Align Technology (ALGN) : The conviction of the bears is waning as is visible by the drop in the short positions from Jul 29, 2016, to August 15, 2016. The total outstanding shorts decreased from 3,192,411 to 2,825,058 shares, with 4 days to go before the expiry. The short open interest has decreased by -11.5%, amounting to a reduction of -367,353 shares. Only a handful of traders believe that the stock has a large downside from current levels, as seen in the low short interest of 3.9% of the float of the company. The average daily volume of the stock is 792,149 shares. The short interest information was released on Wednesday Aug 24th after the market close.
Align Technology (NASDAQ:ALGN): The stock opened at $93.60 on Wednesday but the bulls could not build on the opening and the stock topped out at $93.63 for the day. The stock traded down to $92.18 during the day, due to lack of any buying support eventually closed down at $92.41 with a loss of -1.28% for the day. The stock had closed at $93.61 on the previous day. The total traded volume was 721,618 shares.
In a related news, According to the information disclosed by the Securities and Exchange Commission in a Form 4 filing, the officer (VP, R&D) of Align Technology Inc, Relic Zelko had sold 13,577 shares worth of $1,302,442 in a transaction dated August 15, 2016. In this transaction, 13,577 shares were sold at $95.93 per share.
Align Technology, Inc. (Align) is a medical device company. The Company designs, manufactures and markets a system of clear aligner therapy, intra-oral scanners and computer-aided design and computer-aided manufacturing (CAD/CAM) digital services for dentistry, orthodontics, and dental records storage. The Company operates through two segments: Clear Aligner, known as the Invisalign system, and Scanners and Services, known as the iTero intraoral scanner and OrthoCAD services. The Companys Clear Aligner segment provides malocclusion and orthodontic treatment. The Companys Scanners and Services Segment offers iTero intraoral scanner, which utilizes laser and optical scanning to capture the contours of the patients dentition, gingival structures and the bite. It distributes products directly to customers, including orthodontists and general practitioner dentists (GPs), as well as to restorative dentists, including prosthodontists, periodontists and oral surgeons.