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 update will screen for some of biggest changes in short interest as a percentage of free float and days-to-cover ratios. This report will also continue to layer 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 will continue to track the trading period that covers prior Friday through Thursday of this week.

As a basis of comparison, the S&P 500 index was up 1.1%, the Russell 2000 index was up 1.4%, the Russell 1000 Growth ETF (IWF) was up 3.0%, and the Russell 1000 Value ETF (IWD) was down 0.3% in the period range.

AMC ENTERTAINMENT SHORT INTEREST DOWN TO TWO-MONTH LOWS

After a wild week of trading in the prior five-day period, which saw shares of high-profile “meme stock” AMC Entertainment (AMC) double for the second week in a row, volatility and volume were both less pronounced as retail investor focus shifted to other names such as Clover Health (CLOV) and Wendy’s (WEN). The estimated short interest in AMC shares also slid to as low as 11% - a two and a half month low – before ending Thursday down six percentage points from prior week at 11.8%. Similarly, the days-to-cover ratio in the stock was cut in half to 0.5 from 1.04. Shares of AMC Entertainment were down 16.6% in the five-day trading period covered.

BED BATH & BEYOND SHORT INTEREST FALLS TO THREE-MONTH LOWS

In another instance of a notable decline, the estimated short interest in Bed Bath & Beyond (BBBY) retreated about ten percentage points for the week to finish Thursday at just below 30%.  The retrenchment follows short positioning hitting a four-month high above 40% last Tuesday.  Volume in Bed Bath & Beyond has also picked up thus far this month, particularly when the stock spiked over 60% last Wednesday. Shares of Bed Bath & Beyond were down 1.2% in the five-day trading period covered.

BEYOND MEAT SHORT INTEREST FALLS FOR SECOND WEEK

Estimated short interest in Beyond Meat (BYND) was down in all five trading sessions, ending Thursday lower by nine percentage points at 17.7%. Days-to-cover ratio was down 20% at 3.54. Short positioning peaked around 40% on June 1 and has since fallen to the lowest level in just over three months. Shares of Beyond Meat were up 2.9% in the five-day trading period covered.

WORKHORSE GROUP SHORT INTEREST SPIKES TO 2021 HIGH DESPITE RALLY

Workhorse Group (WKHS) shares were among the newcomers to the Reddit-fueled retail investor focus spotlight this week, as the trading volume spike that began last week extended into the current week and the stock held on to gains. The “short-squeeze” thesis on WallStreetBets board was not supported by the Ortex data, however, with estimated short positioning jumping 25 percentage points to 52%. Days-to-cover ratio on Workhorse was also higher by 8% to 3.4. Shares of Workhorse Group were up 2.0% in the five-day trading period covered.

KURA ONCOLOGY SHORT INTEREST RETURNS ABOVE 10%

Estimated short interest in Kura Oncology (KURA) had slid below 10% for the final week of May and the first week of June, but short positioning has bounced into double digits again this week with a ten percentage point increase to 17.4%. Days-to-cover ratio for KURA was also up 20% at 2.23. Shares of Kura Oncology were up 0.9% in the five-day trading period covered.

FRANCO-NEVADA, PNM RESOURCES, ESSA PHARMA NEWCOMERS TO HIGH SHORT INTEREST SCREEN

Franco Nevada (FNV), PNM Resources (PNM) and Essa Pharma (EPIX) are the notable newcomers to the Ortex-driven data set screening for particularly steep short interest changes. The estimated short position in Franco Nevada spiked 19 percentage points to 21.7%, PNM Resources increased to a multi-year high of 22%, and that of Essa Pharma also hit an all-time high just shy of the 100% mark – all in the absence of meaningful news flow. Shares of Franco Nevada were up 4.7%, PNM Resources was up 0.5%, and Essa Pharma were down 10.6% in the five-day trading period covered.