Bright Health Group (BHG), a healthcare company, witnessed a remarkable 45.85% increase in its stock price following a recent report showing a significant decrease in short-selling activity. Short selling refers to the practice of selling borrowed shares with the expectation that their value will decline.
According to BHG’s latest report, the short percent of float has decreased by 12.17%. This means that fewer investors are betting against the company, which is seen as a positive indicator of market sentiment. In total, 14.87 million shares of BHG have been sold short, representing 6.28% of all available shares for trading.
Compared to its peer groups, BHG has a higher level of short interest. The average short interest among its peers stands at 3.25% of the float, while BHG’s short interest ratio is 7.53%. Although the decrease in short interest is a positive sign, it’s important to note that it doesn’t guarantee an immediate rise in the stock’s value.
As of the latest update, BHG stock is trading at $11.77 per share, marking a substantial increase of 45.85% compared to the previous session. A total of 5,758,294 shares have been exchanged by traders. The current market capitalization of BHG stands at $81.02 million.