Nordic Semiconductor leads Oslo Børs’ most shorted shares list

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In the last month, the shorts on Oslo Børs have gained a new favourite. Nordic Semiconductor now sits at the top of the list of Børsen’s most shorted shares, followed by Nel and Borr Drilling. This is evident from The Danish Financial Supervisory Authority’s short register.

After negative news and analyst slaughter, short interest has increased sharply in Nordic Semiconductor. At the end of April, the company presented gloomy quarterly figures and the share plunged 18 per cent on the same day. The analyst corps reacted by sharply cutting the price targets, and Petter Kongslie went so far as to change to a sell recommendation after the report. Now the price targets range from NOK 90 to NOK 200.

The fact that former chairman and major owner Tore Engebregsten sold off shares after the quarterly report has not increased optimism around the share. In May, communications director Katarina Finneng also sold shares. In the last month, the share price of Nordic Semiconductor has fallen 5.1 per cent.

The short share in Nordic Semiconductor has increased a full 0.5 percentage points from 3.9 to 4.4 per cent of the outstanding shares in the last month.

The «short classics» remain

In the continues to be a favorite among the shorts and takes second place on the list of Børsen’s most shorted shares. Among the shorts, Nel probably ticks several of the boxes for a good short candidate. The share is so highly valued that DNB Markets believes the company must have a market share of almost 50 per cent to defend the valuation of the company.

The fact that Nel delivered above expectations in the first quarter has not scared away the shorters. The short share of 3.45 per cent is unchanged from April. So far this year, the share has risen 3.9 percent.

Trøim-dominated reigns in third place Borr Drilling. Despite the fact that major owner Blackrock flagged down and sold shares for 82 million, short interest has fallen. The short share is down from 4.3 at the end of April to 3.2 at the end of May and Borr Drilling delivered its first quarter in the red. The stock is up 9 percent in the last month and over 50 percent so far this year.

Short quiz in AutoStore

Shortinteressen i Auto Store has fallen sharply from last month. At the end of April, AutoStore took first place with a short share of 5.89 per cent. Now the share is in 14th place with a short share of 0.96 per cent.

After AutoStore delivered quarterly figures, the share gained momentum, which was up 27 per cent at most on the same day. Short competition was among the explanations for the violent price rise and for the lower short share in May.

– This is a good example of a classic short squeeze, said investment economist Mads Johannesen at Nordnet to Finansavisen on 27 April

In the last month, the AutoStore share has risen 0.18 percent.