5 Most Shorted Stocks Right Now on Wall Street

2. CNX Resources Corporation (NYSE:CNX)

Number of Hedge Fund Holders: 30

Short % of Float (Jan 30, 2023): 26.80%

CNX Resources Corporation (NYSE:CNX) operates as an independent natural gas and midstream company in the United States. With a short interest of 26.80%, as of January 30, CNX Resources Corporation (NYSE:CNX) is one of the most shorted stocks on Wall Street right now.

On January 19, Mizuho analyst Nitin Kumar took coverage of CNX Resources Corporation (NYSE:CNX) with an Underperform rating and a  $19 price target.

At the close of Q4 2022, CNX Resources Corporation (NYSE:CNX) was held by 30 hedge funds. These funds held collective stakes worth $392.9 million in the company. This is compared to 35 hedge funds in the previous quarter with stakes worth $433.9 million.

As of December 31, Southeastern Asset Management is the top investor in CNX Resources Corporation (NYSE:CNX) and has disclosed a position worth $193.3 million in the company.

Here is what Longleaf Partners had to say about CNX Resources Corporation (NYSE:CNX) in its fourth-quarter 2022 investor letter:

“CNX Resources Corporation (NYSE:CNX) – CNX was the top contributor for the year, but we were surprised it wasn’t an even larger one. Its value per share strongly outgrew its price performance for the year. While all energy companies saw a boost from higher prices, CNX had previously done more price hedging than peers. This decision held back near-term reported earnings, which remain the market’s focus. This helped relative returns at unhedged and more leveraged companies that were hoping for higher prices. CNX has been taking advantage of a widening price-to-value gap for itself as the year went on by continuing to be one of our largest share repurchasers. When you combine strong capital allocation like this with geopolitical conflict solidifying the long-term value of North American natural gas while hedges roll off with the passage of time, we remain excited about CNX’s future.”