Short Report: Dave & Busters short interest hits record high

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 2.2%, the Nasdaq Composite was up 3.2%, the Russell 2000 index was up 0.9%, the Russell 2000 Growth ETF (IWO) was up 1.5%, and the Russell 2000 Value ETF (IWN) was up 0.5% in the five-day trading session range through May 1.

SHORT INTEREST GAINERS

• Ortex-reported short interest in Kura Sushi (KRUS) had plateaued at 17% from late March through late April, though this week, bearish interest has perked up as the stock has come off its early-April lows. Shorts as a percentage of free float rose from 16.8% to a two-month high of 21.3%, while days to cover was unchanged at 6.2, even though volume has been receding over the past two-week period. The stock traded down 2% in the five-day period covered, and though shares are up 49% from last month’s lows, Kura Sushi is still down 32% year-to-date.
• Ortex-reported short interest in Dave & Busters (PLAY) had settled in a 28%-30% range for much of April, though this week has seen a bounce in spite of the stock not participating in a broader market swell. Shorts as a percentage of free float on the name jumped from 29.3% to 34.1% – a record high. The company had just reported February-end Q4 results in early April, and the volume has come off relative to post-earnings spike, sending days-to-cover on the stock up to 7.5 from 6.7. Meanwhile, shares were down 1% in the five-day period covered through Thursday, and while Friday’s trading saw the stock rise 3%, the company is still down 34% year-to-date.
• Ortex-estimated short interest on Hertz Global (HTZ) is tracking the sharp gains in the stock price, having risen over ten percentage points from its 2025 lows around 34% in mid-February. This week, short interest as a percentage of free float was up from 41.9% to 47.2%, though Friday was the highest level on record at 48.4%. The stock got a turbo-boost of over 25% from on April 16th, when Pershing Square’s Bill Ackman disclosed that he has taken a 12.7% stake in the company. Though shares have since come off the initial spike and were down 22% in the five-day period through Thursday, Hertz is still up over 80% year-to-date.

SHORT INTEREST DECLINERS

• Ortex-reported short interest on Guess (GES) had hit a one-month high of 35% in mid-April, but with shares bouncing from multi-month lows over the past two weeks, bears are covering some of their exposure. This week, shorts as a percentage of free float on the stock fell seven percentage points to 34.3% and days to cover pulled back from 5.9 to 5.7 while shares slipped about 7%. The week’s retreat in spite of the market rally also comes in the wake of the 17% gain last Thursday following a Bloomberg report that Authentic Brands is weighing a bid for Guess to rival that of WHP. Year-to-date however, the stock remains down over all with a 19% decline.
• Ortex-reported short interest on MobilEye (MBLY) hit a record high of 27.5% in mid-March but has since come down from those levels. This week, the bear retreat was particularly pronounced following the company’s in-line Q1 results and affirmed guidance last Thursday, with shorts as a percentage of free float slipping from 26.4% to 22.5%, the lowest level since early February. The stock had rallied 35% from its April 21st lows, even as bullishness has moderated this week with a marginally negative five-day finish through Thursday. Year-to-date, MobilEye shares are still down 27%.