Short Report: Bears not fearing rebound in Rocket, Avis Budget shares

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 4.4%, the Nasdaq Composite was up 6.6%, the Russell 2000 index was up 3.4%, the Russell 2000 Growth ETF (IWO) was up 3.8%, and the Russell 2000 Value ETF (IWN) was up 3.3% in the five-day trading session range through May 15.

SHORT INTEREST GAINERS

• Ortex-reported short-interest on Rocket Companies (RKT) troughed around 18% in late-March but has since risen more briskly while the stock has continued trading sideways as it has for much of this year. This week, in the five-day period covered through Thursday, shorts as a percentage of free float on Rocket jumped from 31.3% to 37.5%, even though days-to-cover on the name was down from 7.5 to 7.1 amid a resurgence in trading volume. Bears are so far undeterred from the post-earnings bounce in shares, which were up about 10% since the company reported in-line Q1 results but better than feared Q2 guidance last Thursday. Inclusive of Friday’s 3.6% gain, year-to-date rally in Rocket now amounts to about 18%.
• Ortex-reported short interest in Avis Budget (CAR) has resumed its climb after about a month of sideways exposure, with shorts as a percentage of free float on the stock jumping from 31.3% to 35.8% through Thursday, though the mid-week high of 39% was the largest relative short position in nearly five years. Bears are not buying the dramatic bounce in shares from mid-March lows. The stock has now nearly doubled from a four-year low put in on March 13th and, including Friday’s 3% gain, has gained 35% year-to-date.
• Ortex reported short interest in Immunity Bio (IBRX) tracked just below the 30% level from the fist week of March through last Thursday before jumping this week all the way to 54% – a two-month high. Days-to-cover on the stock slipped however from 14.9 to 14.2 as volume increased over the past two weeks. The company reported in-line Q1 results earlier this week and the stock has largely had a positive response to the management constructive discussion of its ANKTIVA drug. Shares were up 14% on the results, also gaining 28% in the five-day period covered. Immunity Bio is also up 11.3% year-to-date, with the stock up a substantial 6% in Friday’s session.
• Ortex-reported short interest in PureCycle Technologies (PCT) had spent two prior weeks below the 30% mark but this week has risen ten percentage points to 38.9%. Days-to-cover on the name was little changed however at just under 19. The stock, meanwhile, is also up significantly since the company’s much better than expected Q1 results on May 7. Through Thursday, shares have gained 25% following those earnings and were up 15% in the five-year period covered. On Friday, PureCycle added to the rally with another 7% advance, though the company’s overall 2025 performance is still 9% to the downside.

SHORT INTEREST DECLINERS

• Ortex-reported short interest in Sezzle (SEZL) is diving this week as bears rush for the exit following the company’s blowout results and guidance raise. Shorts as a percentage of free float had risen as high as 22% by late April, with bears selling into the 92% stock rise from April 4 lows to the short interest peak on April 28th. This week however, that exposure had been pared to a two-month low of 15% as the stock had gained another 78% following May 7th earnings and has now more than doubled year to date overall. In the five-day period covered, Sezzle was up about 20%, and from its April 4 lows, share are up nearly four times.