Qualcomm Short Sellers Are out in Full Force Ahead of Earnings
As Qualcomm (ticker: QCOM) shares have soared more than 50% on enthusiasm and relief over the settlement, short interest has swelled by 76%, according to S3 Partners, a financial technology and analytics firm. Qualcomm is now the third largest shorted stock in the semiconductor industry, behind Microchip Technology (MCHP) and Advanced Micro Devices (AMD).
Qualcomm short interest stands at about $2.84 billion or 32.54 million shares, said S3 analyst Ihor Dusaniwsky, representing 2.7% of the company’s float. Short positions in Qualcomm have increased in April, even as short interest in the semiconductor industry more broadly has declined. Shares shorted increased by some 300,000 on Tuesday, the day before Qualcomm’s earnings report,