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CBZ: Insiders vs. Shorts
Monday, June 17, 3:55 PM ET, by Market News Video Staff

The most recent short interest data was recently released by the NASDAQ for the 05/31/2013 ...

Commit To Purchase CBIZ At $5, Earn 1.5% Annualized
Thursday, August 22, 12:24 PM ET, by Market News Video Staff

Investors considering a purchase of CBIZ Inc (CBZ) shares, but tentative about paying the going ...

Oversold Conditions For CBIZ Inc (CBZ)
Monday, September 9, 12:31 PM ET, by Market News Video Staff

Legendary investor Warren Buffett advises to be fearful when others are greedy, and be greedy ...

CBIZ Inc Enters Oversold Territory (CBZ)
Wednesday, February 5, 12:14 PM ET, by Market News Video Staff

Legendary investor Warren Buffett advises to be fearful when others are greedy, and be greedy ...

CBIZ Inc Stock Sees Short Interest Jump 11.4%
Thursday, April 10, 3:39 PM ET, by Market News Video Staff

The most recent short interest data has been released by the NASDAQ for the 03/31/2014 ...

CBZ: Insiders vs. Shorts

By Market News Video Staff, Monday, June 17, 3:55 PM ET
Play Video: What Short Interest Means


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The most recent short interest data was recently released by the NASDAQ for the 05/31/2013 settlement date, and CBIZ Inc (NYSE:CBZ) is one of the most shorted stocks of the Russell 3000, based on 38.21 "days to cover" versus the median component at 4.86. There are a number of ways to look at short data, but one metric that we find particularly useful is the "days to cover" because it considers both the total shares short and the average daily volume of shares typically traded. The number of shares short is then divided by the average daily volume, to express the total number of trading days it would take to close out all of the open short positions if every share traded represented a short position being closed.

In the case of CBIZ Inc (NYSE:CBZ), the total short interest at the 05/31/2013 settlement date was 5,636,393 shares, which compares to the average daily trading volume of just 147,516 shares, for a "days to cover" ratio of 38.21.

When short sellers eventually cover their positions, by definition there must be buying activity because a share that is currently sold short must be purchased to be covered. At the present levels of short interest, if from this point forward every single CBZ share traded represented a short position being closed, then at the average daily volume of 147,516 shares it would only be during the 39th trading day that every short position would be closed.

So it would stand to reason that should some unexpectedly good news come out, and short sellers did not have 39 days of patience but instead wanted to cover their short positions very suddenly, that situation could result in sending the stock higher until the higher price produces enough sellers to generate the necessary volume to close out those positions quickly.

CBIZ Inc (NYSE:CBZ) has something relatively rare for a stock with this much short interest, that being insiders taking the other side of the trade. Looking back over the trailing six month period, CBZ has seen 2 different instances of insider buying, as summarized by the table below:

Purchased Insider Title Shares Price/Share Value
12/17/2012 Steven L. Gerard Chief Executive Officer 210 $5.60 $1,176.46
12/17/2012 Jerome P. Grisko President and COO 105 $5.60 $588.23
01/15/2013 Steven L. Gerard Chief Executive Officer 200 $5.89 $1,176.50
01/15/2013 Jerome P. Grisko President and COO 100 $5.89 $588.22
02/15/2013 Jerome P. Grisko President and COO 94 $6.28 $588.23
02/15/2013 Steven L. Gerard Chief Executive Officer 187 $6.28 $1,176.46
03/15/2013 Jerome P. Grisko President and COO 90 $6.54 $588.22
03/15/2013 Steven L. Gerard Chief Executive Officer 180 $6.54 $1,176.45
04/15/2013 Steven L. Gerard Chief Executive Officer 190 $6.19 $1,176.48
04/15/2013 Jerome P. Grisko President and COO 95 $6.19 $588.21
05/15/2013 Steven L. Gerard Chief Executive Officer 178 $6.62 $1,176.45
05/15/2013 Jerome P. Grisko President and COO 89 $6.62 $588.23

Below is a chart showing the "days to cover" for CBZ over time:

And looking at the chart below, CBZ's low point in its 52 week range is $5.07 per share, with $6.87 as the 52 week high point that compares with a last trade of $6.63.

CBIZ Inc Moving Averages Chart

In recent trading, shares of CBIZ Inc (NYSE:CBZ) were changing hands at $6.63/share.


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This Article's Word Cloud:   CBIZ   Chief   Definition   Executive   Gerard   Grisko   Insider   Jerome   NYSE   Officer   President   Price   Steven   average   being   below   chart   close   closed   compares   cover   daily   days   every   higher   interest   must   number   over   point   position   positions   represented   sellers   settlement   share   shares   short   stock   that   their   this   total   trade   traded   trading   volume   week   with   would
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