Short selling in Apple, Inc (AAPL US) stock has been very muted ahead of Apple Event 2019 â€“ the iPhone 11 launch. AAPL short interest is $10.03 billion; 46.82 million shares shorted; 1.17% of its float with a 0.30% borrow fee (General Collateral â€“ the easiest and cheapest to borrow stock.) Apple is now the largest U.S. short, jumping ahead of Tesla (TSLA US) in early August.
While we have seen an increase in AAPL short selling in 2019, an increase of 1.54 million shares, +3.40%, worth $330 million and over 557k shares shorted over the last month, +1.20%, there was only a scant 9,140 net shares shorted over the last week. Short sellers are apparently satisfied with their AAPL short exposure ahead of the new iPhone 11 release and are not adding to their short positions.
AAPL shorts are down -$3.29 billion in year-to-date mark-to-market losses on an average short interest of $9.89 billion. For the month of September, shorts are down -$255 million in mark-to-market losses. Much of the AAPL short exposure is used as a hedge against options, futures and ETF long positions as well as an overall portfolio hedge. Whether used as a hedge or an outright short position, it is surprising to see minimal net short selling or covering ahead of an Apple event.
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