BuzzFeed, Inc. (NASDAQ:BZFD) Sees Large Drop in Short Interest

BuzzFeed, Inc. (NASDAQ:BZFD) was the target of a significant drop in short interest in October. As of October 31st, there was short interest totalling 695,600 shares, a drop of 12.9% from the October 15th total of 798,600 shares. Based on an average daily trading volume, of 444,000 shares, the days-to-cover ratio is currently 1.6 days. Approximately 4.2% of the company’s stock are sold short.

Institutional Investors Weigh In On BuzzFeed

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Baader Bank Aktiengesellschaft acquired a new stake in shares of BuzzFeed in the 2nd quarter valued at approximately $475,000. Seven Post Investment Office LP bought a new position in shares of BuzzFeed in the 2nd quarter valued at about $1,881,000. Dimensional Fund Advisors LP acquired a new position in shares of BuzzFeed during the 2nd quarter worth about $53,000. Cubist Systematic Strategies LLC acquired a new stake in BuzzFeed in the 2nd quarter valued at about $37,000. Finally, Geode Capital Management LLC grew its holdings in BuzzFeed by 18.7% during the third quarter. Geode Capital Management LLC now owns 187,598 shares of the company’s stock worth $500,000 after purchasing an additional 29,543 shares during the period. 37.64% of the stock is currently owned by institutional investors and hedge funds.

BuzzFeed Price Performance

Shares of BZFD traded down $0.22 during mid-day trading on Friday, hitting $3.06. 839,225 shares of the company’s stock were exchanged, compared to its average volume of 866,474. The company has a 50-day simple moving average of $2.66 and a 200 day simple moving average of $2.58. BuzzFeed has a 52 week low of $0.64 and a 52 week high of $4.56.

About BuzzFeed

BuzzFeed, Inc, a digital media company, distributes content across owned and operated, as well as third-party platforms. The company offers BuzzFeed, a go-to authority for entertainment, pop culture, and Internet with articles, lists, quizzes, videos, and original series; BuzzFeed News, a pocket friendly newsroom; Tasty, a platform for food content; HuffPost, media platform for news, politics, opinion, entertainment, features, and lifestyle content.