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A decreased “days to cover” value could indicate that short sellers are no longer expecting the same decline in stock price they once were, or it could also indicate a long bet elsewhere was closed where KATE had been shorted as a hedge.
The chart below shows the one year performance of KATE shares, versus its 200 day moving average. Considering this chart, KATE’s low point in its 52 week range is $22. 99 per share, with $42. 87 as the 52 week high point — that compares with a last trade of $32. 38.
In afternoon trading Wednesday, KATE was down about 1 . 2% on the day.
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