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. As a basis of comparison for stocks discussed below, the S&P 500 index was down 3.3%, the Russell 2000 index was down 2.5%, the Russell 1000 Growth ETF (IWF) was down 4.7%, and the Russell 1000 Value ETF (IWD) was down 2.0% in the period range.
SHORT INTEREST GAINERS
- After two months of receding bearish interest that took the estimated short interest in GitLab (GTLB) from a peak around 100% in late February all the way down to 9%, the stock is again in the downdraft of indiscriminate selling in the Software space. Short position as a percentage of free float in GitLab rose over five points to 15.6% this week and the stock fell about 7% in the five-day period covered, before Friday’s 11% loss sent it to a 6-week low.
- Estimated short position in Akero Therapeutics (AKRO) jumped over two percentage points above 25% ahead of its earnings on Friday – its highest level on record – while the days-to-cover on the name rose from 5.6 to 8.7 – a three-month high. The short position in the company has been gradually building since November of last year, just as the stock lost more than half of its value in that time frame. In the five-day period through Thursday however, Akero Therapeutics shares are up 5.5%.