Abercrombie & Fitch Co. (ANF US) announced increased sales for the sixth straight quarter and its stock price responded with over a 22% move in its stock price.
ANF short interest is $324 million; 15.17 million shares shorted; 23.31% of float; 0.30% stock borrow fee. ANF is the 7th largest short in the Retail Apparel Sector.
ANF shorts decreased their exposure by 963k shares, -6%, in 2019 but had been increasing their exposure over the last week by 129k, +1%.
With ANFâ€™s stock price up over 22%, shorts are down $56 million in mark-to-market losses this morning, bringing year-to-date mark-to-market losses to down $76 million, -24%.
We are seeing short covering today, reversing the short buildup that occurred over the last week and more with over 250k shares of short positions closed out today.
With ANFâ€™s stock price trending upwards, we should continue seeing more short covering, possibly dropping to the 12-13 million shares shorted level we last saw when ANFâ€™s stock price was over $25/share.
With both longs and shorts net ANF buyers, we should see continued strength in ANFâ€™s stock price.
Want deeper insight into the above analysis?
Contact:Â [email protected]
Managing Director Predictive Analytics, S3 Partners, LLC
For more information on S3â€™s reporting, data and analytics solutions, email us at [email protected]. Start your free trial of the BLACK App â€“ the only source of real-time short interest on the Bloomberg Terminal or Thomson Reuters Eikon.
For short side data and access to our research reports go to https://shortsight.com/ .
The information herein (some of which has been obtained from third party sources without verification) is believed by S3 Partners, LLC (â€śS3 Partnersâ€ť) to be reliable and accurate.Â Neither S3 Partners nor any of its affiliates makes any representation as to the accuracy or completeness of the information herein or accepts liability arising from its use.Â Prior to making any decisions based on the information herein, you should determine, without reliance upon S3 Partners, the economic risks and merits, as well as the legal, tax, accounting and investment consequences, of such decisions.