(Reuters) – Short interest in Nvidia Corp. (NVDA.O) is down by 7.04 million shares, or 18%, for the year to date, while the stock is up about 91% so far this year, according to S3 Partners.
Short interest is currently 1.32% of the float, the lowest level since October 2022, the firm wrote Wednesday.
Nvidia is the No. 1 losing equity short so far in 2023, followed by Apple (AAPL.O) and Tesla (TSLA.O), it noted.
Investors who sell securities ‘short’ borrow shares and then sell them, expecting the stock to fall so they can buy the shares back at the lower price, return them to the lender and pocket the difference.