The Short Report – 10 Sep 2020

Weekly Reports | Sep 10 2020

See Guide further below (for readers with full access).

Summary:

Week ending September 3, 2020

Last week included the last couple of days of August and the beginning of September. The last day of August saw a big end-of-month sell-off. When the clock struck September, that sell-off was completely reversed.

So nothing to glean from that. But then the Nasdaq corrected and the ASX200 has this week felt obliged to follow suit.

Two things stand out in the table below. One is the number of stocks shorted by 5% or more has again diminished, by a net three. The other is that Webjet ((WEB)) now stands alone in the 10%-plus shorted bracket, and by a mile. Webjet was 15.4% shorted as at last week, and next most shorted is Myer ((MYR)), which dropped to 9.5%.

Myer fell from 11.3%. More on that below.

Other stocks to see short position changes of one percentage point or more last week were Orocobre ((ORE)), to 7.7% from 9.2%, IOOF Holdings ((IFL)), to 8.9% all the way from 5.6%, and FlexiGroup ((FXL)), to 7.8% from 5.8%.

More on those below.

Also wee saw Electro Optic Systems ((EOS)) appear at 6.3% shorted from below 5%. The stock is is not covered by FNArena database brokers, but seems popular with the tip sheets, other than one.

Simply Wall St published a report a couple of weeks ago questioning whether the company’s reported metrics (Electro is yet to break even) might be sending negative signals. This may, or may not, explain short interest.

Weekly short positions as a percentage of market cap:

10%+
WEB   15.4

Out: MYR


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