KLA Corporation (NASDAQ:KLAC) recorded a 1,060.6% increase in short interest during the first half of June.
Total shares sold short reached 40.8 million as of June 15th. This figure rose from 3.5 million shares reported on May 31st. Short positions now represent approximately 36.6% of the company's stock. The current days-to-cover ratio is 3.1 days based on average trading volume.
The bearish surge occurs despite KLA reporting quarterly earnings per share of $9.40. This result significantly exceeded analyst expectations. Revenue also increased 11.5% year-over-year.
In related activity, CEO Richard P. Wallace sold a block of shares on June 11th. Analysts maintain a consensus Moderate Buy rating on the stock despite the heavy short interest.