With a Whopping 36 Percent of Its Float Now Sold Short, Exela Technologies (XELA) Remains a Prime Short Squeeze Candidate
Exela Technologies (NASDAQ:XELA), a Business Process Automation (BPA) company, is currently featuring prominently on a list of near shorted stocks. Consequently, the stock remains a viable candidate for the roving optics of retail investors trying to turn a profit from the adjacent big short squeeze.
Every bit per the latest exchange-sourced data every bit of the 15th of July, Exela Technologies currently has a brusque interest (SI) of 36.12 percent.
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Moreover, the stock ranks ninth in MarketWatch'due south tabulation of most shorted U.s. stocks while also featuring on NAKEDShortReport's similar tabulation.
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On a cautionary note, Exela Technologies' days to cover ratio has declined dramatically in contempo days, currently hovering at just 0.19 (Ortex).
Bear in mind that Exela Technologies experienced a huge stock price upthrust dorsum in March 2021, forming a year-to-date high (closing price) of $4.61. The stock likewise experienced a like upward momentum earlier in July simply could not exceed the loftier registered in the previous wave. Since then, the stock has receded by 32 percent, based on the current pre-market price of $two.91. Withal, Exela Technologies shares are still up over 109 percent then far this year.
For the quarter that ended on the 31st of March 2021, Exela Technologies earned $300.06 million in acquirement, downwardly nearly 18 percent year-over-year. Moreover, the visitor concluding reported a positive not-GAAP quarterly EPS back in 2016. Nonetheless, the company announced today strong SMB user growth, with over 2x new sign-ups:
"[Exela Technologies] today announced that its Digital Mailroom ("DMR") and DrySign® offerings delivered a record improver of new users in the second quarter of 2021. DMR and Drysign connected to grow in the preceding ninety days, with DMR delivering a growth rate of 99% in its SMB customer base and Drysign delivering a growth rate of 144% in its user base, as compared to the prior menstruation."
Exela Technologies has an impressive manufacture footprint, featuring xxx+ years of experience, four,000 global customers across multiple industries, and over 60 Fortune 100 clients. The company has also expanded its offerings to incorporate AI and machine learning. It is inappreciably surprising, therefore, that the stock is favorably ranked on TipRanks:
Equally with most other stocks that are featuring on the radar of retail investors these days, Exela Technologies seems to be exploiting the electric current relatively elevated stock prices to raise more upper-case letter. As an illustration, the company reported earlier in July that it has raised $85 one thousand thousand so far under its $150 million at-the-market equity program launched dorsum in June. Exela Technologies plans to utilize the program's proceeds to reduce its debt and explore further avenues for growth.
Source: https://wccftech.com/with-a-whopping-36-percent-of-its-float-now-sold-short-exela-technologies-xela-remains-a-prime-short-squeeze-candidate/
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