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Baird analysts highlighted the stocks in vertical software with the largest short interest levels as of April 15. Overall, the vertical software group decreased about 5% compared to the prior period.
Average short interest is up about 2% year-to-date in 2024, the firm stated, after a 25% increase in 2023. Since March 28, Guidewire Software Inc. (GWRE), Bentley Systems Inc. (BSY), and Phreesia Inc. (PHR) had the largest absolute increase in shares sold short at 10%, 7% and 7%, respectively.
nCino Inc. (NCNO), Manhattan Associates Inc. (MANH), Roper Technologies Inc. (ROP) had the lowest at -31%, -27% and -18%, respectively.
When it comes to short interest as a percentage of float, Definitive Healthcare Corp. (NASDAQ:DH) had short interest of 14%, with Instructure Holdings Inc. (INST) at 11%, Bentley Systems (BSY) at 8% and Model N Inc. (MODN) at 7%.
In Bairds’ coverage, about 5% of float is sold short on average.
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