RIO saw short interest drop 18% over the past month as the mining giant's shares surged 17.5%. Short sellers appear to be unwinding positions ahead of Thursday's Q1 earnings report.
Short interest fell to 10.15 million shares as of March 31, down from 12.4 million shares a month earlier. The retreat coincides with a strong rally that pushed shares to $97.72, though the stock dipped 2.1% on Tuesday.
Days to cover stands at 3.37, indicating short positions could be unwound in just over three trading sessions. Cost to borrow remains low at 0.43%, down 11% over the month, suggesting limited pressure on the borrow market despite the declining short interest.
Utilization sits at 15.5%, well below the 52-week high of 29.2%. This suggests ample shares remain available for borrowing, limiting the risk of a squeeze scenario.
The options market shows neutral sentiment with a put/call ratio of 0.91, essentially in line with the 20-day average. Neither bulls nor bears hold a decisive edge in derivatives positioning.
RIO trades with a market cap of $171 billion and offers a forward yield of 5.1%. The company generated $19.6 billion in operating cash flow on revenue of $62.6 billion. ORTEX's short score of 41.6 suggests moderate shorting activity relative to peers.
Analysts see 0.67% upside from current levels. The company reports Q1 results on Wednesday, which could drive the next leg in either direction for both the stock and short interest.
This data is provided for informational purposes and is not financial advice. Short interest data can be volatile and subject to reporting delays.
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