Short Report: Bears sell into sharp rally in Hims & Hers

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 1.1%, the Nasdaq Composite was up 1.2%, the Russell 2000 index was up 2.6%, the Russell 2000 Growth ETF (IWO) was up 2.8%, and the Russell 2000 Value ETF (IWN) was up 2.4% in the five-day trading session range through May 8.

SHORT INTEREST GAINERS

• Ortex reported short interest in Hims & Hers (HIMS) is up for the fourth consecutive week, rising from 34.3% to 36.3%, with intra-week high above 37% marking a record high. Days to cover on the name was up slightly from 1.5 to 1.6. Bears are loading up on the stock despite its strong performance over the past few weeks. Shares have more than doubled from the lows in the first week of April as well as year-to-date. In the five day period covered, Hims & Hers was up 42%, with much of those gains coming after the company reported a strong top-line beat with its Q1 results and affirmed its guidance.
• Ortex-reported short interest in AST SpaceMobile (ASTS) slipped to a four-month low of about 22% late last week but increased notably from 22.4% to 27.7% this week, tracking a sharp stock price rally last Friday. The company had announced that it will be holding a quarterly business update this coming Monday, driving a 14% gain in shares. Days to cover also gained from 6.8 to 7.1, a three-month high. For the five-day period covered through Thursday, AST SpaceMobile ended up 10%, and year-to-date, the stock is up 22%.
• Ortex-reported short interest in Madrigal Pharmaceuticals (MDGL) tracked sideways in a 34%-35% range over the past four weeks, though with the stock finding some support over the past two trading sessions following four consecutive sessions of losses, bears are boosting their exposure. Shorts as a percentage of free float on Madrigal jumped from 34.8% to a four-month high of 38.9%, though days-to-cover was little changed with a 30bps decline to 6.7. Following the company’s earnings last week, the stock initially jumped 5% on Thursday but closed lower on the day. This week, Madrigal shares were 8.5% in the five-day period through Thursday.

SHORT INTEREST DECLINERS

• Ortex-reported short interest in Savers Value Village (SVV) hit a one-month high above 25% last Friday but has now receded overall for the second consecutive week. This week, shorts as a percentage of free float slipped from 23.5% to 21.9% – the lowest level since October of 2024. Likewise, days-to-cover was down from 17.8 to a multi-month low of 15.7. Buyers are driving out the bears following the company’s Q1 earnings beat last Thursday that saw the stock surge % in the following session. For the five-day period covered through Thursday, Savers Value was up 20% and year-to-date, shares are up about 8%.
• Ortex-reported short interest in Groupon (GRPN) fell steeply after the company’s blowout Q1 results this week. Shorts as a percentage of free float collapsed from 36.5% to 30.0%, the lowest level in nearly nine months, with days-to-cover also slipping from 3.4 to a multi-month low of 3.1. The stock surged 42% after Groupon reported a surprise profit against expected Q1 earnings loss and also topped consensus on the top line on Thursday, driving pronounced short-covering late in the week. Year-to-date, Groupon shares have now more than doubled.