Shorts stick with their favourites

Ad blocking detected

Thank you for visiting CanadianInsider.com. We have detected you cannot see ads being served on our site due to blocking. Unfortunately, due to the high cost of data, we cannot serve the requested page without the accompanied ads.

If you have installed ad-blocking software, please disable it (sometimes a complete uninstall is necessary). Private browsing Firefox users should be able to disable tracking protection while visiting our website. Visit Mozilla support for more information. If you do not believe you have any ad-blocking software on your browser, you may want to try another browser, computer or internet service provider. Alternatively, you may consider the following two offers if you want an ad-free experience.

Canadian Insider Club
$299/ year*
Daily Morning INK newsletter
+3 months archive
Canadian Market INK weekly newsletter
+3 months archive
30 publication downloads per month from the PDF store
Top 20 Gold, Top 30 Energy, Top 40 Stock downloads from the PDF store
All benefits of basic registration
No 3rd party display ads
10-day money back guarantee*
JOIN THE CLUB
Canadian Insider Ad-Free
$49/ year*
All benefits of basic registration
No 3rd party display ads
10-day money back guarantee*
GO AD-FREE

* Price is subject to applicable taxes. Money back guarantee: For bona fide Ad-Free or Canadian Insider Club subscribers, if you downgrade to Basic or cancel with-in 10 days of first subscribing, we will refund your payment upon request. Immediately after downgrading or cancelling, using the same email that is associated with your account, request a refund via our Contact Us form at the bottom of the page. We will only consider one refund request per household or organization. We cannot accommodate refund requests where an account holder has not provided verifiable address and billing information.

Paid subscriptions and memberships are auto-renewing unless cancelled (easily done via the Account Settings Membership Status page after logging in). Once cancelled, a subscription or membership will terminate at the end of the current term.

With most Q1 earnings reports out of the way, short sellers are sticking with their favourite targets. Bonterra Energy (BNE) is the only new name on our ten most shorted stock list (as a % of float), replacing Laurentian Bank (LB) which is now the 11th most shorted stock. The top two spots continue to be held by Paramount Resources (POU) and High Liner Foods (HLF).

Paramount stock was more or less been able to hold its own against short sellers since the April 30th IIROC report up until Wednesday. The stock moved higher after the company released quarterly earnings but has since given up some of those gains and has been falling along with the broad market on Thursday. Meanwhile, High Liner has taken both longs and shorts for a wild ride over the past two weeks, trading as low at $6.83 and as high as $8.95. Shorts have added to their positions in both of the top two names.

Top 10 Canadian Stocks Shorted as of May 15, 2019*
    Stock Shares Short %Float Change INK Signal
1 POU Paramount Resources 8,151,175 28.90% 0.62% Squeeze
2 HLF High Liner Foods 4,042,622 19.63% 1.86% Bearish
3 CJT Cargojet 2,141,922 18.33% 6.29% Bearish
4 GWO Great-West Lifeco 27,654,978 12.68% -0.11% Squeeze
5 ACQ AutoCanada 2,891,178 10.82% 0.65% Bearish
6 SSL Sandstorm Gold 18,093,973 10.44% 0.12% Bearish
7 EQB Equitable Group 1,067,903 9.57% -0.30% Squeeze
8 BNE Bonterra Energy 1,979,397 9.53% 0.22% Squeeze
9 NOA North American Constr. 2,308,974 9.38% -0.38% Bearish
10 CHW Chesswood Group 813,261 9.11% 0.17% Squeeze

*Stocks trading over $1

Shorts are also getting more aggressive against Cargojet (CJT) as the stock regained some altitude following earnings which were released on May 6th and news of the Westjet (WJA) takeover announced May 13th.

INK signals in this report are based on comparing short-selling interest and insider commitment levels at the firm. The signals are available for stocks with INK Edge rankings in the short report tab on the INK company pages.

This post first appeared on INKResearch.com.

 

Comment On!

140
Upload limit is up to 1mb only
To post messages to your Socail Media account, you must first give authorization from the websites. Select the platform you wish to connect your account to CanadianInsider.com (via Easy Blurb).