5 Nasdaq Stocks with Ballooning Short Interest

#2. Red Rock Resorts Inc. (NASDAQ:RRR)

– Change in short interest in the period of June 15-June 30: +150.3%

– Investors with long positions as of March 31: no data

– Aggregate value of investors’ holdings as of March 31: no data

Red Rock Resorts Inc. (NASDAQ:RRR)’s short interest as a percentage of its float stood at 4.6% on June 30. Red Rock’s short interest skyrocketed by 1.14 million shares during the second half of June to 1.89 million shares. The Las Vegas casino and entertainment venue operator completed its initial public offering in May by offering 27.25 million Class A shares at an IPO price of $19.50 per share. A few weeks after its IPO, the newly public company that owns a significant indirect equity interest in Station Casinos LLC agreed to acquire the Palms Casino Resort for $312.5 million to bolster its Las Vegas presence. Freshly-acquired Palms features a 95,000-square-foot casino with roughly 1,250 slots and 48 table games, a race and sportsbook, approximately 710 hotel rooms, as well as 60,000 square-feet of meeting and convention space, among other things. RRR shares are currently trading 13% above its IPO price of $19.50 a share.

#1. United Community Banks Inc. (NASDAQ:UCBI)

– Change in short interest in the period of June 15-June 30: +178.6%

– Investors with long positions as of March 31: 15

– Aggregate value of investors’ holdings as of March 31: $227.63 Million

United Community Banks Inc. (NASDAQ:UCBI)’s short interest spiked by 1.49 million shares during the second half of June to nearly 2.32 million shares. As for the smart money sentiment, the number of hedge funds from our system with long positions in UCBI decreased to 15 from 18 quarter-over-quarter, while the aggregate value of those positions fell by 7% sequentially to $227.63 million. The 15 asset managers invested in UCBI hoarded up 17% of the company’s total number of outstanding shares. The bank holding company conducts most of its operations through its wholly-owned bank subsidiary, United Community Bank, which operates at 135 locations as of the end of the first quarter. In early July, UCBI completed its previously-announced acquisition of South Carolina-based Tidelands Bancshares Inc., whose legacy Tidelands Bank offices will operate as Tidelands Bank until November. At closing, Tidelands shareholders received cash equal to $0.52 per share. Israel Englander’s Millennium Management owns 2.06 million shares of United Community Banks Inc. (NASDAQ:UCBI) as of March 31.

Disclosure: None