Welcome to this week’s installment of “The Short Interest Report" – The Fly’s weekly recap of short interest trends among some of the most widely followed high-short-float stocks. Using the data from our partner Ortex.com, which utilizes the latest information from stock lenders to estimate short interest changes for thousands of publicly traded companies, this report will screen for some of biggest changes in short interest as a percentage of free float and days-to-cover ratios while also considering the short interest data on some of the more volatile and heavier-traded names of the week. Based on the availability of data from Ortex, the report tracks the trading period that covers prior Friday through Thursday of this week, excluding holidays. As a basis of comparison for stocks discussed below, the S&P 500 index was up 0.1%, the Russell 2000 index was down 2.1%, the Russell 2000 Growth ETF (IWO) was down 2.1%, and the Russell 2000 Value ETF (IWN) was down 2.1% in the five-day trading session range.
SHORT INTEREST GAINERS
- Ortex-reported short interest on Vivid Seats (SEAT) was little changed below 40% over the past month but saw a much steeper jump this week, reaching a record high of 46.2% before settling at 44.9%. Days to cover on Vivid Seats also rose to its highest mark of 17.2. The company last reported above-consensus Q4 revenue but guided FY23 below estimates, and the subsequent rally in the stock has been erased by the downturn over the past two weeks. Shares of Vivid Seats were down 3.2% in the five-day period covered.
- Estimated short interest in GroupOn (GRPN) turned higher this week, rising from 27% to nearly 32% by Thursday – the highest level in about a month. Days to cover on the name was up over 160 basis points to 8.9, also the highest mark since late March. Last month, the company announces a reduction of 500 positions and a change in CEO, helping to stabilize its falling stock price which lost more than half of its value since late January. In the five-day period covered, GroupOn was still down about 6% as of Thursday this week and approaching a 52-week low at Friday’s 5.3% decline.
- Estimated short interest in PetMed Express (PETS) tracked around the 24% level over the past month but recorded a more pronounced increase this week, rising three percentage points to an 8-month high of 26.7%. Shares of PetMed Express have traded in a similar manner to that of Trupanion (TRUP) discussed here last week, peaking in early February and selling off sharply since then. In the five-day period covered this week, the stock was down 1.5%.
SHORT INTEREST DECLINERS
- Ortex-reported short interest in Voya Financial (VOYA) peaked near its record high just above 24% on April 7th and tracked lower for the next two weeks. This past week, the decline has accelerated, with short position as a percentage of free float falling from 23.2% to 20.0% – a five-month low. The company reports its Q1 results this Wednesday, and in the five-day period covered through Thursday, the stock was down 1.8%.
- Estimated short interest in Cutera (CUTR) peaked at its highest level of the year around 41% on April 14th in the aftermath of terminating its CEO “for cause” and withdrawing its guidance. The event had prompted a sharp selloff in the stock, but with shares having now settled in a less volatile range, bears are also pulling back on exposure. Short position as a percentage of free float was down from 40.0% to 32.7%, and the stock was flat in the five-day period covered.
- Estimated short interest in Compass Pathways (CMPS) began declining in late March and accelerated this week, tracking the sell-down in the stock. Short position in Compass Pathways fell from 27.7% all the way down to 17.7% – a nine-month low. In the five-day period, the stock was down 14.8% and has now fallen 28% from this year’s highs.
Published first on TheFly
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