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BAD TIME FOR GENWORTH TO ANNOUNCE IPO FOR IT'S PMI UNIT AS PMI STOCK PRICES DECLINE
"The company aims to raise as much as $541 million, offering 22.57 million shares at a price range between $20 and $24 per share. Net proceeds from the offering will go to Genworth Holdings, which will retain roughly 80% ownership in the mortgage unit, a spokesperson for the company said."
https://www.insurancebusinessmag.com/us/news/breaking-news/genworth-announces-ipo-rebrands-into-enact-holdings-254136.aspx
PROMISES TO REPURCHASE COMPANY STOCK MANY TIMES GO UNFILLED
ESSENT GUARANTY promises to buy $250 million in stock by the end of 2022. However, manytimes those promises aren't kept due unforseen obstacles. In the case of MGIC COVID-19.
ESSENT GUARANTY promises it will BUYBACK $250 million in company shares to makeup for a bad two quarters, when it missed estimates and under performed.
In Q1 2021, ESSENT GUARANTY lost marketshare, decreased insurance in force, came in last in new insurance written. So, does making a promise to REPURCHASE COMPANY STOCK makeup for a poor performance?
MGIC SEC 10-K 2020
"Share repurchase programs
In the first quarter of 2020 and in the full year of 2019, we repurchased
approximately 9.6 million and 8.7 million shares of our common stock,
respectively, using approximately $120 million and $114 million,
respectively, of holding company resources. As of December 31, 2020, we
had $291 million of authorization remaining to repurchase our common
stock through the end of 2021 under a share repurchase program approved
by our Board of Directors in January 2020. Repurchases may be made
from time to time on the open market (including through 10b5-1 plans) or
through privately negotiated transactions. The repurchase programs may
be suspended for periods or discontinued at any time. Due to the
uncertainty caused by the COVID-19 pandemic, we have temporarily
suspended stock repurchases, but may resume them in the future.
The following table shows details of our share repurchase programs.
Repurchase
Program Expiration Date
Repurchased (in
millions)
Authorization
Remaining
(in millions)
2018 Authorization December 31, 2019 $ 200 $ —
2019 Authorization December 31, 2020 $ 200 $ —
2020 Authorization December 31, 2021 $ 9 $ 291
As of December 31, 2020, we had approximately 339 million shares of
common stock outstanding."
OF FIVE PMI COMPANIES REVIEWED FOR Q1 2021, ESSENT NIW WAS LOWEST AND IIF DECLINED
"Insurance in force as of March 31, 2021 was $197.1 billion, compared to $198.9 billion as of December 31, 2020 and $165.6 billion as of March 31, 2020.
New insurance written for the first quarter was $19.3 billion, compared to $29.6 billion in the fourth quarter of 2020 and $13.5 billion in the first"quarter of 2020.
ESSENT GUARANTY MISSES Q1 2021 GUARANTEES TO BUYBACK STOCK BY 2022
https://www.google.com/amp/s/finance.yahoo.com/amphtml/news/essent-group-ltd-announces-first-103000395.html
MGIC NET CASH FROM OPS JUMPS 20% YOY IN 2020
$198 MILLION IN Q1 2021 vs $181 MILLION in Q1 2020
MGIC IS HITTING ON ALL CYLINDERS IN CASH FLOW
SOURCE
SEC 10-Q Q1 2021
SEC 10-K 2020
MGIC Q1 2021 HIGHLIGHTS
First, bear in mind MGIC was
#1 in NIW IN Q1.
#1 IN IIF
First Quarter Summary
New insurance written was $30.8 billion, compared to $33.2 billion the fourth quarter of 2020 and $17.9 billion in the first quarter of 2020, reflecting the resilience of the purchase mortgage market, the attractive refinance market, and our position in the market.
Persistency, or the percentage of insurance remaining in force from one year prior, was 56.2% at March 31, 2021, compared with 60.5% at December 31, 2020 and 73.0% at March 31, 2020.
Insurance in force (IIF) of $251.7 billion at March 31, 2021 increased by 2.1% during the quarter and 11.6% compared to March 31, 2020.
Primary delinquency inventory of 52,775 loans at March 31, 2021 decreased from 57,710 loans at December 31, 2020, but increased from 27,384 loans at March 31, 2020 primarily due to the adverse economic impact of COVID-19.
MGIC REPORT NOT THAT BAD
There was a lot of refinancing in Q1 2021 and they still managed to increase their portfolio.
$13.95 BOOK VALUE AND REVS WERE SHORT
BTIG HAD EARNINGS AT $.44 VS $42.
https://mtg.mgic.com/news-releases/news-release-details/mgic-investment-corporation-reports-first-quarter-2021-results
RADIAN REPORT INSURANCE IN FORCE AND REVENUES AND BOOK VALUE DECLINE IN Q1 2021
"Total primary mortgage insurance in force as of March 31, 2021, declined to $238.9 billion, a decrease of 2.9 percent compared to $246.1 billion as of December 31, 2020, and a decrease of 1.1 percent compared to $241.6 billion as of March 31, 2020."
https://radian.com/news-and-knowledge/news?id=21341
BOOK VALUES PMI COMPANIES VS SELLING PRICES
ESSENT GUARANTY MKT P. $52.29, BOOK $33.95
NMIH MKT PRICE $26.32, BOOK VALUE $16.08
RADIAN MKT PRICE $24.68, BOOK VALUE $22.45
MTG MKT PRICE $15.35, BOOK VALUE $13.88
Most companies reporting earnings this quarter have gone down after reporting because, all the good news is already priced into stocks.
Even companies reporting 50% earnings above analyst estimates have retreated.
The S&P 500's current "price to earnings ratios" exceed the "great depression" and "the dot com bubble's".
OVERALL MARKET SETUP FOR A CORRECTION PMI COMPANIES HAVE NO WHERE TO GO
All financial stocks including PMI COMPANIES, ARE SELLING IN EXCESS OF BOOK VALUES.
WHEN PMI COMPANIES REPORT EARNINGS, They have no where to go.
The VIX, a volatility index, has jumped up over 21.99, an increase of 13.98% increase.
PROPERTY TAX ARE TRENDING HIGHER 4 YEAR HIGH PROPOSED
http://www.mortgagenewsdaily.com/video/archive/2021/4/20.aspx#973132
HIGH INTEREST CHOKING OFF LOAN APPLICATIONS AND VOLUMES AT BANKS
By JANN SWANSON
Mortgage News Daily
Mortgage Applications Decline Further, High Costs Constraining Home Sales
Apr 14 2021, 8:10AM
Higher interest rates drove the volume of mortgages applications lower again last week. The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of that volume, decreased 3.7 percent on a seasonally adjusted basis during the week ended April 9. On an unadjusted basis, the Index was down 3 percent compared with the previous week.
The Refinance Index was 5 percent lower week-over-week and 31 percent below its level during the same week in 2020. The refinance share of mortgage activity decreased to 59.2 percent of total applications from 60.3 percent the previous week. The seasonally adjusted Purchase Index dipped 1 percent on both an adjusted and unadjusted basis and was 51 percent higher than the same week one year ago."
http://www.mortgagenewsdaily.com/04142021_loan_originations.asp
Analysts say mortgage rates are rising, and that will cool housing prices
RISING INTEREST RATES WILL HURT MORTGAGE APPLICATIONS.
LOWER HOME PRICES WILL HURT HOME PRICES AND BORROWERS ABILITY TO MITIGATE FORBEARANCE EXITS.
THUS, PRIVATE MORTGAGE INSURERS(PMIS) LOAN LOSSES EFFORTS TO MITIGATE LOAN DEFAULTS WILL BE HURT.
"Google search trends show people are searching things like, "When will the housing market crash?"
And "Why is the market so hot?" Home prices have been up 10 percent year over year because demand is so high and supply is so low. Diana Olick joins 'The News with Shepard Smith' to discuss."
FINANCIAL STOCK PRICES DON'T MATCH BOOK VALUES.
IRRATIONAL EXUHERANCE NEVER ENDS GOOD.
http://www.mortgagenewsdaily.com/video/archive/2021/4/14.aspx#972564
MGIC DEFAULT INVENTORY DECLINES IN MARCH AS BORROWERS CONTINUE TO EXIT FORBEARANCE
DELINQUENCIES DECLINED TO 52,775 LOANS FROM 55,103 IN FEBRUARY. 61% OF DEFAULTS ARE IN FORBEARANCE.
BORROWERS that are in forbearance can catch up on pay back payments or possibly modify loan payment structure if, they qualify.
Currently, most forbearance programs scheduled to end over the next several months.
Q1 EARNINGS RESULTS RELEASE IS SCHEDULED FOR MAY 6.
https://mtg.mgic.com/news-releases/news-release-details/mgic-investment-corporation-schedules-1st-quarter-2021-earnings
TO AVOID MASSIVE FORECLOSURES IN THE COMING MONTHS CFPB HAS PROPOSED EXTENDING FORECLOSURE MORATORIUM
THE CFPB IS CONVINCED THAT OUT OF THE 3 MILLION BORROWERS IN FORBEARANCE, WILL SEE A LARGE NUMBER OF FORECLOSURES.
PMI COMPANIES ARE INCREASING LOSS RESERVES EACH QUARTER.
"Due to the COVID-19 pandemic and ensuing economic crisis, millions of families nationwide have suffered the loss of income and nearly 3 million homeowners are behind on their mortgages. The CFPB’s proposal seeks to ensure that both servicers and borrowers have the tools and time they need to work together to prevent avoidable foreclosures, recognizing that the expected surge of borrowers exiting forbearance in the fall will put mortgage servicers under strain."
https://www.consumerfinance.gov/about-us/newsroom/cfpb-proposes-mortgage-servicing-changes-to-prevent-wave-of-covid-19-foreclosures/
FHA HAS NO NEAR TERM PLANS TO INCREASE IT'S FEES
"WASHINGTON - Secretary Marcia L. Fudge on Tuesday released the following statement on the quarterly report to Congress on FHA Single-Family Mutual Mortgage Insurance Fund Programs: "
"The health of FHA’s Mutual Mortgage Insurance Fund² has remained resilient despite the financial challenges faced by homeowners with FHA-insured mortgages in 2020. The fund stands at more than $80 billion and remains well above the 2% minimum capital reserve required. Through the pandemic, the FHA portfolio has experienced increased levels of seriously delinquent loans and a heightened level of loans in forbearance."
"Given the current FHA delinquency crisis and our duty to manage risks and the overall health of the fund, we have no near-term plans to change FHA’s mortgage insurance premium pricing. We will continue to rigorously evaluate our strategy and work transparently with Congress. Our number one priority is helping families keep their homes and remain safe as we work toward an equitable recovery."
https://www.hud.gov/press/press_releases_media_advisories/HUD_No_21_049
THE PACE OF HOMEOWNERS LEAVING FORBEARANCE PROGRAMS IS ACCELERATING
"The share of loans in forbearance decreased for the fourth straight week, dropping below 5 percent for the first time in a year. New forbearance requests remained at their lowest level since last March, and the pace of exits increased," said Mike Fratantoni, MBA's Senior Vice President and Chief Economist. "More than 17 percent of borrowers in forbearance extensions have now exceeded the 12-month mark."
https://www.mba.org/2021-press-releases/march/share-of-mortgage-loans-in-forbearance-decreases-to-496-percent
REDWIN SAYS HOMES ARE SELLING FOR HIGHER THAN ASKING PRICE
"58% of homes that went under contract had an accepted offer within the first two weeks on the market This is a new all-time high for this measure since at least 2012 (as far back as Redfin’s data for this measure goes) and well above the 46% rate during the same period a year ago. During the 7-day period ending March 21, 61% of homes sold in two weeks or less."
https://www.redfin.com/news/housing-market-update-39-pct-homes-sold-above-list-price/
MTG PRIMED TO SKYROCKET
$14 AND UP
$14.30 Q1 2021 PROJECTED BOOKVALUE FINISH
ANALYSTS ARE RAISING QUARTERLY EARNINGS ESTIMATE WEEKLY
LAST 7 DAY Q1 ESTIMATE IS $.42 FROM $.41 BUT, 60 DAYS AGO WAS $.38
https://bigcharts.marketwatch.com/advchart/frames/frames.asp?show=&insttype=Stock&symb=MTG&x=51&y=16&time=18&startdate=1%2F4%2F1999&enddate=3%2F17%2F2021&freq=8&compidx=aaaaa%3A0&comptemptext=&comp=none&ma=0&maval=9&uf=8&lf=8&lf2=65536&lf3=268435456&type=4&style=350&size=2&timeFrameToggle=false&compareToToggle=false&indicatorsToggle=false&chartStyleToggle=false&state=11
LOANS IN FORBEARANCE HITS 12 MONTH LOW AS ALL CATEGORIES DECLINE
"New forbearance requests decreased to their lowest level since last March. Combined with a steady pace of exits, this drop in new requests resulted in a larger decline in the share of loans in forbearance across all investor categories," said Mike Fratantoni, MBA's Senior Vice President and Chief Economist. "
https://www.mba.org/2021-press-releases/march/share-of-mortgage-loans-in-forbearance-decreases-to-505-percent
TODAY IS AN EXCELLENT BUYING OPPORTUNITY
$14 AHEAD...MTG
TODAY'S DOWNTURN REPRESENTS A BUYING OPPORTUNITY
Most analysts are expecting a $14 price tag for MTG.
MGIC is the only stock not selling for it's book value. ESSENT, RADIAN, NMI HOLDINGS ARE ALL SELLING AT A PRICE IN EXCESS OF IT'S BOOK VALUE.
MGIC BOOK VALUE IS $13.88. THE Q1 PROJECTED BOOK VALUE IS $14.34.
TIME FOR FIBONACCI RETRACEMENT
PM's showing some fatigue...
Strong signs moving higher on ascending channel
UPDATE PRICE/BOOK VALUE PMI PURE-PLAY COMPANIES
NAME. . . . . PRICE/BOOK
MGIC . . . . . .89*
RADIAN. . . . ..97
ESSENT G. . . 1.23
NMI HDGS. . . .1.49
*MTG IS SELLING AT $.89 CENTS ON THE DOLLAR, WHILE NMI HOLDINGS IS SELLING AT $1.49 PER DOLLAR.
Now that playing field has been leveled by covid-19 and, the upstarts had to issue stock and borrow money to build their "loan loss reserve and lae", the novelty is worn off. Therefore, they should all have similar price/book.
INHERENT VALUE NOT SEEN: MGIC has a higher reserve compared to the OTHER PMI companies.
RESERVE PER POTENTIAL CLAIM
MGIC INVESTMENT COMPANY $15,100
RADIAN. $12,168
ESSENT GUARANTY. $11,900
NMI HOLDINGS. $7,400
For every delinquency cleared from delinquency inventory, MGIC WILL HAVE $15,100 TO CLAIM AS PROFIT OR TO HOLD AS A CASH RESOURCE.
FOR EVERY DELINQUENCY REMOVED FROM DELINQUENCY INVENTORY FOR NMI HOLDINGS, THEY WILL HAVE $7,400 FOR PROFIT OR OTHER CASH RESOURCES.
MGIC WILL HAVE $7,700 MORE THAN NMI HOLDINGS FOR EVERY DELINQUENCY REDUCTION. THE HIGHER RESERVE FOR MGIC GIVES IT A "COMPETITIVE ADVANTAGE" IN CASH GENERATION COMPARED TO THE OTHER PMI COMPANY'S.
EVENTUALLY MGIC COULD PUT THE CASH ADVANTAGE TO WORK. DURING THE EARNINGS CONFERENCE S, THAT'S THE MOST ASKED QUESTION, "WHAT WILL THEY DO WITH ALL THE CASH."
SHORT INTEREST STALLING AS MILESTONE APPROACHES
JUNE OR $14/MTG SHARE APPEARS CRITICAL POINT BUT, EVERY PENNY INCREASE IN MTG IS $290,000 PAYBACK COST.
SHORT INTEREST HOLDERS CONTINUE TO INCREASE SHORT INTEREST TOTALS
SHORT INTEREST ROSE 5.05%/1.4 MILLION SHARES FOR THE PERIOD ENDING FEBRUARY 26, 2021.
WSJ REPORTS TODAY:
"SHORT INTEREST (02/26/21)
Shares Sold Short 28.93 M
Change from Last 5.05%
Percent of Float 8.68%"
HERE'S A SHORT HISTORY:
IN JUNE 2020 SHORT INTEREST WAS 15 MILLION AND MTG WAS ~ $7-$9 SHARE. MTG INCREASED FROM $8.75 ON SEPT 15, 2020 TO $12.11 ON FEBRUARY 25, 2021. Short interest ON SEPTEMBER 15, 2020 WAS $18.4 million, that's a 10.5 million share increase over FIVE and half month period.
BTIG RAISES EARNINGS ESTIMATES 2021 AND 2022, AND MTG TARGET $14.00 NEAR-TERM PRICE
MGIC Investment Co. (NYSE:MTG) - B. Riley lifted their FY2021 earnings per share estimates for shares of MGIC Investment in a report released on Tuesday, March 9th. B. Riley analyst R. Binner now forecasts that the insurance provider will earn $1.70 per share for the year, up from their previous estimate of $1.55. B. Riley currently has a "Buy" rating and a $14.00 target price on the stock. B. Riley also issued estimates for MGIC Investment's FY2022 earnings at $1.90 EPS.
https://www.google.com/amp/s/www.marketbeat.com/instant-alerts/nyse-mtg-analyst-earnings-estimates-2021-03/amp/
MTG Q1 PROJECTED BOOK VALUE $14.32
As analysts continue to raise Q1 and 2021 earnings estimates, MTG Q1 book value will increase.
The current Q1 earnings estimates rose to $.41 from $.40 a few days ago. The annual earnings estimate now stands at $1.70 up from $1.68.
Source: Yahoo Finance
SHORT INTEREST HOLDERS CONTINUE TO INCREASE SHORT INTEREST TOTALS
SHORT INTEREST ROSE 5.05%/1.4 MILLION SHARES FOR THE PERIOD ENDING FEBRUARY 26, 2021.
WSJ REPORTS TODAY:
"SHORT INTEREST (02/26/21)
Shares Sold Short 28.93 M
Change from Last 5.05%
Percent of Float 8.68%"
HERE'S A SHORT HISTORY:
IN JUNE 2020 SHORT INTEREST WAS 15 MILLION AND MTG WAS ~ $7-$9 SHARE. MTG INCREASED FROM $8.75 ON SEPT 15, 2020 TO $12.11 ON FEBRUARY 25, 2021. Short interest ON SEPTEMBER 15, 2020 WAS $18.4 million, that's a 10.5 million share increase over FIVE and half month period.
SHORT INTEREST STATISTICS
SHORT INTEREST AS OF 2/14/21 was 27.540,000 on 1/29/2021 28,750,000 shares $359.66 million -4.9% 8.6% 5.5 $12.51
1/15/2021 30,230,000 shares $372.13 million +1.0% 9.1% 5.6 $12.31
12/31/2020 33,200,000 shares $441.89 million -2.0% 10.0% 6.2 $13.31
12/15/2020 33,200,000 shares $407.70 million -2.0% 10.0% 6.2 $12.28
11/30/2020 33,860,000 shares $418.17 million +16.4% 10.2% 6 $12.35
11/15/2020 29,100,000 shares $348.04 million +31.6% 8.7% 5.2 $11.96
10/30/2020 22,120,000 shares $248.63 million +6.4% 6.6% 4.8 $11.24
10/15/2020 20,800,000 shares $208.62 million +14.7% 6.2% 5.2 $10.03
9/30/2020 18,130,000 shares $191.63 million -1.4% 5.4% 4.4 $10.57
9/15/2020 18,390,000 shares $157.42 million
Chart shows that short interest peaked in late November 2020 and short interest holders have made an effort to reduce exposure since then, as MTG SHARES INCREASE MONTHLY.
WHICH WAY IS UP?
CONVERGENCE OF 20 AND 50 DMA...
It almost looks so thought, there was avoidance of the collision!
TODAY'S ACTION REPRESENTS A WONDERFUL BUYING OPPORTUNITY AS SHORT'S QUAGMIRE INCREASED
ALL OF THE ENVIROMENTAL FACTORS ARE POSITIVE FOR HIGHER PRICES FOR PMI COMPANY'S STOCK PRICE
MGIC REPORTS THAT DELINQUENCIES FELL AT AN ACCELERATED PACE IN A SHORTENED FEBRUARY 2021
DELINQUENCIES ENDED FEBRUARY AT 55,103 LOANS.
So far, In Q1 delinquencies have declined by 2,607.
2,607 loans × $15,100 reserve per loan = $39 million cash available for extra profits or other uses.
https://mtg.mgic.com/news-releases/news-release-details/mgic-investment-corporation-releases-monthly-operating-34
MGIC REPORTS THAT DELINQUENCIES FELL AT AN ACCELERATED PACE IN A SHORTENED FEBRUARY 2021
DELINQUENCIES ENDED FEBRUARY AT 55,103 LOANS.
So far, In Q1 delinquencies have declined by 2,607.
2,607 loans × $15,100 reserve per loan = $39 million cash available for extra profits or other uses.
https://mtg.mgic.com/news-releases/news-release-details/mgic-investment-corporation-releases-monthly-operating-34
RADIAN REPORTS ACCELERATED DECLINE IN DELINQUENCIES IN FEBRUARY 2021
RADIAN ANNOUNCED THIS THAT THE DEFAULT INVENTORY SAW A LARGER DECLINE THAN JANUARY.
JANUARY DECLINE 1,099
FEBRUARY DECLINE 1,506
Ending inventory = 52,882 loans
This is a normal seasonal trend, when more borrowers catch up on DELINQUENCIES in the late winter and spring months. The ECONOMIC COVID RELIEF STIMULUS, if approved, should accelerate a decline in defaults.
https://radian.com/news-and-knowledge/news?id=21261
ANALYST RAISED ESTIMATES $.04 CENTS
https://finance.yahoo.com/quote/MTG/analysis?p=MTG
PMI INDUSTRY ANALYSTS MAYBE SHARPENING THEIR PENCILS
WITH PMI LOSS FORECASTS CRATERING, THE LARGEST EXPENSE ITEM ON THE INCOME STATEMENT JUST GOT SMALLER, FORECASTING GREENER DAYS AHEAD FOR ALL PMI COMPANIES
With beefed UP reserves ALREADY in place, PMIs deserve a break today and for the next two quarters too.
But wait, with a declining delinquency trend...
Jim Cramer would say "booyah".
NMI HOLDINGS REPORTED TODAY DELINQUENCIES DECLINED IN FEBRUARY TO 2.77% OF TOTAL PORTFOLIO
"EMERYVILLE, Calif., March 02, 2021 (GLOBE NEWSWIRE) -- NMI Holdings, Inc. (Nasdaq: NMIH) today reported selected operating statistics for the month of February 2021. At February 28, 2021, the company reported 11,648 loans in default and a default rate of 2.77%."
The trend of declining delinquencies continues.
https://finance.yahoo.com/news/nmi-holdings-inc-releases-monthly-130000571.html
PMI INDUSTRY ANALYSTS MAYBE SHARPENING THEIR PENCILS
WITH PMI LOSS FORECASTS CRATERING, THE LARGEST EXPENSE ITEM ON THE INCOME STATEMENT JUST GOT SMALLER, FORECASTING GREENER DAYS AHEAD FOR ALL PMI COMPANIES
With beefed UP reserves ALREADY in place, PMIs deserve a break today and for the next two quarters too.
But wait, with a declining delinquency trend...
Jim Cramer would say "booyah".
FHFA EXTENDS FORCLOSURES AND FORBEARANCE MORATORIUMS TO JUNE 30, 2021
The action extends any loss potential through to the Q3 Quarter for PMI COMPANIES.
The extension is a logical step to allow borrowers to feel the effect of the ECONOMIC RECOVERY AS THE ECONOMIC COVID STIMULUS ROLLS THROUGH THE ECONOMY.
"The moratorium on foreclosures of GSE mortgages was changed from a March 31 expiration to June 30 as was the moratorium on evictions. The latter applies only to GSE owned real estate (REO) that was foreclosed or taken through a deed-in-lieu.
FHFA also announced another three-month extension of COVID-19 forbearance. The available period during which borrowers impacted by the pandemic can defer or make reduced mortgage payments will now be a maximum of 18 months.
Eligibility for the extension is limited to borrowers who are in a COVID-19 forbearance plan as of February 28, 2021, and other limits may apply. The option to defer repayment of arrearages until the home is sold, refinanced, or at loan maturity will now cover up to 18 months of missed payments."
http://www.mortgagenewsdaily.com/02252021_covid_impacts.asp
$13/SHARE REPRESENTS $6/SHARE LOSS ON A LARGE PERCENTAGE OF SHORT INTEREST
HORT INTEREST HOLDERS OF MTG ARE LOSING $3-$5/SHARE AS THEY REPAY BROKERS
IN JUNE 2020 SHORT INTEREST WAS 15 MILLION AND MTG WAS $7-$9 SHARE, SO SHORTS BORROWED SHARES THEN. NOW MTG IS $12 REPRESENTING A LOSS OF UP TP $5/SHARE.
SHORT INTEREST HOLDERS BUYING BACK MTG SHARES TO REDUCE EXPOSURE AS MTG SHARES CONTINUES TO RISE
MTG PRICE SEPT 15, 2020 $8.75 - FEB 25, $12.11
Short interest SEPT 15, 2020 $18.4 million
SHORT INTEREST HISTORY
SHORT INTEREST AS OF 2/14/21 27.540,000
1/29/2021 28,750,000 shares $359.66 million -4.9% 8.6% 5.5 $12.51
1/15/2021 30,230,000 shares $372.13 million +1.0% 9.1% 5.6 $12.31
12/31/2020 33,200,000 shares $441.89 million -2.0% 10.0% 6.2 $13.31
12/15/2020 33,200,000 shares $407.70 million -2.0% 10.0% 6.2 $12.28
11/30/2020 33,860,000 shares $418.17 million +16.4% 10.2% 6 $12.35
11/15/2020 29,100,000 shares $348.04 million +31.6% 8.7% 5.2 $11.96
10/30/2020 22,120,000 shares $248.63 million +6.4% 6.6% 4.8 $11.24
10/15/2020 20,800,000 shares $208.62 million +14.7% 6.2% 5.2 $10.03
9/30/2020 18,130,000 shares $191.63 million -1.4% 5.4% 4.4 $10.57
9/15/2020 18,390,000 shares $157.42 million
Chart shows that short interest peaked in late November 2020 and short interest holders have made an effort to reduce exposure since then, as MTG SHARES INCREASE MONTHLY.
SHORT INTEREST HOLDERS OF MTG ARE LOSING $3-$5/SHARE AS THEY REPAY BROKERS
IN JUNE 2020 SHORT INTEREST WAS 15 MILLION AND MTG WAS $7-$9 SHARE, SO SHORTS BORROWED SHARES THEN. NOW MTG IS $12 REPRESENTING A LOSS OF UP TP $5/SHARE.
SHORT INTEREST HOLDERS BUYING BACK MTG SHARES TO REDUCE EXPOSURE AS MTG SHARES CONTINUES TO RISE
MTG PRICE SEPT 15, 2020 $8.75 - FEB 25, $12.11
Short interest SEPT 15, 2020 $18.4 million
SHORT INTEREST HISTORY
SHORT INTEREST AS OF 2/14/21 27.540,000
1/29/2021 28,750,000 shares $359.66 million -4.9% 8.6% 5.5 $12.51
1/15/2021 30,230,000 shares $372.13 million +1.0% 9.1% 5.6 $12.31
12/31/2020 33,200,000 shares $441.89 million -2.0% 10.0% 6.2 $13.31
12/15/2020 33,200,000 shares $407.70 million -2.0% 10.0% 6.2 $12.28
11/30/2020 33,860,000 shares $418.17 million +16.4% 10.2% 6 $12.35
11/15/2020 29,100,000 shares $348.04 million +31.6% 8.7% 5.2 $11.96
10/30/2020 22,120,000 shares $248.63 million +6.4% 6.6% 4.8 $11.24
10/15/2020 20,800,000 shares $208.62 million +14.7% 6.2% 5.2 $10.03
9/30/2020 18,130,000 shares $191.63 million -1.4% 5.4% 4.4 $10.57
9/15/2020 18,390,000 shares $157.42 million
Chart shows that short interest peaked in late November 2020 and short interest holders have made an effort to reduce exposure since then, as MTG SHARES INCREASE MONTHLY.
SHORT INTEREST HOLDERS BUYING BACK MTG SHARES TO REDUCE EXPOSURE AS MTG SHARES CONTINUES TO RISE
MTG PRICE SEPT 15, 2020 $8.75 - FEB 25, $12.11
Short interest SEPT 15, 2020 $18.4 million
SHORT INTEREST HISTORY
SHORT INTEREST AS OF 2/14/21 27.540,000
1/29/2021 28,750,000 shares $359.66 million -4.9% 8.6% 5.5 $12.51
1/15/2021 30,230,000 shares $372.13 million +1.0% 9.1% 5.6 $12.31
12/31/2020 33,200,000 shares $441.89 million -2.0% 10.0% 6.2 $13.31
12/15/2020 33,200,000 shares $407.70 million -2.0% 10.0% 6.2 $12.28
11/30/2020 33,860,000 shares $418.17 million +16.4% 10.2% 6 $12.35
11/15/2020 29,100,000 shares $348.04 million +31.6% 8.7% 5.2 $11.96
10/30/2020 22,120,000 shares $248.63 million +6.4% 6.6% 4.8 $11.24
10/15/2020 20,800,000 shares $208.62 million +14.7% 6.2% 5.2 $10.03
9/30/2020 18,130,000 shares $191.63 million -1.4% 5.4% 4.4 $10.57
9/15/2020 18,390,000 shares $157.42 million
Chart shows that short interest peaked in late November 2020 and short interest holders have made an effort to reduce exposure since then, as MTG SHARES INCREASE MONTHLY.