Short sellers are an interesting breed of investors on Wall Street. To some investors it may even sound unpatriotic to bet on a stock going down rather than rising. Still, there are many reasons that traders, investors and even certain insiders might be short a stock, and they do not all lead to the price ultimately going lower. When it comes to the most aggressively shorted stocks on Wall Street, it probably leans more and more toward a belief that sentiment has built up too much or that there is another big trade of sorts in the works.

As the major markets have retreated from all-time highs, it feels as though the Trump rally become overextended. Judging by the most shorted stocks traded on the New York Stock Exchange and the Nasdaq, 24/7 Wall St. decided to take a look at the 10 most heavily shorted stocks on both exchanges.

Moves in the most heavily shorted stocks looked largely positive between the February 28 and March 15 settlement dates.

Sirius XM: King of the Short Sellers!

The more than 277.25 million Sirius XM Holdings Inc. (NASDAQ: SIRI) shares short by mid-March was barely lower than on the previous settlement date, but it was still the second greatest number of shares short so far this year. And it represents 18.0% of the float. At the most recent average daily volume, it would take less than 11 days to cover all short positions.

Note that Warren Buffett’s portfolio managers indirectly own Sirius shares via the Liberty shares, but Sirius XM has always been active among short sellers with such a low share price making the actual “dollars sold short” far less than some of the larger stocks.  The stock ended the two-week period more than 4% higher, though it was up almost 7% at one point. The Nasdaq rose less than 2% between the settlement dates. The stock is currently trading more than 14% higher year to date. It closed Friday at $5.10 a share, in a 52-week trading range of $3.74 to $5.53.

Frontier Communications: Betting Against That Dividend!

After rising more modestly in the previous two periods, the number of shares short in Frontier Communications Corp. (NASDAQ: FTR) jumped about 15% more to almost 273.44 million on last look. That was 23.6% of the high-yield telecom’s float, as well as the 14th consecutive period with more than 200 million shares short. The daily average volume rose sharply and the days to cover dropped from more than six to around five.

Frontier has seen many downgrades of late betting against its outlook and against its double-digit yield dividend. The share price was down more than 17% by the middle of the month. The stock has continued to fall since then and hit a 52-week low of $1.92 on Friday. Shares closed most recently at $2.09. The 52-week high of $5.77 was seen almost a year ago.

Weatherford International: Good News Into High Short Selling!

Weatherford International PLC (NYSE: WFT) led the trend of more shares being sold short with a double-digit percentage gain in short interest during the period. Weatherford is once again the most shorted NYSE stock, following a 16.7% surge in short interest in the first two weeks of this month. The almost 137.87 million shares short represented 14.2% of this oil and gas driller’s total float. At the most current daily average, it would take roughly four days to cover all the short positions.

Weatherford named its new chief executive officer during the short interest period. Its shares ended the two weeks around 11% higher, while the S&P 500 was up about 1% in that time. The stock closed most recently at $5.89, which is about 18% higher year to date. Shares have changed hands between $3.73 and $8.49 in the past 52 weeks. Shares just surged on a very positive Schlumberger joint venture — and Wells Fargo gave a big upgrade!

Chesapeake Energy: Reminders of Years Past?

Chesapeake Energy Corp. (NYSE: CHK) had seen its number shares short go up each reporting period so far this year. It took a breather most recently, with short interest essentially flat as of mid-March. The almost 134.66 million shares short reported most recently were 15.3% of the float. Chesapeake’s days to cover reading was over three days.

Chesapeake saw some notable insider buying earlier this month. In the two-week period, short sellers watched the share price pull back more than 9% but then recover to end flat. It retreated again afterward and closed most recently at $5.22. That was still up handily from the multiyear low of $3.53 from almost a year ago, but less than the 52-week high of $8.20 seen in mid-December.

Sprint: The Riskiest Cellular Carrier!

The short interest has declined in seven of the previous nine periods. But the number of Sprint Corp. (NYSE: S) shares short grew by about 8 million shares, or nearly 7%, between the most recent settlement dates. The around 124.50 million shares reported totaled 19.5% of the float. The days to cover rose from about eight to 10 during those two weeks.

Sprint and its peers appear to be in a race to the bottom. Sprint’s share price ended the two weeks about 6% lower than where it began, though it was up about 1% at one point. The stock has recovered some of that decline since then and closed most recently at $8.50. The stock hit a 52-week high of $9.65 earlier this year, well up from the 52-week low of $3.14 almost a year ago.

AT&T: Can You Say Price Wars?

The approximately 118.30 million AT&T Inc. (NYSE: T) shares short at the middle of this month was over 5 million shares higher than on the prior settlement date. It also was 1.9% of the float, and it was the highest level of short interest in at least a year. As of the latest settlement date, it would take about seven days to cover all short positions.

AT&T may be a price war trade for short sellers. This month, AT&T said it would bring back 3,000 offshore jobs. Its shares were up nearly 2% by the end of the most recent short interest period, most of that gain in the final few days. The stock closed this past Friday at $41.68 apiece, which was about 2% lower than at the beginning of the year. The 52-week trading range is $36.10 to $43.89.

AMD: Did It Surge Too High Into 2017?

By the middle of March, Advanced Micro Devices Inc. (NASDAQ: AMD) had around 114.91 million shares short. That was a gain of nearly 10% from the total on the previous settlement date, and it was 13.9% of the company’s float. AMD’s short interest has grown in six of the past seven periods, but it still would take less than two days to cover all short positions.

AMD landed a new street-high price target during the period, but the March 15 share price was more than 3% lower than on the previous settlement date. The share price was down nearly 10% at one point in the period. The stock closed at $13.70 on Friday, still almost 21% higher year to date. Shares have changed hands between $2.60 and $15.55 in the past year.

This feels like some investors might be hedging or where some speculators just feel like a gain of close to 1,000% from trough to peak might be too much too fast.

Alibaba: Betting Against China, or After Yahoo!

Alibaba Group Holding Ltd. (NYSE: BABA) saw its short interest rise just marginally to more than 112.06 million shares by the middle of March. That was the second smallest number of shares short so far this year, and it came to about 4.7% of the float. It would take about 13 days to cover all short positions.

During the period, Alibaba was looking for $5 billion in funding. Its share price by the end of the two weeks was less than 1% higher, though it was up more than 2% at one point. The stock closed most recently at $108.04 a share, which is around 23% higher since the beginning of the year. The 52-week trading range is $73.30 to $109.87.

Bank of America: Betting Against a Trump and Rate Hike Stock!

The number of Bank of America Corp. (NYSE: BAC) shares short hit a year-to-date high in the first two weeks of this month. Around 107.78 million shares were short most recently, after a more than 4% rise. That represented 1.1% of the money center bank’s float. The average daily trading volume fell to a year-to-date low in the period, but the days to cover remained about one.

Warren Buffett still has a big stake and huge profit in this bank via the convertible preferred shares, but its shares have retreated along with many of the Trump rally stocks as the market has listed lower. Having closed most recently at $23.12, that is up more than 4% year to date. Shares hit a new 52-week high of $25.80 last month, and the 52-week low is $12.05.

Intel: Is Intel’s Future Questionable Versus Peers?

Intel Corp. (NASDAQ: INTC) has more than 91.82 million shares in the short interest as of the most recent settlement date. Short interest there rose more than 2% during the period to total 1.9% of the company’s float, and investors might want to know that this was the greatest number of shares short in nearly a year for the world’s largest chip and processor giant. As of mid-March, it would take more than three days to cover all short positions.

This month, Intel announced an acquisition that will expand its footprint, but its share price ended the short interest period about 3% lower. Historically, this is a time on the calendar when investors may tend to be more defensive when it comes to exposure in technology stocks. Intel’s stock has been essentially flat since and is now down about 3% since the beginning of the year. The most recent close of $35.16 a share compares to a 52-week trading range of $29.50 and $38.45.

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