Nasdaq short interest slips 3.7 pct in late April

NEW YORK May 11 (Reuters) - Short interest on the Nasdaq slipped 3.7 percent in late April, the exchange said on Monday, suggesting a slight decrease in bearish sentiment in the stock market.

As of April 30, short interest fell to about 6.46 billion shares, compared to 6.71 billion shares as of April 15.

The Nasdaq's short ratio, or the average number of days it would take to cover the outstanding short positions, decreased to 2.69 days from 3.02 days in the previous period.

Investors who sell securities "short" profit from betting stocks will fall. Short-sellers borrow shares and then sell them, waiting for the stock to fall so they can buy the shares back at the lower price, return them to the lender and pocket the difference. (Reporting by Emily Chasan; Editing by Tim Dobbyn)