AutoNation Inc (AN), the owner of 322 vehicle franchises from 244 stores located in major metropolitan markets in the U.S., has seen a significant rise in its short interest since mid-Summer, when the percentage of its Market Cap out on loan (%MCOL) rose from 10% in late June, to 30% in late July. Since then there has been a marginal amount of short covering, but today's figure is still substantial at 22.3%.
On Monday, Forbes said that shares in the car maker declined after Standard & Poor's Equity Research downgraded it, citing the weak vehicle market, with shares falling $0.20 to $7.9. Please see this graph of AN's %MCOL below. Utilisation is high at 73.48%.
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Although there has been a vast amount of short covering in General Motors, (GM) since July, when the %MCOL was 40% to its 17.14% today, this is still a high figure. Utilisation is at 70.69%.
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