PNC Financial Services Group's Short Interest Trends Revealed

PNC Financial Services Group (PNC) Sees Significant Short Interest Amid Market Volatility

As the markets continue to experience heightened volatility, PNC Financial Services Group (PNC) has caught the attention of short sellers. According to the latest data from Benzinga Pro, PNC's short interest has seen a significant increase in recent weeks.

As of March 22, PNC's short interest stood at 3.33% of its float, with over 11.2 million shares sold short. This represents a significant increase from the previous week, when PNC's short interest stood at 2.63% of its float.

The increase in short interest comes as PNC's stock has experienced a mixed performance in recent weeks. The company's shares have traded as low as $154.86 and as high as $182.11 in the past month, with the current price sitting at around $166.50.

PNC's short interest is not the only factor contributing to its volatility. The company's operations have been impacted by the ongoing COVID-19 pandemic, with many of its customers experiencing financial hardship. Additionally, PNC's exposure to the commercial real estate market has raised concerns among investors.

Despite these challenges, PNC has taken steps to bolster its financial position. The company has implemented cost-cutting measures and has been working to strengthen its capital position.

As the markets continue to experience volatility, PNC's short interest is likely to remain a focus for investors. With over 11.2 million shares sold short, the company's short interest is significant enough to potentially impact its stock price. However, it's worth noting that short interest can be a contrarian indicator, and some investors may see PNC's short interest as a buying opportunity.