When float shrinks and shorts stay high, S3 helps you see the risk others miss.

Crowded Trade Revealed: Pentwater Capital disclosed a 19% stake in Avis (CAR), sparking a +5% rally, far above the 6.79% shown in 13F filings.

Hidden Exposure Unlocked: Pentwater’s stake may include swaps or derivatives not captured in 13F data, concealing true economic ownership.

Effective Float Crushed: Removing Pentwater’s 6.7M shares from the 35.2M total share count slashes the tradeable float to ~9.4M, pushing short interest to a staggering 66% of float.

Squeeze Risk Elevated: With float distorted and crowding extreme, positioning stress could trigger a squeeze, especially if fundamentals or headlines shift.

S3 Scoring Advantage: S3’s Squeeze Score flagged rising risk early, giving investors a critical edge in spotting volatility before it erupts.

S3 Edge on Crowding & Risk: With float distortion, short interest at 66%, and ownership concentration rising, CAR is primed for volatility. S3’s Squeeze Score and Crowded Score give managers the tools to track crowding in real time and act before the market reacts.

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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.