Active long interest down 22% YTD; short interest more than doubles.

North America| Single-Name Positioning Report

Under Armour: Approaching the Battleground

Active long interest down 22% YTD; short interest more than doubles.

Approaching Battleground: Under Armour’s Long-to-Short Ratio compressed from 4.3x in January to 1.5x in October, reaching the edge of S3’s Battleground zone, where volatility and crowding risk typically accelerate.

Long Sponsorship Dissolves: According to S3’s Long Interest Data, institutional holdings across UA and UAA are down 22% YTD, sliding from 135M to 105M shares, and from over $1B to <$500M in value — as conviction long capital continues to exit.

Short Interest Surges: S3’sReal-time short interest analytics show a +117% increase YTD, with shares shorted rising from 32M to 68M and notional exposure now exceeding $300M. S3’s securities finance data shows declining availability and utilization >50% across both lines, though borrow costs remain low.

Parallel Selloff: UA and UAA are each down ~40% YTD, but short selling intensified most in Class C (UA), where ~17M shares have been added since July, driving short interest % of float nearly equal to Class A (UAA) at ~18%. The UAA–UA premium narrowed from 11% to 4%, helped by Under Armour’s buyback program that exclusively targets Class C shares.

Hedge Fund Cohort Insight: S3’s MAP dataset shows Quant hedge funds sold ~11M shares YTD across both classes but remain the largest holder cohort. Multi-manager funds were also key UAA sellers, reinforcing the long-to-short rotation across strategies.

Sentiment & Structure: Restructuring fatigue and founder-control concerns remain headwinds. Insider buying and Class C buybacks failed to reengage long interest.

S3 shows the flow behind the move and signals when sentiment shifts.

Want to know more? Access this data in real time using S3’s BLACK APP & BLACK MAP

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.