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 up 1.7%, the Russell 2000 index was up 1.8%, the Russell 1000 Growth ETF (IWF) was up 0.6%, and the Russell 1000 Value ETF (IWD) was up 2.7% in the period range.

SHORT INTEREST GAINERS

• Estimated short interest in Altice USA (ATUS) has jumped 12 percentage points this week to 33% on relatively subdued volume and without any significant news. The short position as a percentage of free float was little changed just above the 20% mark for the prior two weeks, and the lift above 30% marks a multi-year high for the name. In the five-day period covered, shares of Altice were down just 1%, though the stock is off by over 4% today and underperforming the Telecom ETF IYZ amid a more pronounced market downdraft.
• Estimated short interest in Robinhood (HOOD), one of our more closely watched names, has finally reached double-digits this week, rising two and a half percentage points to 10.5%. This is the highest short position on record for the name and also comes in the absence of meaningful news and normal volume. Days to cover ratio for the stock was actually down just over 20 basis points to 1.8. In the five-day period, Robinhood was also relatively little changed, slipping just over 1%, though the stock is also down 4% today.
• Estimated short interest in Big Lots (BIG) is up seven percentage points this week to 27%, a level that also marks a multi-year high for the stock, though the days-to-cover ratio on the name was down a marginal 15 basis points to 3.6%. Big Lots reported results last night – a miss on earnings with in-line revenue – but the stock is benefiting from safe-haven flows into Cyclical Discount retailers today amid renewed heavy selling. In the five-day period covered, shares are up by 5.8%.
• Estimated short interest in Camping World (CWH) rose just over six percentage points this week to 33.5% - the highest level since September of 2019 - and days-to-cover was up 41% or two points to 6.1, also a multi-month high. The stock is up 5.7% in the five-day period covered and has now erased most of its post-earnings losses that were driven by the rising caution over post-pandemic inventory rebalancing, though it has come under pressure again today alongside other names in the more discretionary Recreational Vehicle category.

SHORT INTEREST DECLINERS

• Estimated short interest in SoFi Technologies (SOFI) had hit multi-month highs above 20% late last week heading into this week’s earnings, but a better than expected report and guidance – along with a double-digit jump in the stock price – have the bears running for cover. The short position as a percentage of free float is down two percentage points to 18.6% and the stock was up 3.5% in the five-day period covered, though it is falling by nearly 7% late on Friday amid broader weakness in consumer finance.
• Estimated short interest in GameStop (GME) peaked at a 9-month high just north of 24% on February 9th and had since trended lower while the price action flattened out following some modest upside. In the five-day period covered, the short position as a percentage of free float slid by three percentage points to 18% while the stock retreated by about 5%. The original meme stock, GameStop has also underperformed the MEME ETF in that period, which is down only half of that amount.
• GitLab (GTLB) has been featured in this report in the past as a prime example of a name with high short interest appetite given its recent IPO and high-growth Software group status. The estimated short interest on the stock appears to have peaked in mid-February however and has now fallen for two consecutive weeks. In the five-day period covered, GitLab’s short position as a percentage of free float is down 44 percentage points to 54% - a one-month low – though the stock remains in the eye of the storm. GitLab stock price was down 16% this week and another 8% on Friday at its new public-trading low below $45 per share.