Goldman Sachs analysts have identified the stocks with the largest increases and decreases in short interest since the U.S. election day, shedding light on shifting investor sentiment. The analysis is based on January 31 short interest data from Russell 3000 (NYSEARCA: IWV) stocks with market caps above $5 billion.
Short Interest Hits Highest Level Since 2020
According to Ben Snider, senior strategist at Goldman Sachs, U.S. equity long and short funds have delivered over 3% year-to-date returns, driven by broad market strength and strong hedge fund long positions. However, short interest at the single-stock level has risen to its highest point since 2020, while still remaining low relative to historical levels.
Currently, the median S&P 500 (SP500) stock carries short interest equivalent to 2% of market cap, ranking in the 29th percentile historically. Snider also noted that consumer staples (XLP), utilities (XLU), and healthcare (XLV) have short interest levels exceeding their 30-year averages.
Stocks with the Largest Increases in Short Interest
Goldman Sachs flagged Hims & Hers Health, Inc. (HIMS) as the stock with the largest rise in short interest, increasing by 13 percentage points since the election. Pilgrim’s Pride (PPC), Old National Bancorp (ONB), and Qorvo (QRVO) also saw notable short interest gains.
Top stocks with rising short interest:
- Hims & Hers Health, Inc. (HIMS) → +13 percentage points
- Pilgrim’s Pride Corporation (PPC) → +10 percentage points
- Old National Bancorp (ONB) → +9 percentage points
- Qorvo, Inc. (QRVO) → +7 percentage points
- Tapestry, Inc. (TPR) → +6 percentage points
- Zeta Global Holdings Corp. (ZETA) → +6 percentage points
- Amcor PLC (AMCR) → +5 percentage points
- Enphase Energy, Inc. (ENPH) → +5 percentage points
- Kroger Co. (KR) → +5 percentage points
- Celsius Holdings, Inc. (CELH) → +5 percentage points
Stocks with the Largest Decreases in Short Interest
On the flip side, Lucid Group (LCID) saw the biggest drop in short interest, down by 14 percentage points. Other significant declines included IonQ (IONQ), Trump Media & Technology Group (DJT), and InterDigital (IDCC).
Top stocks with declining short interest:
- Lucid Group, Inc. (LCID) → -14 percentage points
- IonQ, Inc. (IONQ) → -9 percentage points
- Trump Media & Technology Group Corp. (DJT) → -8 percentage points
- InterDigital, Inc. (IDCC) → -7 percentage points
- Upstart Holdings, Inc. (UPST) → -6 percentage points
- Chart Industries, Inc. (GTLS) → -6 percentage points
- Aptiv PLC (APTV) → -6 percentage points
- Comstock Resources, Inc. (CRK) → -5 percentage points
- Axsome Therapeutics, Inc. (AXSM) → -5 percentage points
- MicroStrategy Incorporated (MSTR) → -5 percentage points
With short interest hitting multi-year highs, Goldman Sachs’ insights provide a clearer picture of investor sentiment, as market trends shift across multiple sectors.
