Short Report: Kohls, Krispy Kreme shorts cover as meme stock fever breaks

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 2.0%, the Nasdaq Composite was up 2.2%, the Russell 2000 index up 3.7%, the Russell 2000 Growth ETF (IWO) was up 3.2%, and the Russell 2000 Value ETF (IWN) was up 4.4% in the five-day trading session range through August 14.

SHORT INTEREST GAINERS

• Ortex-reported short interest in Apellis Pharmaceuticals (APLS) had troughed around 21% since the final week of July, though with the stock sharply higher following the release of the company’s Q2 results – and with price action sustaining the upward surge – bears are looking for some profit-taking among the momentum-driven players. This week, shorts as a percentage of free float jumped from 21.2% to 21.1% – a three-week high. Days-to-cover on the name rose by a more modest margin from 2.6 to 2.8, capped by outsized volume seen the day after the company reported results. The stock, meanwhile, was up 13.5% in the five-day period covered through Thursday and has now rallied 45% since reported a narrower than expected Q2 loss, though year-to-date, Apellis is still down 11%.
• Ortex-reported short interest in financial technology firm Pagaya Technologies (PGY) troughed at a four-month low of 19% early last week as bears – tracking profit-taking from the stock-jolting pre-announcement on July 17 – reduced exposure when the company’s final Q2 result also contained a guidance raise. This week however, with momentum on the name seemingly stalling, shorts as a percentage of free float is on the rise again, jumping from 19.2% to 25.4%. Pagaya shares have now rallied 270% year-to-date and the stock is also up 42% relative to its positive pre-announcement levels, though in the five-day period covered, shares are up a more modest 9.5%.
• Ortex-reported short interest in Mara Holdings (MARA) inflected higher around 24% on three separate occasions in May, June, and July, though this week, the bounce from that level has been especially pronounced. Shorts as a percentage of free float on the bitcoin miner – now a holder of 50,000 BTC as of July – jumped from 24.6% to 29.0%, the highest level since early April and within two points of 2025 highs. Curiously, the stock has vastly underperformed the cryptocurrency since mid-July. Prior to July 17 and that week’s passage of the Genius Act, Mara Holdings’ 19% gain closely tracked bitcoin’s 25% 2025 advance, though since then, the stock is down about 20% while bitcoin is relatively flat. This week, shares of Mara were down by about 1% even as bitcoin briefly hit record highs above $124,000.

SHORT INTEREST DECLINERS

• Ortex-reported short interest in Kohls (KSS) hit record high of about 53% on July 22, when a “meme stock frenzy” among retail traders doubled the stock of this floundering retailer chain intraday. Since then, however, bears have briskly covered positions as the meme fever broke and this week the short interest as a percentage of free float on the name dove from 41.8% to a 15-month low of 29.8%. The stock was up 28% in the five-day period covered, though year-to-date – inclusive of Friday’s 4% slide – Kohl’s is down 1%.
• Ortex-reported short interest in Krispy Kreme (DNUT) had similarly rose to multi-month highs around 35% on retail meme stock fever day on July 22, only to retreat over the next couple of weeks before collapsing into the weekend this week. Short interest as a percentage of free float was down from 31.8% to 27.3% in the five-day period covered – a three-month low. The stock was also up 10% in the five-day period through Thursday but still down a hefty 65% year-to-date.