US Short Selling Recap: It Pays to Be Short?

    Author:

    Ihor Dusaniwsky

    Managing Director of Predictive Analytics, S3 Partners

    Matthew Unterman

    Director of Predictive Analytics, S3 Partners

    May 13, 2022

    We follow 15,353 shorted U.S. domestic stocks with total short interest of $840 billion. We’ve seen a dramatic decrease in domestic short exposure in 2022, with total short interest declining from $1.07 trillion on December 31, 2021, to $840 billion today. Even though there was a drop in short interest in 2022, we saw $39 billion of new short selling in the market, which was offset by $268 billion of mark-to-market decrease in the prices of shares shorted. The largest shorts in the U.S. market today are shown in the table below.

    Stocks with the Highest Short Interest (as of 05.13.22)

    #

    Name

    Ticker

    SI % Float

    S3 SI % Float

    Fee

    Short Interest

    1

    TESLA INC

    TSLA

    2.79%

    2.71%

    0.30%

    $17,359,041,336

    2

    APPLE INC

    AAPL

    0.64%

    0.64%

    0.30%

    $14,814,928,149

    3

    MICROSOFT CORP

    MSFT

    0.53%

    0.53%

    0.30%

    $9,948,507,243

    4

    AMAZON.COM INC

    AMZN

    0.87%

    0.86%

    0.30%

    $8,157,392,083

    5

    META PLATFORMS INC

    FB

    1.30%

    1.28%

    0.30%

    $5,661,184,204

    6

    ALPHABET INC - A

    GOOGL

    0.81%

    0.80%

    0.30%

    $5,459,002,280

    7

    VISA INC

    V

    1.64%

    1.61%

    0.30%

    $5,216,039,511

    8

    AMGEN INC

    AMGN

    3.42%

    3.31%

    0.30%

    $4,460,486,723

    9

    NVIDIA CORP

    NVDA

    1.13%

    1.12%

    0.30%

    $4,392,945,692

    10

    ALPHABET INC - C

    GOOG

    0.61%

    0.61%

    0.30%

    $3,811,135,740

    11

    CHEVRON CORP

    CVX

    1.14%

    1.12%

    0.30%

    $3,681,136,403

    12

    PALO ALTO NETWORKS INC

    PANW

    7.86%

    7.29%

    0.30%

    $3,621,468,718

    13

    PFIZER INC

    PFE

    1.20%

    1.19%

    0.30%

    $3,416,344,143

    14

    S&P GLOBAL INC

    SPGI

    2.87%

    2.79%

    0.30%

    $3,281,029,169

    15

    BLOCK INC

    SQ

    8.37%

    7.72%

    0.30%

    $3,249,535,800

    16

    CHARTER COMMUNICATIONS

    CHTR

    5.90%

    5.58%

    0.30%

    $3,180,588,080

    17

    ALIBABA GROUP ADR

    BABA

    1.45%

    1.43%

    0.30%

    $3,158,756,668

    18

    EXXON MOBIL CORP

    XOM

    0.84%

    0.83%

    0.30%

    $3,048,487,349

    19

    JOHNSON & JOHNSON

    JNJ

    0.64%

    0.63%

    0.30%

    $2,978,775,550

    20

    OCCIDENTAL PETRO

    OXY

    5.21%

    4.95%

    0.30%

    $2,886,402,698

    21

    IBM CORP

    IBM

    2.34%

    2.29%

    0.30%

    $2,796,463,460

    22

    COMCAST CORP

    CMCSA

    1.43%

    1.41%

    0.30%

    $2,631,360,724

    23

    BANK OF AMERICA

    BAC

    0.91%

    0.90%

    0.30%

    $2,555,187,224

    24

    BROADCOM INC

    AVGO

    1.07%

    1.06%

    0.30%

    $2,439,005,790

    25

    ADVANCED MICRO DEVICES

    AMD

    1.73%

    1.70%

    0.30%

    $2,429,660,642

    Total U.S. Short Interest

    -

    4.72%

    4.23%

    0.68%

    $840,219,189,363

    The S&P 500 was down -10.63% over the last 30 days, while the Nasdaq was down -14.96% and the broader Russell 3000 returned -11.21%. With the price of shares shorted declining over the last 30 days, we saw a $146 billion decline in overall short interest. This decline consisted of $143 billion of mark-to-market price drops with an additional $2.5 billion of short covering. Shorts were no longer selling into weakness but were instead trimming their exposure slightly – possibly a signal that we are nearing a bottom to the recent market price weakness.

    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 Interest over the Past 30 Days (as of 05.13.22)

    #

    Name

    Ticker

    SI % Float

    S3 SI % Float

    Short Interest

    30D Change Short Interest

    1

    ALPHABET INC - A

    GOOGL

    0.81%

    0.80%

    $5,459,002,280

    $733,526,444

    2

    ROYAL BANK OF CANADA

    RY

    1.04%

    1.03%

    $1,415,823,688

    $628,236,100

    3

    BAKER HUGHES CO

    BKR

    7.40%

    6.89%

    $2,311,504,270

    $615,306,426

    4

    BANK OF MONTREAL

    BMO

    1.33%

    1.31%

    $861,879,216

    $587,305,835

    5

    ENBRIDGE INC

    ENB

    1.37%

    1.35%

    $1,184,532,269

    $511,778,757

    6

    CENTRAL CHINA MANAGEMENT

    CCHMF

    0.05%

    0.05%

    $645,793,624

    $384,873,950

    7

    EXXON MOBIL CORP

    XOM

    0.84%

    0.83%

    $3,048,487,349

    $363,009,849

    8

    APPLIED MATERIALS INC

    AMAT

    1.43%

    1.41%

    $1,344,202,135

    $358,312,752

    9

    JOHNSON & JOHNSON

    JNJ

    0.64%

    0.63%

    $2,978,775,550

    $347,858,349

    10

    SUNCOR ENERGY

    SU

    1.69%

    1.67%

    $855,434,654

    $334,345,030

    11

    THERMO FISHER SCIENTIFIC

    TMO

    0.86%

    0.86%

    $1,774,774,804

    $309,443,078

    12

    PROCTER & GAMBLE CO

    PG

    0.62%

    0.61%

    $2,251,328,013

    $300,633,180

    13

    SHERWIN-WILLIAMS CO

    SHW

    1.29%

    1.28%

    $848,020,841

    $284,230,940

    14

    NXP SEMICONDUCTORS NV

    NXPI

    2.63%

    2.56%

    $1,195,861,240

    $276,230,701

    15

    COCA COLA CO

    KO

    0.70%

    0.70%

    $1,953,429,568

    $237,623,187

    16

    TAIWAN SEMICONDUCTOR ADR

    TSM

    0.39%

    0.39%

    $1,775,279,534

    $232,351,569

    17

    COLGATE-PALMOLIVE

    CL

    1.72%

    1.69%

    $1,114,446,943

    $215,344,910

    18

    ANAPLAN INC

    PLAN

    11.16%

    10.04%

    $973,574,653

    $209,442,209

    19

    GLPJ REIT

    GLPJF

    0.33%

    0.33%

    $307,342,553

    $209,266,056

    20

    MORGAN STANLEY

    MS

    1.44%

    1.42%

    $1,558,377,064

    $207,014,502

    Stocks with the Largest Decrease in Short Interest over the Past 30 Days (as of 05.13.22)

    #

    Name

    Ticker

    SI % Float

    S3 SI % Float

    Short Interest

    30D Change Short Interest

    1

    TESLA INC

    TSLA

    2.79%

    2.71%

    $17,359,041,336

    ($7,131,731,588)

    2

    AMAZON.COM INC

    AMZN

    0.87%

    0.86%

    $8,157,392,083

    ($2,623,577,911)

    3

    APPLE INC

    AAPL

    0.64%

    0.64%

    $14,814,928,149

    ($2,442,531,245)

    4

    BLOCK INC

    SQ

    8.37%

    7.72%

    $3,249,535,800

    ($2,292,087,378)

    5

    S&P GLOBAL INC

    SPGI

    2.87%

    2.79%

    $3,281,029,169

    ($1,924,928,012)

    6

    NVIDIA CORP

    NVDA

    1.13%

    1.12%

    $4,392,945,692

    ($1,210,205,662)

    7

    BERKSHIRE HATHAWAY B

    BRK/B

    0.55%

    0.55%

    $2,170,308,885

    ($1,107,819,838)

    8

    CROWDSTRIKE HOLDINGS

    CRWD

    6.23%

    5.86%

    $1,794,430,871

    ($1,052,134,801)

    9

    PALO ALTO NETWORKS INC

    PANW

    7.86%

    7.29%

    $3,621,468,718

    ($1,032,874,831)

    10

    BRISTOL-MYERS SQUIBB

    BMY

    1.47%

    1.45%

    $2,377,973,583

    ($1,002,150,488)

    11

    SALESFORCE.COM INC

    CRM

    1.19%

    1.18%

    $1,833,833,209

    ($989,184,041)

    12

    CHARTER COMMUNICATIONS

    CHTR

    5.90%

    5.58%

    $3,180,588,080

    ($942,748,674)

    13

    AMGEN INC

    AMGN

    3.42%

    3.31%

    $4,460,486,723

    ($904,849,068)

    14

    TC ENERGY CORP

    TRP

    0.97%

    0.96%

    $513,676,802

    ($873,222,843)

    15

    SEA LTD ADR

    SE

    4.01%

    3.85%

    $1,259,919,121

    ($836,687,648)

    16

    BILL.COM HOLDINGS INC

    BILL

    6.48%

    6.08%

    $622,898,004

    ($807,479,997)

    17

    TELADOC HEALTH INC

    TDOC

    18.82%

    15.84%

    $894,411,099

    ($789,177,084)

    18

    UPSTART HOLDINGS INC

    UPST

    30.92%

    23.62%

    $683,612,474

    ($788,585,775)

    19

    MONGODB INC

    MDB

    6.03%

    5.69%

    $960,498,534

    ($781,209,159)

    20

    GAMESTOP CORP

    GME

    20.20%

    16.80%

    $1,147,502,816

    ($776,080,146)

    Changes in a stock’s short interest are made up of mark-to-market price moves and either short selling or short covering activity. While both change the overall amount of short interest in a stock, short selling and covering have a direct impact on the daily price moves of a stock. The following stocks had the largest increase in short selling activity over the last thirty days.

    Increased Short Selling - Stocks with the Largest Increase in Shares Shorted (as of 05.13.22)

    #

    Name

    Ticker

    SI % Float

    S3 SI % Float

    Short Interest

    30D Change Shares Shorted

    1

    ALPHABET INC - A

    GOOGL

    0.81%

    0.80%

    $5,459,002,280

    $1,283,739,524

    2

    NETFLIX INC

    NFLX

    2.80%

    2.73%

    $2,136,913,354

    $893,795,024

    3

    BAKER HUGHES CO

    BKR

    7.40%

    6.89%

    $2,311,504,270

    $821,259,964

    4

    MICROSOFT CORP

    MSFT

    0.53%

    0.53%

    $9,948,507,243

    $717,592,537

    5

    ROYAL BANK OF CANADA

    RY

    1.04%

    1.03%

    $1,415,823,688

    $714,335,169

    6

    BANK OF MONTREAL

    BMO

    1.33%

    1.31%

    $861,879,216

    $618,547,047

    7

    ENBRIDGE INC

    ENB

    1.37%

    1.35%

    $1,184,532,269

    $562,093,078

    8

    ALPHABET INC - C

    GOOG

    0.61%

    0.61%

    $3,811,135,740

    $532,011,504

    9

    AMAZON.COM INC

    AMZN

    0.87%

    0.86%

    $8,157,392,083

    $512,099,788

    10

    CARVANA CO

    CVNA

    29.17%

    22.58%

    $1,100,175,754

    $441,430,143

    11

    APPLIED MATERIALS INC

    AMAT

    1.43%

    1.41%

    $1,344,202,135

    $425,438,600

    12

    THERMO FISHER SCIENTIFIC

    TMO

    0.86%

    0.86%

    $1,774,774,804

    $425,296,012

    13

    PROCTER & GAMBLE CO

    PG

    0.62%

    0.61%

    $2,251,328,013

    $386,752,781

    14

    TAIWAN SEMICONDUCTOR ADR

    TSM

    0.39%

    0.39%

    $1,775,279,534

    $386,739,374

    15

    JOHNSON & JOHNSON

    JNJ

    0.64%

    0.63%

    $2,978,775,550

    $377,545,741

    16

    LUCID GROUP INC

    LCID

    24.28%

    19.54%

    $2,052,975,795

    $346,317,986

    17

    EXXON MOBIL CORP

    XOM

    0.84%

    0.83%

    $3,048,487,349

    $341,049,168

    18

    BANK OF AMERICA

    BAC

    0.91%

    0.90%

    $2,555,187,224

    $330,691,674

    19

    JPMORGAN CHASE CO

    JPM

    0.66%

    0.65%

    $2,258,445,037

    $326,370,614

    20

    META PLATFORMS INC

    FB

    1.30%

    1.28%

    $5,661,184,204

    $322,295,873

    Decreased Short Selling - Stocks with the Largest Decrease in Shares Shorted (as of 05.13.22)

    #

    Name

    Ticker

    SI % Float

    S3 SI % Float

    Short Interest

    30D Change Shares Shorted

    1

    S&P GLOBAL INC

    SPGI

    2.87%

    2.79%

    $3,281,029,169

    ($1,038,509,338)

    2

    BRISTOL-MYERS SQUIBB

    BMY

    1.47%

    1.45%

    $2,377,973,583

    ($991,111,546)

    3

    TC ENERGY CORP

    TRP

    0.97%

    0.96%

    $513,676,802

    ($808,128,429)

    4

    AMGEN INC

    AMGN

    3.42%

    3.31%

    $4,460,486,723

    ($790,692,987)

    5

    BERKSHIRE HATHAWAY B

    BRK/B

    0.55%

    0.55%

    $2,170,308,885

    ($717,151,327)

    6

    TESLA INC

    TSLA

    2.79%

    2.71%

    $17,359,041,336

    ($705,990,012)

    7

    TMOBILE US INC

    TMUS

    2.84%

    2.76%

    $1,936,821,100

    ($491,359,667)

    8

    SALESFORCE.COM INC

    CRM

    1.19%

    1.18%

    $1,833,833,209

    ($490,834,042)

    9

    ADOBE SYSTEMS INC

    ADBE

    1.21%

    1.19%

    $2,207,893,951

    ($428,492,116)

    10

    M&T BANK CORP

    MTB

    1.46%

    1.44%

    $432,656,395

    ($369,492,615)

    11

    VICI PROPERTIES INC

    VICI

    2.35%

    2.30%

    $618,013,257

    ($354,694,637)

    12

    ELI LILLY & CO

    LLY

    0.61%

    0.61%

    $1,406,243,435

    ($348,584,047)

    13

    DOLLAR GENERAL CORP

    DG

    2.10%

    2.06%

    $1,109,841,943

    ($348,241,965)

    14

    SUN COMMUNITIES INC

    SUI

    2.28%

    2.23%

    $427,869,251

    ($329,500,990)

    15

    UNION PACIFIC CORP

    UNP

    0.93%

    0.92%

    $1,313,511,834

    ($323,574,438)

    16

    MCKESSON CORP

    MCK

    2.31%

    2.26%

    $1,113,756,918

    ($318,967,424)

    17

    CHARTER COMMUNICATIONS

    CHTR

    5.90%

    5.58%

    $3,180,588,080

    ($313,044,747)

    18

    CIBC

    CM

    0.96%

    0.95%

    $449,867,360

    ($310,758,018)

    19

    UNITEDHEALTH GRP

    UNH

    0.51%

    0.51%

    $2,276,259,728

    ($292,383,290)

    20

    OCCIDENTAL PETRO

    OXY

    5.21%

    4.95%

    $2,886,402,698

    ($291,567,349)

    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 4.72%, while the average S3 SI % Float, which includes the synthetic longs created by every short sale in the Float denominator, is 4.23%.

    Traditional Short Interest vs. S3 Short Interest (as of 05.13.22)

    #

    Name

    Ticker

    SI % Float

    S3 SI % Float

    Borrow Fee

    Short Interest

    1

    BEYOND MEAT INC

    BYND

    45.01%

    31.04%

    20.07%

    $640,170,361

    2

    BIG 5 SPORTING GOODS

    BGFV

    44.80%

    30.94%

    4.82%

    $118,569,586

    3

    CITI TRENDS INC

    CTRN

    44.60%

    30.84%

    0.30%

    $104,189,266

    4

    CAMPING WORLD HLDGS INC

    CWH

    43.90%

    30.51%

    15.82%

    $488,279,694

    5

    GOGO INC

    GOGO

    39.42%

    28.28%

    0.57%

    $336,673,981

    6

    LEMONADE INC

    LMND

    38.96%

    28.04%

    16.82%

    $282,317,246

    7

    INTERCEPT PHARMA

    ICPT

    36.52%

    26.75%

    1.07%

    $150,811,737

    8

    HASHICORP INC

    HCP

    36.06%

    26.50%

    12.32%

    $340,165,691

    9

    HERON THERAPEUTICS

    HRTX

    35.38%

    26.14%

    0.30%

    $120,328,799

    10

    VERVE THERAPEUTICS INC

    VERV

    35.21%

    26.04%

    0.57%

    $109,008,235

    11

    VERTEX ENERGY

    VTNR

    34.18%

    25.47%

    25.82%

    $179,109,030

    12

    MONDAY.COM LTD

    MNDY

    34.00%

    25.38%

    1.19%

    $404,139,918

    13

    CASSAVA SCIENCES INC

    SAVA

    33.66%

    25.18%

    27.82%

    $221,448,738

    14

    ARCH RESOURCES INC

    ARCH

    33.36%

    25.01%

    6.07%

    $783,131,929

    15

    FISKER INC

    FSR

    32.32%

    24.43%

    6.32%

    $483,774,906

    16

    PMV PHARMACEUTICALS

    PMVP

    31.57%

    23.99%

    0.30%

    $113,369,324

    17

    UPSTART HOLDINGS INC

    UPST

    30.92%

    23.62%

    10.07%

    $683,612,474

    18

    BED BATH & BEYOND

    BBBY

    29.88%

    23.01%

    0.69%

    $187,801,698

    19

    OCUGEN INC

    OCGN

    29.43%

    22.74%

    6.32%

    $118,596,020

    20

    WAYFAIR INC

    W

    29.39%

    22.71%

    0.30%

    $1,192,803,590

    The average stock borrow fee in the U.S. has remained relatively stable recently with the average stock borrow fee at 0.68% versus 0.69% a month ago.

    Stocks with the Highest Stock Borrow Fees (as of 05.13.22)*

    #

    Name

    Ticker

    SI % Float

    S3 SI % Float

    Fee

    Short Interest

    1

    DIGITAL WORLD ACQ CORP

    DWAC

    15.25%

    13.24%

    90.07%

    $170,924,479

    2

    SWEETGREEN INC

    SG

    9.39%

    8.58%

    68.82%

    $135,927,401

    3

    CASSAVA SCIENCES INC

    SAVA

    33.66%

    25.18%

    27.82%

    $221,448,738

    4

    CUREVAC NV

    CVAC

    14.22%

    12.45%

    27.82%

    $117,080,682

    5

    CANOPY GROWTH CORP

    CGC

    21.11%

    17.43%

    27.07%

    $284,278,800

    6

    VERTEX ENERGY

    VTNR

    34.18%

    25.47%

    25.82%

    $179,109,030

    7

    BLINK CHARGING CO

    BLNK

    26.09%

    20.69%

    23.32%

    $143,794,601

    8

    BEYOND MEAT INC

    BYND

    45.01%

    31.04%

    20.07%

    $640,170,361

    9

    NU HOLDINGS LTD

    NU

    6.41%

    6.02%

    19.32%

    $399,697,888

    10

    EVGO INC

    EVGO

    28.63%

    22.26%

    18.57%

    $160,569,312

    11

    LEMONADE INC

    LMND

    38.96%

    28.04%

    16.82%

    $282,317,246

    12

    CAMPING WORLD HLDGS INC

    CWH

    43.90%

    30.51%

    15.82%

    $488,279,694

    13

    VERU INC

    VERU

    23.84%

    19.25%

    12.57%

    $138,746,970

    14

    HASHICORP INC

    HCP

    36.06%

    26.50%

    12.32%

    $340,165,691

    15

    MICROVISION INC

    MVIS

    25.49%

    20.31%

    11.82%

    $119,316,563

    16

    UTD MICROELECT ADR

    UMC

    2.24%

    2.19%

    11.82%

    $445,649,706

    17

    NIKOLA CORP

    NKLA

    28.37%

    22.10%

    11.57%

    $388,913,852

    18

    JOBY AVIATION INC

    JOBY

    12.18%

    10.86%

    10.32%

    $159,898,422

    19

    UPSTART HOLDINGS INC

    UPST

    30.92%

    23.62%

    10.07%

    $683,612,474

    20

    LUCID GROUP INC

    LCID

    24.28%

    19.54%

    9.07%

    $2,052,975,795

    *With over $100 million of short interest

    Overall, U.S. short sellers are up +$144.1 billion in net of financing mark-to-market profits over the last thirty days, representing a return of +15.21% on an average short interest of $947 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 +$215.6 billion, a +23.87% return on an average short interest of $903 billion.

    P&L ($): The Most Profitable Shorts over the Past 30 Days (as of 05.13.22)*

    #

    Name

    Ticker

    Avg Fee

    Avg Short Interest

    30D MTM

    P\L $

    30D MTM P\L %

    1

    TESLA INC

    TSLA

    0.30%

    $22,105,690,009

    $6,132,025,034

    27.74%

    2

    AMAZON.COM INC

    AMZN

    0.30%

    $10,060,656,692

    $3,349,528,526

    33.29%

    3

    APPLE INC

    AAPL

    0.30%

    $16,608,865,222

    $2,607,319,100

    15.70%

    4

    BLOCK INC

    SQ

    0.30%

    $4,626,145,616

    $2,072,904,753

    44.81%

    5

    CARVANA CO

    CVNA

    0.30%

    $1,576,861,565

    $1,470,467,195

    93.25%

    6

    NVIDIA CORP

    NVDA

    0.30%

    $5,243,750,034

    $1,445,256,094

    27.56%

    7

    NETFLIX INC

    NFLX

    0.30%

    $2,179,680,372

    $1,353,420,157

    62.09%

    8

    SHOPIFY INC

    SHOP

    0.30%

    $2,222,858,271

    $1,137,804,593

    51.19%

    9

    CROWDSTRIKE HOLDINGS

    CRWD

    0.30%

    $2,609,233,948

    $1,084,277,600

    41.56%

    10

    UPSTART HOLDINGS INC

    UPST

    3.59%

    $1,519,484,483

    $1,051,062,270

    69.17%

    11

    MICROSOFT CORP

    MSFT

    0.30%

    $10,579,031,110

    $1,039,531,701

    9.83%

    12

    WAYFAIR INC

    W

    0.30%

    $1,664,199,921

    $1,032,887,402

    62.07%

    13

    PALO ALTO NETWORKS INC

    PANW

    0.30%

    $4,335,307,184

    $1,024,909,002

    23.64%

    14

    TELADOC HEALTH INC

    TDOC

    0.30%

    $1,293,146,743

    $967,789,600

    74.84%

    15

    SEA LTD ADR

    SE

    0.30%

    $1,729,605,643

    $924,104,197

    53.43%

    16

    COINBASE GLOBAL INC

    COIN

    0.32%

    $1,027,910,725

    $837,157,267

    81.44%

    17

    PLUG POWER INC

    PLUG

    0.30%

    $1,445,001,423

    $813,892,736

    56.32%

    18

    RIVIAN AUTOMOTIVE INC

    RIVN

    6.86%

    $1,759,596,403

    $761,370,793

    43.27%

    19

    PAYPAL HLDGS INC

    PYPL

    0.30%

    $2,023,021,808

    $746,782,265

    36.91%

    20

    GAMESTOP CORP

    GME

    5.82%

    $1,756,277,338

    $738,032,552

    42.02%

    *With over $100 million of short interest

    P&L ($): The Least Profitable Shorts over the Past 30 Days (as of 05.13.22)*

    #

    Name

    Ticker

    Avg Fee

    Avg Short Interest

    30D MTM P\L $

    30D MTM P\L %

    1

    CENTRAL CHINA MANAGEMENT

    CCHMF

    3.06%

    $780,775,009

    ($321,005,737)

    -41.11%

    2

    VALERO ENERGY CORP

    VLO

    0.30%

    $1,093,941,123

    ($190,761,106)

    -17.44%

    3

    BIOHAVEN PHARMA HLDGS CO

    BHVN

    0.30%

    $505,423,277

    ($158,783,752)

    -31.42%

    4

    IBM CORP

    IBM

    0.30%

    $2,845,740,134

    ($146,436,859)

    -5.15%

    5

    GLPJ REIT

    GLPJF

    0.41%

    $154,906,353

    ($139,306,909)

    -89.93%

    6

    KIMBERLY-CLARK CORP

    KMB

    0.30%

    $1,180,685,017

    ($122,351,932)

    -10.36%

    7

    AUTONATION INC

    AN

    0.30%

    $676,066,439

    ($104,591,273)

    -15.47%

    8

    MARATHON PETRO

    MPC

    0.30%

    $1,345,783,325

    ($102,703,922)

    -7.63%

    9

    PHILLIPS 66

    PSX

    0.30%

    $890,034,382

    ($93,667,744)

    -10.52%

    10

    KELLOGG CO

    K

    0.30%

    $1,258,674,103

    ($88,825,385)

    -7.06%

    11

    MERCK & CO

    MRK

    0.30%

    $1,518,631,021

    ($85,924,128)

    -5.66%

    12

    CAMPBELL SOUP CO

    CPB

    0.30%

    $817,433,436

    ($74,416,076)

    -9.10%

    13

    MATTEL INC

    MAT

    0.30%

    $520,647,768

    ($68,667,935)

    -13.19%

    14

    C.H. ROBINSON W.W.

    CHRW

    0.30%

    $1,001,512,399

    ($62,462,451)

    -6.24%

    15

    CLOROX CO

    CLX

    0.30%

    $865,605,611

    ($61,540,428)

    -7.11%

    16

    WESTERN DIGITAL CORP

    WDC

    0.30%

    $382,355,022

    ($60,065,792)

    -15.71%

    17

    WHIRLPOOL CORP

    WHR

    0.30%

    $1,387,243,598

    ($60,004,784)

    -4.33%

    18

    EXPEDITORS INTL OF WASH INC

    EXPD

    0.30%

    $405,695,404

    ($57,209,445)

    -14.10%

    19

    DILLARDS INC

    DDS

    0.54%

    $533,156,500

    ($53,326,141)

    -10.00%

    20

    VERTEX ENERGY

    VTNR

    13.72%

    $137,415,783

    ($50,672,546)

    -36.88%

    *With over $100 million of short interest

    P&L (%): The Most Profitable Shorts over the Past 30 Days (as of 05.13.22)*

    #

    Name

    Ticker

    Avg Fee

    Avg Short Interest

    30D MTM

    P\L $

    30D MTM P\L %

    1

    CARVANA CO

    CVNA

    0.30%

    $1,576,861,565

    $1,470,467,195

    93.25%

    2

    COINBASE GLOBAL INC

    COIN

    0.32%

    $1,027,910,725

    $837,157,267

    81.44%

    3

    UNITY SOFTWARE INC

    U

    0.30%

    $858,423,600

    $686,653,807

    79.99%

    4

    TELADOC HEALTH INC

    TDOC

    0.30%

    $1,293,146,743

    $967,789,600

    74.84%

    5

    MICROSTRATEGY INC

    MSTR

    1.00%

    $818,728,270

    $610,668,398

    74.59%

    6

    RIOT BLOCKCHAIN INC

    RIOT

    0.87%

    $246,788,192

    $172,555,386

    69.92%

    7

    UPSTART HOLDINGS INC

    UPST

    3.59%

    $1,519,484,483

    $1,051,062,270

    69.17%

    8

    AMYRIS INC

    AMRS

    0.54%

    $159,087,589

    $109,874,992

    69.07%

    9

    GUARDANT HEALTH INC

    GH

    0.30%

    $225,747,583

    $154,967,209

    68.65%

    10

    OUTSET MEDICAL INC

    OM

    0.30%

    $241,671,705

    $164,075,210

    67.89%

    11

    KYMERA THERAPEUTICS INC

    KYMR

    0.30%

    $101,535,830

    $68,003,391

    66.97%

    12

    AFFIRM HLDGS INC

    AFRM

    0.30%

    $595,748,980

    $395,119,636

    66.32%

    13

    GOODRX HLDGS INC

    GDRX

    0.35%

    $159,918,857

    $103,131,161

    64.49%

    14

    MARATHON DIGITAL HLDGS INC

    MARA

    3.26%

    $311,163,706

    $198,275,490

    63.72%

    15

    CLOUDFLARE INC

    NET

    0.30%

    $1,114,446,282

    $705,899,139

    63.34%

    16

    NETFLIX INC

    NFLX

    0.30%

    $2,179,680,372

    $1,353,420,157

    62.09%

    17

    WAYFAIR INC

    W

    0.30%

    $1,664,199,921

    $1,032,887,402

    62.07%

    18

    CONFLUENT INC

    CFLT

    0.30%

    $266,687,711

    $163,205,929

    61.20%

    19

    BED BATH & BEYOND

    BBBY

    0.76%

    $263,395,394

    $160,483,990

    60.93%

    20

    RELAY THERAPEUTICS

    RLAY

    0.30%

    $368,657,367

    $223,258,207

    60.56%

    *With over $100 million of short interest

    P&L (%): The Least Profitable Shorts over the Past 30 Days (as of 05.13.22)*

    #

    Name

    Ticker

    Avg Fee

    Avg Short Interest

    30D MTM

    P\L $

    30D MTM P\L %

    1

    GLPJ REIT

    GLPJF

    0.41%

    $154,906,353

    ($139,306,909)

    -89.93%

    2

    CENTRAL CHINA MANAGEMENT

    CCHMF

    3.06%

    $780,775,009

    ($321,005,737)

    -41.11%

    3

    VERTEX ENERGY

    VTNR

    13.72%

    $137,415,783

    ($50,672,546)

    -36.88%

    4

    BIOHAVEN PHARMA HLDGS CO

    BHVN

    0.30%

    $505,423,277

    ($158,783,752)

    -31.42%

    5

    AVNET INC

    AVT

    0.30%

    $119,199,519

    ($24,726,498)

    -20.74%

    6

    HF SINCLAIR CORP

    DINO

    0.30%

    $214,885,861

    ($42,944,099)

    -19.98%

    7

    VALERO ENERGY CORP

    VLO

    0.30%

    $1,093,941,123

    ($190,761,106)

    -17.44%

    8

    ENCORE WIRE CORP

    WIRE

    0.30%

    $160,178,964

    ($26,200,090)

    -16.36%

    9

    WESTERN DIGITAL CORP

    WDC

    0.30%

    $382,355,022

    ($60,065,792)

    -15.71%

    10

    AUTONATION INC

    AN

    0.30%

    $676,066,439

    ($104,591,273)

    -15.47%

    11

    THE CHEMOURS CO

    CC

    0.30%

    $253,022,458

    ($38,290,612)

    -15.13%

    12

    PENSKE AUTO GRP

    PAG

    0.30%

    $219,763,836

    ($32,226,176)

    -14.66%

    13

    ASBURY AUTO GRP

    ABG

    0.30%

    $298,044,201

    ($42,421,022)

    -14.23%

    14

    EXPEDITORS INTL OF WASH INC

    EXPD

    0.30%

    $405,695,404

    ($57,209,445)

    -14.10%

    15

    TURNING POINT THERAPEUTICS

    TPTX

    0.30%

    $101,107,010

    ($14,024,645)

    -13.87%

    16

    PBF ENERGY INC

    PBF

    0.30%

    $282,906,756

    ($38,196,021)

    -13.50%

    17

    ATKORE INTL GRP

    ATKR

    0.30%

    $139,528,521

    ($18,598,490)

    -13.33%

    18

    MATTEL INC

    MAT

    0.30%

    $520,647,768

    ($68,667,935)

    -13.19%

    19

    TOPBUILD CORP

    BLD

    0.30%

    $162,318,129

    ($21,199,352)

    -13.06%

    20

    TREEHOUSE FOODS INC

    THS

    0.30%

    $109,196,600

    ($13,960,546)

    -12.78%

    *With over $100 million of short interest

    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 to be “crowded” if some or all of the following occur: there are large amount of dollars at risk on the short side, a large 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.

    Top 10 Most Crowded Shorts (as of 05.13.22)*

    #

    Name

    Ticker

    Short Interest

    S3 Crowded Score

    1

    SIRIUS XM HLDGS

    SIRI

    $1,185,388,912

    97.50

    2

    BEYOND MEAT INC

    BYND

    $640,170,361

    97.50

    3

    CAMPING WORLD HLDGS INC

    CWH

    $488,279,694

    97.50

    4

    LEMONADE INC

    LMND

    $282,317,246

    97.50

    5

    LUCID GROUP INC

    LCID

    $2,052,975,795

    92.50

    6

    HASHICORP INC

    HCP

    $340,165,691

    92.50

    7

    ARCH RESOURCES INC

    ARCH

    $783,131,929

    90.00

    8

    WARBY PARKER INC

    WRBY

    $368,755,685

    90.00

    9

    CASSAVA SCIENCES INC

    SAVA

    $221,448,738

    90.00

    10

    MICROVISION INC

    MVIS

    $119,316,563

    90.00

    *With over $100 million of short interest

    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 five 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.

    Stocks Most at Risk of a Short Squeeze (as of 05.13.22)

    #

    Name

    Ticker

    Short Interest

    S3 Squeeze Score

    1

    VERTEX ENERGY

    VTNR

    $179,109,030

    100.00

    2

    SIRIUS XM HLDGS

    SIRI

    $1,185,388,912

    97.50

    3

    CAMPING WORLD HLDGS INC

    CWH

    $488,279,694

    97.50

    4

    INTERCEPT PHARMA

    ICPT

    $150,811,737

    90.00

    5

    BIOHAVEN PHARMA HLDGS CO

    BHVN

    $709,146,610

    87.50

    While the average Crowded Score did not change much in 2022, decreasing from an average score of 32.12 on December 31, 2021, to 30.18 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 just 15.30 today.

    At the moment, stocks are not as squeezable as they were earlier in the year, but if the market reverses course and begins to rally we expect Squeeze Scores to increase quickly as short sellers look to exit positions and realize the mark-to-market profits they have earned in 2022. High Squeeze Scores and the resulting buy-to-covers will add increased buy-side pressure to the market and drive prices higher at a much faster rate.

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