Short Interest in Magellan Midstream Shares Fell Recently
Short interest as a percentage of float
Short interest denotes the total shares of a company that have been shorted but haven’t been closed out. Currently, the short interest in Magellan Midstream Partners (MMP) as a percentage of its float is 1.9%, which fell from nearly 2% in mid-September. The short interest in Magellan Midstream Partners is higher than an average of 1.3% in the last five years.
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The total number of Magellan Midstream Partners shares shorted on September 29, 2017, was ~4.3 million—2.1% lower than the ~4.4 million shorted shares on September 15, 2017.
The above graph shows the short interest in Magellan Midstream Partners as a percentage of its float since the beginning of 2017. The recent fall in the short interest in Magellan Midstream Partners stock likely indicates that fewer investors expect its price to fall more in the near future than those that expected a fall in mid-September.
Short interest ratio
For Magellan Midstream Partners, the short interest is ~4.3 million shares, while the average daily trading volume was 0.6 million shares. Magellan Midstream Partners’ short interest ratio is 6.7x. It indicates that it would take more than six days to cover all of the open short positions in Magellan Midstream Partners stock.
In the next part, we’ll discuss what Wall Street analysts recommend for Magellan Midstream.