Indra Systems (IDR SM) Crowded as only half the company floated — short interest 16.8% of float. Squeeze Score and Crowded Score both 70.

Short interest doubled and reverted with little price effect, the recent squeeze took short interest down 12% to a low.

Active long interest is stable and much larger than short. Movement in the active long-to-short ratio is just the short leg.

Indra Systems (IDR SM) is a Spanish defense and information technology company with AI-adjacent exposure.

Reasons for shorting include periodic revenue and earnings reports that miss consensus estimates, combined with corporate governance shifts and executive transitions.

Analysts also frequently downgrade the European defense sector when geopolitical headlines introduce uncertainty.

The stock is a crowded short, with short interest at 16.8% of float, and the squeeze score oscillates around the crowded score, currently 70.

The squeeze score sits above the elevated risk cutoff of 70 roughly half the time, generally when recent returns are positive and shorts are taking losses.

More recently the stock squeezed, rallying with the squeeze score near 100, and shorts covered into it: short interest fell 12% to a low.

The stock has been range-bound over the year rather than trending, and the 16% YTD return is small relative to a realized range running from the mid-40s to the low 60s. The EuroStoxx, by comparison, is up 9.5%.

Short interest doubled and then reverted, with no noticeable effect on the stock.

Borrow cost is slightly elevated, currently around 0.61% annualized, down from 1% in early-June.

One reason for this crowding is that only about half the company is floated. This is consistent with earlier work showing a correlation between low float and short interest as a percent of float. The float-based figures here are roughly twice as high as they would be on an SI/market-cap basis.

Active long interest in the shares is much larger than short interest, so the stock is not a battleground name. Long interest is relatively constant over time.

The long/short ratio is quite volatile, as short interest has doubled and then halved.

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