Bears boost Vivid Seats position to record high as stock bottoms – TipRanks Financial Blog

Welcome to this week’s installment of “The Short Interest Report” – The Fly’s weekly recap of short interest trends among some of the most widely followed high-short-float stocks. Using the data from our partner Ortex.com, which utilizes the latest information from stock lenders to estimate short interest changes for thousands of publicly traded companies, this report will screen for some of biggest changes in short interest as a percentage of free float and days-to-cover ratios while also considering the short interest data on some of the more volatile and heavier-traded names of the week. Based on the availability of data from Ortex, the report tracks the trading period that covers prior Friday through Thursday of this week, excluding holidays. As a basis of comparison for stocks discussed below, the S&P 500 index was up 0.1%, the Russell 2000 index was down 2.1%, the Russell 2000 Growth ETF (IWO) was down 2.1%, and the Russell 2000 Value ETF (IWN) was down 2.1% in the five-day trading session range.

SHORT INTEREST GAINERS

• Ortex-reported short interest on Vivid Seats (SEAT) was little changed below 40% over the past month but saw a much steeper jump this week, reaching a record high of 46.2% before settling at 44.9%. Days to cover on Vivid Seats also rose to its highest mark of 17.2. The company last reported above-consensus Q4 revenue but guided FY23 below estimates, and the subsequent rally in the stock has been erased by the downturn over the past two weeks. Shares of Vivid Seats were down 3.2% in the five-day period covered.
• Estimated short interest in GroupOn (GRPN) turned higher this week, rising from 27% to nearly 32% by Thursday – the highest level in about a month. Days to cover on the name was up over 160 basis points to 8.9, also the highest mark since late March. Last month, the company announces a reduction of 500 positions and a change in CEO, helping to stabilize its falling stock price which lost more than half of its value since late January. In the five-day period covered, GroupOn was still down about 6% as of Thursday this week and approaching a 52-week low at Friday’s 5.3% decline.
• Estimated short interest in PetMed Express (PETS) tracked around the 24% level over the past month but recorded a more pronounced increase this week, rising three percentage points to an 8-month high of 26.7%. Shares…