Nuveen Select Tax-Free Income Portfolio Sees Large Drop in Short Interest

Nuveen Select Tax-Free Income Portfolio (NYSE:NXP) experienced a significant drop in short interest in September. According to MarketBeat, as of September 15th, there were 32,092 shares sold short, representing a decrease of 64% from the August 31st total of 89,055 shares.

The days-to-cover ratio is currently at 0.1 days based on an average daily volume of 216,798 shares. This means that it would take approximately one day for all the shares sold short to be covered by buying or selling.

Institutional investors and hedge funds have been active in their positions in NXP. Stephens Inc. AR raised its stake in Nuveen Select Tax-Free Income Portfolio by 15.6% during the first quarter, while Bank of America Corp DE increased its holdings by 19.5%. Royal Bank of Canada also boosted its position by 46.0%, and Wedbush Securities Inc. raised its stake by 4.1%.

The company's stock price has been relatively stable in recent months, trading at $13.07 on Friday with a 50-day moving average price of $14.03 and a 200-day moving average price of $14.20.