November 11, 2019 / 9:16 PM / a month ago

Nasdaq short interest down 0.7% in late October

FILE PHOTO: The Nasdaq logo displayed at the Nasdaq Market site in New York, U.S., May 2, 2019. REUTERS/Brendan McDermid/File Photo

NEW YORK (Reuters) - Short interest on the Nasdaq fell 0.7% in late October, the exchange said on Monday.

As of Oct. 31, short interest fell to about 9.144 billion shares, compared with 9.209 billion shares as of Oct. 15.

Investors who sell securities “short” borrow shares and then sell them, expecting the stock to fall so they can buy the shares back at the lower price, return them to the lender and pocket the difference.

Shorting can also be part of a hedging strategy.

Reporting by Chuck Mikolajczak; Editing by Chris Reese

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