34 million shares shorted on SPK:NZSE equates to ~1.86% shorted. This is far geater than 8.4 million short positions reported here (0.46%). Interestingly Forsyth Barr's downgraded price target of NZ$2.90 is below where it is currently trading. This together with the increasing short positions suggests there may be more pain for shareholders.
The recent increase in trading volumes is correlated to the increased shorting activity, majority of which occurred in the last week:
Whilst there is no reported data, these increased trading volumes must include a degree of short covering. The Short covered figure in the following chart is deduced, and is a bit rubbery:
Missing expectations and disappointing guidance may partly explain this sell down, but majority of analysts are still positive, albeit there is a large divergence in the target range (High $4.87, Low $2.71):
SPK Price at posting:
$2.75 Sentiment: None Disclosure: Held
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)