Looking at the table below, it is clear that there has been a high level of covering in the restaurant space.
I would call out the following moves as noteworthy in our table:
- Short covering is driving CMG and CAKE higher over recent weeks
- MCD and YUM have low short interest but the level is slowly building
- DRI, EAT, and BOBE have seen short interest grow over the past two months of reported data
- DIN’s short interest has declined markedly following their debt refinancing and strong 3Q performance