Short Selling Dynamics Shift
Short Interest Sees Major Declines for European Banks, Surges for Israeli Lender in June
Anonymous
Key Points
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Ageas short interest fell 89.5% to 1,278 shares by June 15, with a very low 0.1 day short-interest ratio, and the stock opened at $78.80 while trading within its roughly $65.42–$81.33 1-year range. The release also notes a downgrade from Zacks Research to a strong sell and a mixed MarketBeat consensus.
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National Bank of Greece saw short interest drop 98.1% to 978 shares, with a days-to-cover of about 0.2 days; Deutsche Bank reaffirmed a buy rating on June 5, and MarketBeat data shows a consensus of Moderate Buy with ratings split between Buy and Hold.
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Pick n Pay Stores’ short interest declined to 15 shares (down 95.2%), with days-to-cover listed as infinite due to negligible volume; the stock traded at $6.10, and there is a 1-year range of $6.10–$6.85.
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Nordea Bank’s short interest plummeted 99.9% to 384 shares, with days-to-cover at 0.0; the company recently reported EPS of $0.37 vs. estimates of $0.38 and revenue of $3.41 billion, while analysts show a mix of ratings (1 Strong Buy, 2 Buy, 3 Hold, 1 Sell) and a consensus of Hold.
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Israel Discount Bank’s short interest surged 3,650.2% to 7,838 shares, yielding an approximate 2.2-day average to cover; the stock traded near $97.84, with a 50-day moving average of $119.39 and a 52-week range of $94.75–$106.59.
Short interest in Nordea Bank (NRDBY) collapsed 99.9% in mid-June, falling from hundreds of thousands of shares to just 384, according to MarketBeat. The dramatic exit of bearish bets came as the Nordic bank prepared to pay out 50% of its first-half profits as a dividend, with days-to-cover hitting 0.0 — meaning bears have essentially abandoned the stock entirely.
The Nordea move was part of a broader pattern. Four other foreign-listed stocks — National Bank of Greece, Ageas, Pick n Pay, and Israel Discount Bank — all saw their short interest swing wildly in June. While most saw sharp drops, Israel Discount Bank bucked the trend with a stunning 3,650.2% surge in shorting, according to Watchlist News.
Nordea and NBG Bears Exit Ahead of Dividend Payouts
Nordea's short interest drop to just 384 shares signals a near-total retreat of U.S.-listed bearish bets. Stock Titan reported that Nordea confirmed a mid-year dividend payout scheduled for August, covering 50% of first-half net profit. That payout appears to have pushed short-sellers out. The bank's Q1 2026 EPS came in at $0.37, just under the $0.38 consensus, on revenue of $3.41 billion, per MarketBeat.
National Bank of Greece saw a similar retreat. Short interest fell 98.1% to just 978 shares, with days-to-cover dropping to 0.2. On June 5, Deutsche Bank reaffirmed its "Buy" rating on NBG and raised its price target to $19.70, calling Greece a "prominent outlier" in Europe with double-digit loan growth, per Investing.com. NBG also paid a $0.34 per-share semi-annual dividend on June 25, per Stock Events.
Israel Discount Bank Shorts Surge on Windfall Tax Pain
While European banks saw bears flee, Israel Discount Bank moved in the opposite direction. Short interest surged 3,650.2% to 7,838 shares, pushing days-to-cover to roughly 2.2. The stock was trading near $97.84 — well below its 50-day moving average of $119.39 — and near the bottom of its 52-week range of $94.75 to $106.59.
The surge in shorts reflects real pain at the bank. The Israeli government imposed a special windfall tax on the country's five largest banks, which Globes reported cut IDB's return on equity from 13% to 10.9%. CEO Avi Levi announced 600 layoffs as part of a "large-scale three-year streamlining project" to offset the hit. Traders appear unconvinced the cuts are enough, sending short interest to its highest level in months.
Ageas Downgraded to Strong Sell as Short Interest Still Falls
Ageas presented a contradictory picture in June. Zacks Investment Research downgraded the Belgian insurer to "Strong Sell" on June 12, citing short-term performance concerns. Yet short interest still fell 89.5% to just 1,278 shares, with a days-to-cover ratio of only 0.1. The stock opened at $78.80, well within its one-year range of $65.42 to $81.33.
The gap between the downgrade and the short-interest drop shows that even bearish analysts are not betting on a collapse. MarketBeat data shows a mixed consensus of Hold, with ratings split between buyers and sellers. The stock's internal "A" score for value appears to be keeping short-sellers cautious despite the negative headline.
Pick n Pay Shorts Vanish as South African Retailer Fights to Survive
Pick n Pay Stores (PKPYY) saw the most extreme data point of all. Short interest fell 95.2% to just 15 shares. Volume was so thin that days-to-cover registered as infinite — meaning there was essentially no trading to cover against. The stock sat at $6.10, right at the floor of its one-year range of $6.10 to $6.85.
The near-zero short interest reflects investor abandonment more than bullish confidence. On May 25, the company reported a return to profit before tax of R360 million, but its core supermarket segment kept losing money. CEO Sean Summers called the turnaround "firmly on track," but Daily Maverick noted shares fell 3.55% after the results. With almost no U.S. trading volume, the stock has effectively become a "zombie ADR" with no meaningful price discovery.
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