S3 Global Short Interest highlights heavily shorted stocks with upcoming earnings. ·

• S3’s short interest data highlights the most heavily shorted stocks with confirmed earnings in the coming week. The lists are filtered using market capitalization and notional short interest thresholds shown in the table notes, and rank names by short interest as a percentage of float in each region. ·

• CoreWeave tops North America’s most-shorted list ahead of earnings, with lock-up expiration risk looming. Also in focus are AST SpaceMobile in North America, Ørsted in EMEA, and MMG Ltd. in APAC—three Battleground Stocks where active long and short capital is closely matched.

Most Shorted Week of August 11th Preview:

In North America, CoreWeave (CRWV US) leads with 37% of float short ahead of Aug 12 results. The stock is part of a crowded CRWV/CORZ merger hedge, and its prospectus ties the lock-up release to the company’s Q2 earnings announcement (earlier of that trigger or 180 days), potentially freeing pre-IPO shares within two trading days of the print. Alongside a 21% QTD share price drop, short interest has risen, reflecting both valuation concerns and structured-trade hedges. AST SpaceMobile (ASTS US) carries 22% short interest and an S3 short squeeze score of 82. The firm is also an S3 Battleground Stock, with notional short exposure nearly equal to the value of institutional Active Long Interest. Much of the positioning ties back to its $575M convertible notes due 2032, and a flat QTD price change masks significant volatility—making it a potential squeeze candidate. Oklo (OKLO US) has 17% of float short, a 35% QTD rally, and one of the highest squeeze risk scores in the group at 95.

In EMEA, Ørsted (ORSTED DC) has 13% of float short into Aug 11 earnings, with operational headwinds and a potential ~€5B rights issue under review combining to keep hedge-driven shorts elevated. Zealand Pharma (ZEAL DC) remains a core short name at 10% short interest after multiple large equity offerings in 2024. In APAC, Trial Holdings (141A JP) stands out with 21% short interest ahead of Aug 13 results, with some positioning linked to financing risk from its Seiyu acquisition.

Most Shorted Week of August 4th Recap:

Following up on last week’s report, Hims & Hers Health (HIMS US) fell –12% on August 4 after a revenue miss overshadowed strong subscriber growth and improving profitability, but staged a sharp rebound the following day—briefly turning positive—before fading. The two-day whipsaw underscored the squeeze risk highlighted in last week’s report. In EMEA, Commerzbank (CBK GR) gained following better-than-expected profit, an upgraded outlook, and a planned €1B buyback, increasing pressure on rising short positions. In APAC, Cathay Pacific (293 HK) dropped -10% post-earnings, after modest profit growth was overshadowed by warnings on falling passenger and cargo yields, highlighting the volatility risk when high short interest meets operational headwinds.

For short interest data tied to the names you're watching this earnings season—including squeeze risk scores and position breakdowns—reach out to S3 Partners. We are the industry standard across global markets and will help you avoid relying on proxies and outdated data.

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The information herein (some of which has been obtained from third party sources without verification) is believed by S3 Partners, LLC (“S3 Partners”) to be reliable and accurate. Neither S3 Partners nor any of its affiliates makes any representation as to the accuracy or completeness of the information herein or accepts liability arising from its use. Prior to making any decisions based on the information herein, you should determine, without reliance upon S3 Partners, the economic risks, and merits, as well as the legal, tax, accounting, and investment consequences, of such decisions.