U.S. Short Side Recap: June 2022

    Author:

    Ihor Dusaniwsky

    Managing Director of Predictive Analytics, S3 Partners

    Matthew Unterman

    Director of Predictive Analytics, S3 Partners

    July 7, 2022

    We follow 15,089 shorted U.S. domestic stocks with total short interest of $908 billion. Overall, short interest declined by $73.5 billion in June, from $981.6 billion to $908.1 billion. The $73.5 billion decline consisted of a $93.5 decrease in the price of the stocks shorted partially offset by $20.0 billion increase in new short selling. This compares to $65.5 billion of additional short selling in May, short selling slowed to under a third of its previous month’s activity.

    The Largest Individual Shorts in U.S. Market: June 2022

    Name

    Ticker

    SI % Float

    S3 SI % Float

    Fee

    Short Interest

    TESLA INC

    TSLA

    3.23%

    3.13%

    0.30%

    $18,620,145,157

    APPLE INC

    AAPL

    0.74%

    0.74%

    0.30%

    $16,409,712,452

    MICROSOFT CORP

    MSFT

    0.67%

    0.66%

    0.30%

    $12,635,017,155

    AMAZON.COM INC

    AMZN

    1.14%

    1.13%

    0.30%

    $10,688,946,679

    VISA INC

    V

    1.98%

    1.94%

    0.30%

    $6,400,122,091

    ALPHABET INC - A

    GOOGL

    0.92%

    0.91%

    0.30%

    $5,991,866,653

    META PLATFORMS INC

    META

    1.38%

    1.37%

    0.30%

    $5,090,679,109

    NVIDIA CORP

    NVDA

    1.34%

    1.32%

    0.30%

    $4,875,727,268

    AMGEN INC

    AMGN

    3.49%

    3.37%

    0.30%

    $4,524,976,852

    ALIBABA GROUP ADR

    BABA

    1.48%

    1.46%

    0.30%

    $4,504,739,383

    ALPHABET INC - C

    GOOG

    0.69%

    0.69%

    0.30%

    $4,140,490,671

    PFIZER INC

    PFE

    1.38%

    1.36%

    0.30%

    $4,063,374,337

    CHARTER COMMUNICATIONS

    CHTR

    6.86%

    6.42%

    0.30%

    $3,765,676,344

    EXXON MOBIL CORP

    XOM

    1.04%

    1.03%

    0.30%

    $3,749,281,775

    PALO ALTO NETWORKS INC

    PANW

    7.65%

    7.10%

    0.30%

    $3,680,198,264

    OCCIDENTAL PETRO

    OXY

    6.12%

    5.77%

    0.30%

    $3,368,401,152

    S&P GLOBAL INC

    SPGI

    2.79%

    2.71%

    0.30%

    $3,257,660,969

    ADVANCED MICRO DEVICES

    AMD

    2.60%

    2.53%

    0.30%

    $3,202,255,273

    COMCAST CORP

    CMCSA

    1.82%

    1.78%

    0.30%

    $3,164,279,226

    INTEL CORP

    INTC

    1.99%

    1.95%

    0.30%

    $3,041,392,784

    IBM CORP

    IBM

    2.39%

    2.34%

    0.30%

    $3,035,998,122

    BRISTOL-MYERS SQUIBB

    BMY

    1.78%

    1.75%

    0.30%

    $2,916,382,161

    CHEVRON CORP

    CVX

    1.01%

    1.00%

    0.30%

    $2,884,545,178

    UNITEDHEALTH GRP

    UNH

    0.58%

    0.58%

    0.30%

    $2,794,231,949

    JOHNSON & JOHNSON

    JNJ

    0.59%

    0.59%

    0.30%

    $2,758,771,665

    Total U.S. Short Interest

    4.92%

    4.43%

    0.97%

    $908,104,607,352

    The S&P 500 was down -8.39% in June, along with the Nasdaq -8.71% and broader Russell 3000 -8.50%. With the price of shares shorted declining over the last thirty days we saw a $73.5 billion decline in overall short interest.

    The following are the U.S. traded stocks with the greatest increase in short exposure over the last thirty days.

    Stocks with the Largest Increase in Short Exposure: June 2022

    Name

    Ticker

    SI % Float

    S3 SI % Float

    Short Interest

    30D Change

    Short Interest

    TC ENERGY CORP

    TRP

    3.07%

    2.98%

    $1,556,429,961

    $840,038,817

    CANADIAN NATURAL RESOURCES

    CNQ

    3.19%

    3.09%

    $1,930,279,925

    $617,926,283

    SNOWFLAKE INC

    SNOW

    5.25%

    4.99%

    $1,979,596,278

    $570,391,721

    ALIBABA GROUP ADR

    BABA

    1.48%

    1.46%

    $4,504,739,383

    $481,768,985

    VICI PROPERTIES INC

    VICI

    4.55%

    4.35%

    $1,290,009,448

    $447,546,758

    BRISTOL-MYERS SQUIBB

    BMY

    1.78%

    1.75%

    $2,916,382,161

    $423,392,309

    LI AUTO INC ADR

    LI

    3.22%

    3.12%

    $1,036,617,035

    $414,028,404

    JD.COM INC ADR

    JD

    1.59%

    1.57%

    $1,345,790,338

    $407,254,442

    BCE INC

    BCE

    2.02%

    1.98%

    $904,852,050

    $394,593,204

    PINDUODUO INC ADR

    PDD

    1.61%

    1.58%

    $1,240,624,679

    $343,675,128

    ABBVIE INC

    ABBV

    0.82%

    0.81%

    $2,219,795,972

    $340,216,445

    PEPSICO INC

    PEP

    0.87%

    0.86%

    $1,990,591,040

    $318,483,699

    IBM CORP

    IBM

    2.39%

    2.34%

    $3,035,998,122

    $316,911,550

    QUALCOMM INC

    QCOM

    1.74%

    1.71%

    $2,488,042,182

    $307,395,229

    BANK OF NOVA SCOTIA

    BNS

    1.75%

    1.72%

    $1,247,578,917

    $296,370,420

    PROCTER & GAMBLE CO

    PG

    0.77%

    0.76%

    $2,652,875,030

    $272,830,426

    CIGNA CORP

    CI

    1.16%

    1.15%

    $952,175,762

    $269,520,442

    ESTEE LAUDER COS

    EL

    1.45%

    1.43%

    $854,670,411

    $259,803,428

    LAM RESEARCH CORP

    LRCX

    1.99%

    1.95%

    $1,170,867,580

    $247,570,956

    SALESFORCE.COM INC

    CRM

    1.48%

    1.45%

    $2,342,381,692

    $236,088,264

    Stocks with the Largest Decrease in Short Exposure: June 2022

    Name

    Ticker

    SI % Float

    S3 SI % Float

    Short Interest

    30D Change

    Short Interest

    TESLA INC

    TSLA

    3.23%

    3.13%

    $18,620,145,157

    ($2,263,623,527)

    NVIDIA CORP

    NVDA

    1.34%

    1.32%

    $4,875,727,268

    ($1,398,857,171)

    BLOCK INC

    SQ

    8.67%

    7.98%

    $2,712,327,460

    ($1,346,641,869)

    AMAZON.COM INC

    AMZN

    1.14%

    1.13%

    $10,688,946,679

    ($1,250,414,729)

    CHEVRON CORP

    CVX

    1.01%

    1.00%

    $2,884,545,178

    ($1,201,411,563)

    EXXON MOBIL CORP

    XOM

    1.04%

    1.03%

    $3,749,281,775

    ($1,119,331,057)

    TAIWAN SEMICONDUCTOR ADR

    TSM

    0.24%

    0.24%

    $1,030,940,517

    ($1,041,167,954)

    ADVANCED MICRO DEVICES

    AMD

    2.60%

    2.53%

    $3,202,255,273

    ($911,297,878)

    JPMORGAN CHASE CO

    JPM

    0.65%

    0.65%

    $2,129,393,502

    ($819,643,858)

    OCCIDENTAL PETRO

    OXY

    6.12%

    5.77%

    $3,368,401,152

    ($800,739,513)

    ALPHABET INC - C

    GOOG

    0.69%

    0.69%

    $4,140,490,671

    ($764,144,257)

    AMGEN INC

    AMGN

    3.49%

    3.37%

    $4,524,976,852

    ($685,576,853)

    PARAMOUNT GLOBAL B

    PARA

    7.94%

    7.36%

    $1,137,032,774

    ($679,336,698)

    TAKE-TWO INTERACTIVE SOFTWARE

    TTWO

    4.21%

    4.04%

    $762,392,443

    ($675,078,767)

    PIONEER NAT RES CO

    PXD

    2.64%

    2.57%

    $1,377,073,955

    ($649,113,648)

    NETFLIX INC

    NFLX

    2.77%

    2.69%

    $2,116,215,361

    ($591,787,372)

    DEVON ENERGY CORP

    DVN

    2.31%

    2.26%

    $820,611,708

    ($561,425,865)

    TARGET CORP

    TGT

    1.79%

    1.75%

    $1,165,341,691

    ($559,869,155)

    VISA INC

    V

    1.98%

    1.94%

    $6,400,122,091

    ($558,349,292)

    BERKSHIRE HATHAWAY B

    BRK/B

    0.69%

    0.69%

    $2,415,555,371

    ($517,664,851)

    Changes in a stock’s short interest are made up of mark-to-market price moves and either short selling or short covering activity. There was $20.0 billion of new short selling in June. The following stocks had the largest increase in short selling activity over the last thirty days.

    Stocks with the Largest Increase in Shares Shorted: June 2022

    Name

    Ticker

    SI % Float

    S3 SI % Float

    Short Interest

    30D Change

    Shares Shorted

    APPLE INC

    AAPL

    0.74%

    0.74%

    $16,409,712,452

    $921,622,821

    TC ENERGY CORP

    TRP

    3.07%

    2.98%

    $1,556,429,961

    $914,724,823

    CANADIAN NATURAL RESOURCES

    CNQ

    3.19%

    3.09%

    $1,930,279,925

    $868,209,316

    MICROSOFT CORP

    MSFT

    0.67%

    0.66%

    $12,635,017,155

    $820,484,014

    META PLATFORMS INC

    META

    1.38%

    1.37%

    $5,090,679,109

    $569,764,620

    QUALCOMM INC

    QCOM

    1.74%

    1.71%

    $2,488,042,182

    $543,091,464

    INTEL CORP

    INTC

    1.99%

    1.95%

    $3,041,392,784

    $534,205,073

    VICI PROPERTIES INC

    VICI

    4.55%

    4.35%

    $1,290,009,448

    $476,493,612

    SNOWFLAKE INC

    SNOW

    5.25%

    4.99%

    $1,979,596,278

    $444,429,919

    BCE INC

    BCE

    2.02%

    1.98%

    $904,852,050

    $443,979,138

    BANK OF NOVA SCOTIA

    BNS

    1.75%

    1.72%

    $1,247,578,917

    $415,780,732

    LAM RESEARCH CORP

    LRCX

    1.99%

    1.95%

    $1,170,867,580

    $414,251,892

    COINBASE GLOBAL INC

    COIN

    24.23%

    19.50%

    $1,691,123,859

    $404,071,965

    NIKE INC B

    NKE

    1.12%

    1.11%

    $1,405,224,246

    $398,891,199

    BRISTOL-MYERS SQUIBB

    BMY

    1.78%

    1.75%

    $2,916,382,161

    $372,177,806

    TORONTO-DOMINION BANK

    TD

    1.07%

    1.06%

    $1,260,922,596

    $363,438,261

    TEXAS INSTRUMENTS

    TXN

    1.74%

    1.71%

    $2,466,382,886

    $362,830,339

    BANK OF AMERICA

    BAC

    0.97%

    0.96%

    $2,425,897,831

    $343,316,489

    HOME DEPOT INC

    HD

    0.95%

    0.94%

    $2,682,056,160

    $338,809,571

    PROCTER & GAMBLE CO

    PG

    0.77%

    0.76%

    $2,652,875,030

    $338,656,652

    Stocks with the Largest Decrease in Shares Shorted (“Short Covering”): June 2022

    Name

    Ticker

    SI % Float

    S3 SI % Float

    Short Interest

    30D Change

    Shares Shorted

    TAIWAN SEMICONDUCTOR ADR

    TSM

    0.24%

    0.24%

    $1,030,940,517

    ($746,550,223)

    TAKE-TWO INTERACTIVE SOFTWARE

    TTWO

    4.21%

    4.04%

    $762,392,443

    ($651,992,423)

    EXXON MOBIL CORP

    XOM

    1.04%

    1.03%

    $3,749,281,775

    ($593,926,589)

    ALPHABET INC - C

    GOOG

    0.69%

    0.69%

    $4,140,490,671

    ($563,445,558)

    NEXTERA ENERGY

    NEE

    1.06%

    1.05%

    $1,606,116,446

    ($538,454,360)

    CHEVRON CORP

    CVX

    1.01%

    1.00%

    $2,884,545,178

    ($502,405,566)

    MERCK & CO

    MRK

    0.72%

    0.72%

    $1,667,781,289

    ($460,696,233)

    AMGEN INC

    AMGN

    3.49%

    3.37%

    $4,524,976,852

    ($412,811,246)

    JPMORGAN CHASE CO

    JPM

    0.65%

    0.65%

    $2,129,393,502

    ($382,072,104)

    S&P GLOBAL INC

    SPGI

    2.79%

    2.71%

    $3,257,660,969

    ($354,607,344)

    TARGET CORP

    TGT

    1.79%

    1.75%

    $1,165,341,691

    ($339,795,002)

    JOHNSON & JOHNSON

    JNJ

    0.59%

    0.59%

    $2,758,771,665

    ($336,431,330)

    COCA COLA CO

    KO

    0.66%

    0.66%

    $1,789,324,218

    ($333,900,172)

    THERMO FISHER SCIENTIFIC

    TMO

    0.62%

    0.62%

    $1,323,637,613

    ($327,027,396)

    NETFLIX INC

    NFLX

    2.77%

    2.69%

    $2,116,215,361

    ($282,226,890)

    STARBUCKS CORP

    SBUX

    1.35%

    1.34%

    $1,161,441,352

    ($259,019,622)

    ALIBABA GROUP ADR

    BABA

    1.48%

    1.46%

    $4,504,739,383

    ($256,648,174)

    GAMESTOP CORP

    GME

    21.29%

    17.55%

    $1,647,295,967

    ($252,981,987)

    PIONEER NAT RES CO

    PXD

    2.64%

    2.57%

    $1,377,073,955

    ($249,183,260)

    QUIDELORTHO CORP

    QDEL

    7.09%

    6.62%

    $212,343,159

    ($248,778,371)

    High Short Interest as a % of Float is a factor in the “crowdedness” of a shorted stock. Higher numbers can have negative effects on stock loan liquidity as well as trading liquidity. The following are stocks with highest SI % Float and short interest over $100 million. The average SI % of Float in the U.S. is 4.92% while the average S3 SI % Float, which includes the synthetic longs created by every short sale in the Float denominator, is 4.43%.

    Traditional Short Interest vs S3 Short Interest

    Name

    Ticker

    SI % Float

    S3 SI % Float

    Borrow Fee

    Short Interest

    BEYOND MEAT INC

    BYND

    41.53%

    29.34%

    49.82%

    $564,696,696

    VERU INC

    VERU

    41.20%

    29.18%

    7.82%

    $300,183,189

    INTERCEPT PHARMA

    ICPT

    40.89%

    29.02%

    1.07%

    $133,414,770

    VERVE THERAPEUTICS INC

    VERV

    39.50%

    28.31%

    1.20%

    $149,889,129

    BED BATH & BEYOND

    BBBY

    39.34%

    28.23%

    1.32%

    $131,049,204

    MICROSTRATEGY INC

    MSTR

    38.22%

    27.65%

    8.07%

    $585,291,641

    HERON THERAPEUTICS

    HRTX

    37.92%

    27.49%

    0.30%

    $107,988,529

    PMV PHARMACEUTICALS

    PMVP

    37.03%

    27.02%

    0.57%

    $152,022,990

    CAMPING WORLD HLDGS INC

    CWH

    36.95%

    26.98%

    15.32%

    $298,023,891

    CARVANA CO

    CVNA

    36.65%

    26.82%

    0.30%

    $804,078,135

    FRONTIER GROUP HOLDINGS INC

    ULCC

    36.36%

    26.66%

    4.57%

    $125,667,873

    UPSTART HOLDINGS INC

    UPST

    35.88%

    26.41%

    30.57%

    $756,036,869

    NIKOLA CORP

    NKLA

    34.01%

    25.38%

    13.57%

    $430,499,831

    BIG LOTS INC

    BIG

    33.83%

    25.28%

    0.30%

    $187,746,801

    FISKER INC

    FSR

    33.68%

    25.19%

    20.82%

    $465,004,566

    BLINK CHARGING CO

    BLNK

    33.00%

    24.81%

    21.32%

    $185,553,085

    WAYFAIR INC

    W

    32.59%

    24.58%

    0.57%

    $1,033,748,540

    SPRINGWORKS THERAPEUTICS

    SWTX

    32.50%

    24.53%

    0.30%

    $253,284,110

    LEMONADE INC

    LMND

    32.14%

    24.33%

    16.07%

    $229,486,604

    WEWORK INC

    WE

    32.07%

    24.28%

    16.07%

    $341,936,251

    The average stock borrow fee in the U.S. with the average stock borrow fee at 0.97% versus 0.81% a month ago. Over $1 billion short positions with high cost borrow fees (GME, LCID, AMC, SIRI, COIN, etc.) were the main reason for the 16bp increase in average stock borrow rate in the U.S.

    Stocks with the Highest Borrow Fee: June 2022*

    Name

    Ticker

    SI % Float

    S3 SI % Float

    Fee

    Short Interest

    DUTCH BROS INC

    BROS

    22.57%

    18.42%

    66.82%

    $244,089,104

    CASSAVA SCIENCES INC

    SAVA

    27.71%

    21.70%

    64.82%

    $290,674,162

    BEYOND MEAT INC

    BYND

    41.53%

    29.34%

    49.82%

    $564,696,696

    LIGHTWAVE LOGIC INC

    LWLG

    17.52%

    14.91%

    44.07%

    $127,251,337

    VUZIX CORP

    VUZI

    28.88%

    22.41%

    39.57%

    $120,874,078

    JOBY AVIATION INC

    JOBY

    11.65%

    10.43%

    33.32%

    $173,280,646

    GAMESTOP CORP

    GME

    21.29%

    17.55%

    32.32%

    $1,647,295,967

    UPSTART HOLDINGS INC

    UPST

    35.88%

    26.41%

    30.57%

    $756,036,869

    CANOPY GROWTH CORP

    CGC

    16.13%

    13.89%

    27.32%

    $119,463,017

    BLINK CHARGING CO

    BLNK

    33.00%

    24.81%

    21.32%

    $185,553,085

    MICROVISION INC

    MVIS

    25.06%

    20.04%

    21.32%

    $157,505,123

    FISKER INC

    FSR

    33.68%

    25.19%

    20.82%

    $465,004,566

    EVGO INC

    EVGO

    30.43%

    23.33%

    20.82%

    $123,924,625

    LUCID GROUP INC

    LCID

    23.84%

    19.25%

    19.07%

    $2,242,620,529

    HIMAX TECHNOLOGIES INC ADR

    HIMX

    12.67%

    11.24%

    18.82%

    $165,155,056

    AMC ENTERTAINMENT

    AMC

    22.01%

    18.04%

    17.07%

    $1,537,564,231

    VERTEX ENERGY

    VTNR

    21.61%

    17.77%

    16.32%

    $108,780,093

    LEMONADE INC

    LMND

    32.14%

    24.33%

    16.07%

    $229,486,604

    WEWORK INC

    WE

    32.07%

    24.28%

    16.07%

    $341,936,251

    HASHICORP INC

    HCP

    11.83%

    10.58%

    16.07%

    $132,764,950

    * With over $100 million of short interest

    Overall, U.S. short sellers are up +$83.3 billion in net of financing mark-to-market profits in June. This is a return of +8.84% on an average short interest of $943 billion.

    Short sellers continue to outperform the U.S. markets in 2022 with year-to-date net-of-financing mark-to market profits now at +$294.6 billion, a +29.42% return on an average short interest of $1.001 trillion. Most short trades have been profitable in 2022 with 63% of shorted stocks returning positive results and 83% of every dollar shorted profitable.

    The Most Profitable Shorts in June 2022 ($)

    Name

    Ticker

    Avg Fee

    Avg Short Interest

    June MTM P\L

    P\L %

    TESLA INC

    TSLA

    0.30%

    $19,184,472,837

    $1,997,084,082

    10.41%

    AMAZON.COM INC

    AMZN

    0.30%

    $12,046,402,033

    $1,214,470,758

    10.08%

    APPLE INC

    AAPL

    0.30%

    $16,519,139,277

    $1,109,856,827

    6.72%

    BLOCK INC

    SQ

    0.30%

    $3,212,036,997

    $1,077,333,282

    33.54%

    NVIDIA CORP

    NVDA

    0.30%

    $5,822,698,764

    $1,028,077,391

    17.66%

    ADVANCED MICRO DEVICES

    AMD

    0.30%

    $3,746,481,228

    $974,126,209

    26.00%

    META PLATFORMS INC

    META

    0.30%

    $5,311,895,716

    $894,757,257

    16.84%

    COINBASE GLOBAL INC

    COIN

    4.79%

    $1,782,232,350

    $843,230,716

    47.31%

    CARNIVAL CORP

    CCL

    0.30%

    $1,374,647,207

    $606,500,605

    44.12%

    OCCIDENTAL PETRO

    OXY

    0.30%

    $3,499,411,290

    $566,093,858

    16.18%

    CHEVRON CORP

    CVX

    0.30%

    $3,352,703,218

    $530,062,555

    15.81%

    MICROSOFT CORP

    MSFT

    0.30%

    $12,345,853,161

    $524,521,438

    4.25%

    MICRON TECHNOLOGY

    MU

    0.30%

    $1,856,793,710

    $520,153,022

    28.01%

    INTEL CORP

    INTC

    0.30%

    $2,986,131,260

    $515,690,139

    17.27%

    PARAMOUNT GLOBAL B

    PARA

    0.30%

    $1,439,127,453

    $491,193,917

    34.13%

    BROADCOM INC

    AVGO

    0.30%

    $2,861,708,195

    $481,683,958

    16.83%

    CANADIAN NATURAL RESOURCES

    CNQ

    0.30%

    $1,887,678,034

    $428,518,086

    22.70%

    AMERICAN AIRLINES GRP

    AAL

    0.30%

    $1,291,407,571

    $424,972,699

    32.91%

    BLACKSTONE GRP LP

    BX

    0.30%

    $1,619,903,509

    $413,302,372

    25.51%

    UPSTART HOLDINGS INC

    UPST

    30.18%

    $964,866,298

    $411,117,405

    42.61%

    The Least Profitable Shorts in June 2022 ($)

    Name

    Ticker

    Avg Fee

    Avg Short Interest

    June MTM P\L

    P\L %

    ALIBABA GROUP ADR

    BABA

    0.30%

    $4,311,588,742

    ($817,552,088)

    -18.96%

    LI AUTO INC ADR

    LI

    0.30%

    $890,318,849

    ($355,786,974)

    -39.96%

    NIO INC ADR

    NIO

    0.30%

    $1,382,954,936

    ($313,450,035)

    -22.67%

    PINDUODUO INC ADR

    PDD

    0.30%

    $1,150,246,912

    ($242,712,638)

    -21.10%

    SNOWFLAKE INC

    SNOW

    0.30%

    $1,718,358,403

    ($221,620,004)

    -12.90%

    CHEWY INC

    CHWY

    0.63%

    $624,062,175

    ($215,769,677)

    -34.58%

    CROWDSTRIKE HOLDINGS

    CRWD

    0.30%

    $2,066,415,544

    ($190,976,103)

    -9.24%

    MONGODB INC

    MDB

    0.30%

    $1,210,730,830

    ($180,638,967)

    -14.92%

    ROBLOX CORP

    RBLX

    0.30%

    $1,271,231,728

    ($177,241,907)

    -13.94%

    XPENG INC ADR

    XPEV

    0.30%

    $567,354,824

    ($174,646,772)

    -30.78%

    TURNING POINT THERAPEUTICS

    TPTX

    0.30%

    $237,079,886

    ($161,841,945)

    -68.26%

    JD.COM INC ADR

    JD

    0.34%

    $1,249,385,592

    ($159,289,643)

    -12.75%

    MIRATI THERAPEUTICS

    MRTX

    0.30%

    $306,108,516

    ($146,453,996)

    -47.84%

    SEAGEN INC

    SGEN

    0.30%

    $512,359,554

    ($143,936,462)

    -28.09%

    FUTU HOLDINGS LTD ADR

    FUTU

    1.48%

    $436,806,138

    ($141,384,796)

    -32.37%

    ARGENX SE ADR

    ARGX

    0.30%

    $700,387,593

    ($132,118,317)

    -18.86%

    SALESFORCE.COM INC

    CRM

    0.30%

    $2,429,997,515

    ($130,220,326)

    -5.36%

    DOLLAR GENERAL CORP

    DG

    0.30%

    $1,046,401,005

    ($120,266,519)

    -11.49%

    KE HOLDINGS INC ADR

    BEKE

    0.30%

    $428,647,322

    ($119,541,506)

    -27.89%

    BRISTOL-MYERS SQUIBB

    BMY

    0.30%

    $2,645,497,889

    ($106,119,136)

    -4.01%

    The Most Profitable Shorts in June 2022 (%)

    Name

    Ticker

    Avg Fee

    Avg Short Interest

    June MTM P\L

    P\L %

    MARATHON DIGITAL HLDGS INC

    MARA

    5.14%

    $200,488,299

    $113,624,829

    56.67%

    GEVO INC

    GEVO

    0.87%

    $119,581,015

    $67,644,605

    56.57%

    PROG HOLDINGS INC

    PRG

    0.30%

    $108,785,426

    $61,318,665

    56.37%

    DIGITAL WORLD ACQ CORP

    DWAC

    75.30%

    $131,534,989

    $69,500,883

    52.84%

    EBIX INC

    EBIX

    0.54%

    $101,936,791

    $53,848,851

    52.83%

    BED BATH & BEYOND

    BBBY

    0.91%

    $172,548,458

    $89,277,717

    51.74%

    LUMINAR TECHNOLOGIES INC

    LAZR

    2.66%

    $350,609,494

    $175,345,589

    50.01%

    RIOT BLOCKCHAIN INC

    RIOT

    1.44%

    $141,875,187

    $69,646,029

    49.09%

    ROYAL CARIBBEAN CRUISES

    RCL

    0.30%

    $650,179,053

    $311,097,221

    47.85%

    COINBASE GLOBAL INC

    COIN

    4.79%

    $1,782,232,350

    $843,230,716

    47.31%

    SWEETGREEN INC

    SG

    6.35%

    $107,549,578

    $49,671,441

    46.18%

    TELLURIAN INC

    TELL

    0.30%

    $289,452,199

    $130,891,199

    45.22%

    CARNIVAL CORP

    CCL

    0.30%

    $1,374,647,207

    $606,500,605

    44.12%

    AFFIRM HLDGS INC

    AFRM

    0.30%

    $595,563,290

    $255,677,229

    42.93%

    BATH BODY WORKS INC

    BBWI

    0.30%

    $675,988,428

    $289,595,993

    42.84%

    UPSTART HOLDINGS INC

    UPST

    30.18%

    $964,866,298

    $411,117,405

    42.61%

    PAGSEGURO DIGITAL LTD

    PAGS

    0.30%

    $119,240,076

    $49,265,180

    41.32%

    PELOTON INTERACTIVE

    PTON

    0.30%

    $388,548,285

    $158,659,573

    40.83%

    DIGITAL TURBINE INC

    APPS

    0.30%

    $109,358,786

    $44,207,030

    40.42%

    OPENDOOR TECHNOLOGIES INC

    OPEN

    0.34%

    $500,524,217

    $199,122,095

    39.78%

    The Least Profitable Shorts in June 2022 (%)

    Name

    Ticker

    Avg Fee

    Avg Short Interest

    June MTM P\L

    P\L %

    TURNING POINT THERAPEUTICS

    TPTX

    0.30%

    $237,079,886

    ($161,841,945)

    -68.26%

    MIRATI THERAPEUTICS

    MRTX

    0.30%

    $306,108,516

    ($146,453,996)

    -47.84%

    IOVANCE BIOTHERAPEUTICS INC

    IOVA

    0.30%

    $143,957,468

    ($67,520,294)

    -46.90%

    AXSOME THERAPEUTICS INC

    AXSM

    0.48%

    $131,695,072

    ($59,442,133)

    -45.14%

    NEW ORIENTAL EDUC TECH ADR

    EDU

    0.30%

    $215,002,594

    ($87,304,291)

    -40.61%

    LI AUTO INC ADR

    LI

    0.30%

    $890,318,849

    ($355,786,974)

    -39.96%

    ALLOGENE THERAPEUTICS INC

    ALLO

    0.30%

    $218,877,755

    ($79,248,269)

    -36.21%

    PTC THERAPEUTICS

    PTCT

    0.30%

    $172,591,793

    ($62,283,142)

    -36.09%

    CHEWY INC

    CHWY

    0.63%

    $624,062,175

    ($215,769,677)

    -34.58%

    AMICUS THERAPEUTICS

    FOLD

    0.30%

    $276,417,883

    ($95,447,568)

    -34.53%

    FUTU HOLDINGS LTD ADR

    FUTU

    1.48%

    $436,806,138

    ($141,384,796)

    -32.37%

    XPENG INC ADR

    XPEV

    0.30%

    $567,354,824

    ($174,646,772)

    -30.78%

    GITLAB INC

    GTLB

    1.11%

    $274,500,186

    ($84,164,709)

    -30.66%

    DAQO NEW ENERGY CORP ADR

    DQ

    0.30%

    $140,829,021

    ($42,112,930)

    -29.90%

    KANZHUN LTD ADR

    BZ

    0.30%

    $185,712,224

    ($52,965,472)

    -28.52%

    SEAGEN INC

    SGEN

    0.30%

    $512,359,554

    ($143,936,462)

    -28.09%

    KE HOLDINGS INC ADR

    BEKE

    0.30%

    $428,647,322

    ($119,541,506)

    -27.89%

    SPRINGWORKS THERAPEUTICS

    SWTX

    0.30%

    $226,706,475

    ($62,963,325)

    -27.77%

    GLOBAL BLOOD THERAPEUTICS

    GBT

    0.30%

    $281,485,978

    ($77,789,691)

    -27.64%

    BRIDGEBIO PHARMA INC

    BBIO

    0.30%

    $158,091,104

    ($42,822,335)

    -27.09%

    The definition of a “crowded” short trade varies from investor to investor but there are several themes that remain constant. A short can be considered “crowded” if some or all of the following occur: there are large amount of dollars at risk on the short side, a substantial proportion of a stock’s float is being shorted, there is illiquidity in the stock loan market and\or there is illiquidity in the trading market.

    The 10 Most Crowded U.S. Shorts: June 2022

    Name

    Ticker

    Short Interest

    S3 Crowded Score

    BEYOND MEAT INC

    BYND

    $564,696,696

    100.00

    LUCID GROUP INC

    LCID

    $2,242,620,529

    97.50

    SIRIUS XM HLDGS

    SIRI

    $1,221,327,499

    97.50

    FISKER INC

    FSR

    $465,004,566

    97.50

    NIKOLA CORP

    NKLA

    $430,499,831

    95.00

    CAMPING WORLD HLDGS INC

    CWH

    $298,023,891

    95.00

    UPSTART HOLDINGS INC

    UPST

    $756,036,869

    92.50

    CASSAVA SCIENCES INC

    SAVA

    $290,674,162

    92.50

    LEMONADE INC

    LMND

    $229,486,604

    92.50

    VUZIX CORP

    VUZI

    $120,874,078

    92.50

    WEWORK INC

    WE

    $341,936,251

    90.00

    MICROVISION INC

    MVIS

    $157,505,123

    90.00

    Not every Crowded stock is a Squeeze candidate. By overlaying our Squeeze algorithm over our Crowded Score, we can determine which U.S. traded stocks have the highest potential for a Squeeze, and which do not. The following ten stocks have earned our highest Squeeze Scores, which does not mean a Squeeze will definitely occur, but means that if the present trends continue, there is a good chance for a Squeeze.

    U.S. Stocks Most at Risk of a Short Squeeze: June 2022

    Name

    Ticker

    Short Interest

    S3 Squeeze Score

    VUZIX CORP

    VUZI

    $120,874,078

    100.00

    LYELL IMMUNOPHARMA INC

    LYEL

    $113,100,738

    100.00

    SANA BIOTECHNOLOGY INC

    SANA

    $121,633,783

    100.00

    GOSSAMER BIO INC

    GOSS

    $101,115,216

    100.00

    DAY ONE BIOPHARMACEUTICALS

    DAWN

    $120,640,648

    100.00

    SIRIUS XM HLDGS

    SIRI

    $1,221,327,499

    97.50

    AXSOME THERAPEUTICS INC

    AXSM

    $194,938,459

    97.50

    CASSAVA SCIENCES INC

    SAVA

    $290,674,162

    92.50

    VERVE THERAPEUTICS INC

    VERV

    $149,889,129

    92.50

    CORCEPT THERAPEUTICS INC

    CORT

    $442,243,390

    92.50

    ALLOGENE THERAPEUTICS INC

    ALLO

    $247,260,631

    92.50

    BELLUS HEALTH INC

    BLU

    $126,713,230

    92.50

    MICROVISION INC

    MVIS

    $157,505,123

    90.00

    AMC ENTERTAINMENT

    AMC

    $1,537,564,231

    90.00

    While the average Crowded Score did not change much in 2022, decreasing from an average score of 32.12 on December 31, 2021, to 31.15 today, the average Squeeze Score has decreased sharply to the bear market producing large gains on the short side. The average Squeeze Score has decreased from 31.59 on December 31, 2021, to 26.06 today.

    Shorts are slightly less crowded than they were at the end of 2021, but market weakness has made them much less squeezable as more stocks on the short side have been profitable trades in 2022. With a pocketful of mark-to-market profits already earned by short sellers they will be able to weather short-term bear rallies and hold onto their positions without being squeezed. It will take a more prolonged rally to eat into those unrealized profits and force short sellers to be squeezed out of their trades.

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