Short Interest is Tapering Off in These 5 Nasdaq Stocks

#2. Elizabeth Arden Inc. (NASDAQ:RDEN)

– Change in short interest in the period of June 15-June 30: -59.2%

– Investors with long positions as of March 31: 9

– Aggregate value of investors’ holdings as of March 31: $16.30 Million

The number of Elizabeth Arden Inc. (NASDAQ:RDEN) shares short decreased by 2.59 million in the second half of June to 1.79 million. Even so, the company’s short interest as a percentage of its float stands at a worrying 8.2% as of June 30. A total of nine hedge fund vehicles from our database were invested in Elizabeth Arden at the end of March, as compared to seven recorded at the end of December. Despite the increase in hedge fund sentiment, the aggregate value of those funds’ equity investments in the company fell to $16.30 million from $20.05 million quarter-on-quarter. In mid-June, Revlon Inc. (NYSE:REV) agreed to buy cosmetics competitor Elizabeth Arden for $14.00 per share in cash, a deal that will expand the acquirer’s presence in categories such as skin care and perfume. Elizabeth Arden sells perfumes and cosmetics under its owns brand, as well as makes fragrances for celebrity trademarks such as Justin Bieber and Taylor Swift. The deal will create a company with combined annual sales of approximately $3 billion, as well as enable Revlon to refinance its debt load. Royce & Associates, founded by Chuck Royce, was the owner of 1.24 million shares of Elizabeth Arden Inc. (NASDAQ:RDEN) at the end of March.

#1. Pan American Silver Corp. (USA) (NASDAQ:PAAS)

– Change in short interest in the period of June 15-June 30: -70.4%

– Investors with long positions as of March 31: 12

– Aggregate value of investors’ holdings as of March 31: $114.48 Million

Last but certainly not least, Pan American Silver Corp. (USA) (NASDAQ:PAAS)’s short interest dropped a massive 70% in the second half of June to 1.89 million shares. The number of asset managers followed by our team with long positions in Pan American Silver climbed to 12 from 10 during the first quarter, while the overall value of those positions jumped to $114.48 million from $52.05 million quarter-over-quarter. The 12 money managers hoarded up nearly 7% of the company’s total number of outstanding shares. The silver producer that owns and operates seven mines in Mexico, Peru, Argentina and Bolivia has seen the value of its stock skyrocket by 179% since the start of the year, thanks to the strong recovery in metal prices. The company’s first-quarter revenue dropped 11% year-on-year to $158.28 million, mainly due to lower metal prices and lower quantities of medals sold. Even so, Pan American Silver generated $1.9 million in net earnings, as compared to a loss of $19.8 million posted a year ago. Jim Simons’ Renaissance Technologies had a whopping 7.14 million shares of Pan American Silver Corp. (USA) (NASDAQ:PAAS) in its portfolio on March 31.

Disclosure: None