NIKE Inc (NKE) short interest is $769.5 million; 9.07 million shares shorted; 0.73% of float; stock borrow cost is 30 bps fee (general collateral). NKE is the largest short in the worldwide Footwear Sector.
NKE shares are down over $1/share in pre-market trading after college basketball player Zion Williamson of Duke University injured his knee when his Nike sneaker split apart during a much anticipated nationally televised college basketball game.
NKE short selling has been declining since early 2018 when shares shorted hit 29.5 million shares. Shares shorted hit a recent low of 7.63 million shares at the end of January as the stock has appreciated 28% over the last full year. NKE shares shorted increased by 19% in February as short sellers have increased overall short exposure to retailers and consumer discretionary manufacturers this quarter.
We are seeing increased NKE short selling this morning, but this looks more like short term momentum short selling into the news and not long term value based short selling. As such, we can expect a quick move to short covering once NKEās stock price turns positive.
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Managing Director Predictive Analytics, S3 Partners, LLC
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