U.S. - Canada Short Equity Recap
Author:
Ihor Dusaniwsky
Managing Director of Predictive Analytics, S3 Partners
There are 10,662 U.S. and Canadian equities and ADRs with active shares shorted in our Blacklight SaaS platform and Black App with $1.08 trillion of short interest. Average Short Interest % of Float is 4.62% and S3 SI % Float (which includes synthetic longs created by every short sale in the Float number) is 4.17%, while the average stock borrow fee is 0.58%.
US-CAD Short Interest
Ticker
SI % Float
S3 SI % Float
Short Interest
NVIDIA CORP
NVDA US
1.16%
1.15%
$23,932,531,469
MICROSOFT CORP
MSFT US
0.73%
0.72%
$21,996,106,789
TESLA INC
TSLA US
4.02%
3.87%
$17,998,371,773
APPLE INC
AAPL US
0.67%
0.67%
$17,883,109,963
AMAZON.COM INC
AMZN US
0.75%
0.75%
$12,766,043,584
EXXON MOBIL CORP
XOM US
2.61%
2.54%
$12,353,763,119
META PLATFORMS INC
META US
1.13%
1.11%
$12,349,686,399
ALPHABET INC A
GOOGL US
0.98%
0.97%
$8,945,414,942
VISA INC
V US
1.95%
1.91%
$8,343,185,984
CHEVRON CORP
CVX US
2.66%
2.59%
$7,794,335,359
BROADCOM INC
AVGO US
1.19%
1.17%
$7,052,936,645
ADVANCED MICRO DEVICES
AMD US
2.15%
2.10%
$5,500,511,692
ALPHABET INC C
GOOG US
0.65%
0.65%
$5,391,492,145
MICROSTRATEGY INC
MSTR US
24.29%
19.55%
$4,865,497,357
CATERPILLAR INC
CAT US
2.59%
2.53%
$4,700,739,032
COSTCO WHOLESALE
COST US
1.39%
1.38%
$4,421,345,590
IBM CORP
IBM US
2.55%
2.49%
$4,230,298,730
UNITEDHEALTH GRP
UNH US
1.02%
1.01%
$4,165,024,499
NETFLIX INC
NFLX US
1.59%
1.57%
$4,142,894,090
ELI LILLY CO
LLY US
0.65%
0.64%
$4,121,295,983
BERKSHIRE HATHAWAY B
BRK/B US
0.75%
0.74%
$3,915,462,357
JPMORGAN CHASE CO
JPM US
0.75%
0.74%
$3,904,607,687
UBER TECHNOLOGIES INC
UBER US
2.52%
2.46%
$3,699,149,876
TMOBILE US INC
TMUS US
5.20%
4.94%
$3,664,042,132
HOME DEPOT INC
HD US
1.07%
1.06%
$3,562,516,576
Total US-CAD Short Interest
4.62%
4.17%
$1,080,080,736,417
Overall U.S. & Canadian equity short exposure decreased from $1.13 trillion to $1.08 trillion, a decrease of $50.0 billion, or -4.4%, over the last thirty days. Change in short interest is comprised of mark-to-market price changes of existing shorts coupled with new short selling or covering. We saw a $25.5 billion decrease in the market-to-market value of existing short positions with an additional $24.5 billion short covering.
The broad market, larger and smaller market caps and tech sector all slumped over the last thirty days (the Russell 3000 down -1.3%, S&P 500 down -1.1%, Russell 2000 down -3.1% and Nasdaq down -0.6%). But the short side of the market may be signaling a floor in the market with short covering in most sectors.
The largest decline in short exposure occurred in the Industrial (-$13.7 billion), Information Technology (-$11.2 billion) and Consumer Discretionary (-$8.3 billion) sectors and only two sectors had a net increase in short exposure, the Materials (+$1.5 billion) and the Consumer Staples (+$198 million) sectors.
The largest increase in U.S. & Canadian short interest over the last thirty days were:
US-CAD Short Interest
Ticker
SI % Float
Short Interest
30D Change Short Int
ALTRIA GROUP INC
MO US
3.19%
$2,297,872,489
$1,660,400,634
TC ENERGY CORP
TRP US
9.34%
$3,484,802,448
$1,649,298,338
TESLA INC
TSLA US
4.02%
$17,998,371,773
$1,265,336,774
MICRON TECHNOLOGY
MU US
2.17%
$2,897,397,961
$962,036,733
LINDE PLC
LIN US
1.29%
$2,724,375,659
$777,383,546
ALPHABET INC A
GOOGL US
0.98%
$8,945,414,942
$755,515,847
UNITED THERAPEUTICS
UTHR US
10.90%
$1,111,100,124
$658,640,897
TORONTO-DOMINION BANK
TD US
1.31%
$1,311,368,516
$618,375,516
UNITEDHEALTH GRP
UNH US
1.02%
$4,165,024,499
$586,533,428
CIBC
CM US
2.91%
$1,301,433,905
$518,635,047
The largest decrease in U.S. & Canadian short interest over the last thirty days were:
US-CAD Short Interest
Ticker
SI % Float
Short Interest
30D Change Short Int
CUMMINS INC
CMI US
2.07%
$854,005,866
($8,077,887,920)
CANADIAN NATURAL RESOURCES LTD
CNQ US
4.37%
$3,543,183,011
($4,255,838,012)
NVIDIA CORP
NVDA US
1.16%
$23,932,531,469
($2,700,860,310)
META PLATFORMS INC
META US
1.13%
$12,349,686,399
($2,134,210,424)
ADVANCED MICRO DEVICES
AMD US
2.15%
$5,500,511,692
($1,863,738,956)
VISA INC
V US
1.95%
$8,343,185,984
($1,262,503,263)
APPLE INC
AAPL US
0.67%
$17,883,109,963
($1,254,072,144)
SUPER MICRO COMPUTER INC
SMCI US
7.15%
$3,168,551,280
($1,140,010,402)
MICROSTRATEGY INC
MSTR US
24.29%
$4,865,497,357
($955,877,551)
CIBC
CM CN
1.50%
$670,251,988
($881,952,099)
Total US-CAD Short Interest
4.62%
$1,080,080,736,417
($50,035,570,825)
Overall, there was $24.5 billion of net equity short covering over the last thirty days. The largest amount of short covering occurred in the Industrials ($13.2 billion), Energy ($7.0 billion) and Communication Services ($3.3 billion) sectors while the only sectors with significant new short selling were the Consumer Staples ($2.1 billion) and Real Estate ($1.4 billion) sectors.
The largest increase in U.S. & Canadian short selling over the last thirty days were:
US-CAD Short Interest
Ticker
SI % Float
Short Interest
30D Change Shares Shorted
TC ENERGY CORP
TRP US
9.34%
$3,484,802,448
$1,841,476,212
ALTRIA GROUP INC
MO US
3.19%
$2,297,872,489
$1,702,830,934
TESLA INC
TSLA US
4.02%
$17,998,371,773
$1,479,141,459
UNITEDHEALTH GRP
UNH US
1.02%
$4,165,024,499
$916,006,280
LINDE PLC
LIN US
1.29%
$2,724,375,659
$875,017,606
UNITED THERAPEUTICS
UTHR US
10.90%
$1,111,100,124
$659,984,044
TORONTO-DOMINION BANK
TD US
1.31%
$1,311,368,516
$658,644,284
CIBC
CM US
2.91%
$1,301,433,905
$542,958,407
REXFORD INDUSTRIAL REALTY INC
REXR US
6.61%
$690,480,583
$517,232,289
MICROSTRATEGY INC
MSTR US
24.29%
$4,865,497,357
$502,372,369
The largest increase in U.S. & Canadian short covering over the last thirty days were:
US-CAD Short Interest
Ticker
SI % Float
Short Interest
30D Change Shares Shorted
CUMMINS INC
CMI US
2.07%
$854,005,866
($8,758,407,243)
CANADIAN NATURAL RESOURCES
CNQ US
4.37%
$3,543,183,011
($4,786,515,200)
META PLATFORMS INC
META US
1.13%
$12,349,686,399
($2,616,807,678)
NVIDIA CORP
NVDA US
1.16%
$23,932,531,469
($2,144,308,514)
APPLE INC
AAPL US
0.67%
$17,883,109,963
($1,261,832,706)
VISA INC
V US
1.95%
$8,343,185,984
($863,397,702)
CIBC
CM CN
1.50%
$670,251,988
($835,480,553)
SUNCOR ENERGY
SU US
1.49%
$714,047,177
($716,204,847)
EXXON MOBIL CORP
XOM US
2.61%
$12,353,763,119
($698,841,440)
RTX CORP
RTX US
2.53%
$3,360,560,321
($684,076,588)
Total US-CAD Short Interest
4.62%
$1,080,080,736,417
($24,542,222,696)
There was $25.5 billion mark-to-market decline in the value of the shares shorted over the last thirty days. The largest decline in the market value of shorted shares were Information Technology (-$9.3 billion), Health Care (-$7.9 billion) and Consumer Discretionary (-$7.1 billion sectors. The largest increase in the market value of shorted shares were in the Energy (+$3.5 billion) and Materials (+$962 million) sectors.
The largest mark-to-market increase in U.S. & Canadian short positions over the last thirty days were:
US-CAD Short Interest
Ticker
SI % Float
Short Interest
30D Change Mark-to-Market
EXXON MOBIL CORP
XOM US
2.61%
$12,353,763,119
$917,215,955
ALPHABET INC A
GOOGL US
0.98%
$8,945,414,942
$793,581,519
CUMMINS INC
CMI US
2.07%
$854,005,866
$680,519,323
AMAZON.COM INC
AMZN US
0.75%
$12,766,043,584
$669,952,915
MICRON TECHNOLOGY
MU US
2.17%
$2,897,397,961
$583,617,817
CANADIAN NATURAL RESOURCES
CNQ US
4.37%
$3,543,183,011
$530,677,188
ALPHABET INC C
GOOG US
0.65%
$5,391,492,145
$498,774,732
META PLATFORMS INC
META US
1.13%
$12,349,686,399
$482,597,254
BROADCOM INC
AVGO US
1.19%
$7,052,936,645
$416,116,706
RTX CORP
RTX US
2.53%
$3,360,560,321
$286,707,455
The largest mark-to-market decrease in U.S. & Canadian short positions over the last thirty days were
US-CAD Short Interest
Ticker
SI % Float
Short Interest
30D Change Mark-to-Market
MICROSTRATEGY INC
MSTR US
24.29%
$4,865,497,357
($1,458,249,919)
ADVANCED MICRO DEVICES
AMD US
2.15%
$5,500,511,692
($1,184,847,884)
SUPER MICRO COMPUTER INC
SMCI US
7.15%
$3,168,551,280
($750,106,789)
NVIDIA CORP
NVDA US
1.16%
$23,932,531,469
($556,551,797)
ACCENTURE PLC
ACN US
1.14%
$2,246,351,753
($460,854,560)
INTEL CORP
INTC US
1.72%
$2,632,580,573
($458,077,969)
LULULEMON ATHLETICA INC
LULU US
3.76%
$1,381,185,752
($450,672,608)
VISA INC
V US
1.95%
$8,343,185,984
($399,105,561)
HOME DEPOT INC
HD US
1.07%
$3,562,516,576
($367,380,813)
CELCIUS HOLDINGS
CELH US
10.80%
$1,267,018,634
($352,524,097)
Total US-CAD Short Interest
4.62%
$1,080,080,736,417
($25,493,348,101)
Average Short Interest % of Float is 4.62% and S3 SI % Float (which includes synthetic longs created by every short sale in the Float number) is 4.17%. The largest SI % Float with short interest over $50 million are
US-CAD SI & S3 SI % Float
Ticker
SI % Float
S3 SI % Float
Fee
Short Interest
SUNPOWER CORP
SPWR US
75.54%
43.03%
3.32%
$91,314,249
B. RILEY FINANCIAL INC
RILY US
64.63%
39.26%
65.32%
$213,356,404
BIOMEA FUSION INC
BMEA US
47.35%
32.13%
5.07%
$164,200,080
TRUPANION INC
TRUP US
40.69%
28.92%
6.32%
$286,733,578
IMMUNITYBIO INC
IBRX US
40.01%
28.58%
47.07%
$287,097,641
PHATHOM PHARMACEUTICALS INC
PHAT US
39.36%
28.24%
16.32%
$109,195,474
ARBOR REALTY TRUST INC
ABR US
39.18%
28.15%
5.82%
$814,657,162
BEYOND MEAT INC
BYND US
37.22%
27.13%
63.57%
$146,516,692
SUNNOVA ENERGY INTL
NOVA US
36.93%
26.97%
0.70%
$160,421,147
UPSTART HOLDINGS INC
UPST US
36.64%
26.82%
0.95%
$595,238,339
VITAL ENERGY INC
VTLE US
35.65%
26.28%
0.30%
$419,345,455
MEDICAL PROPERTIES TRUST INC
MPW US
34.92%
25.88%
7.82%
$971,708,042
LEMONADE INC
LMND US
33.46%
25.07%
0.82%
$276,225,971
ZIM INTEGRATED SHIPPING SVCS LTD
ZIM US
33.32%
24.99%
10.07%
$321,354,568
NOVAVAX INC
NVAX US
32.41%
24.48%
8.82%
$177,631,791
ZYNEX INC
ZYXI US
32.24%
24.38%
5.57%
$66,954,556
NEXTNAV INC
NN US
32.23%
24.38%
1.57%
$67,044,331
COMSTOCK RESOURCES INC
CRK US
31.97%
24.22%
0.45%
$233,983,466
DESKTOP METAL INC
DM US
31.76%
24.10%
27.07%
$55,836,732
THE LOVESAC CO
LOVE US
31.40%
23.90%
0.30%
$79,677,725
The average stock borrow fee is 0.58% and the largest stock borrow fees with short interest over $50 million are:
US-CAD Stock Borrow Fees
Ticker
SI % Float
S3 SI % Float
Fee
Short Interest
CANOPY GROWTH CORP
CGC US
18.01%
15.26%
155.82%
$92,911,717
TRUMP MEDIA TECHNOLOGY GROUP
DJT US
13.43%
11.84%
123.32%
$141,397,019
B. RILEY FINANCIAL INC
RILY US
64.63%
39.26%
65.32%
$213,356,404
BEYOND MEAT INC
BYND US
37.22%
27.13%
63.57%
$146,516,692
NANOX IMAGING LTD
NNOX US
17.99%
15.25%
51.07%
$83,683,960
LITHIUM AMERICAS CORP
LAC US
10.22%
9.27%
47.32%
$90,844,218
IMMUNITYBIO INC
IBRX US
40.01%
28.58%
47.07%
$287,097,641
RUMBLE INC
RUM US
20.91%
17.29%
36.32%
$83,622,076
DESKTOP METAL INC
DM US
31.76%
24.10%
27.07%
$55,836,732
NIKOLA CORP
NKLA US
19.48%
16.31%
25.57%
$157,247,811
LUCID GROUP INC
LCID US
30.67%
23.47%
25.07%
$635,516,051
HUT 8 CORP
HUT US
10.12%
9.19%
21.32%
$65,137,112
PURECYCLE TECHNOLOGIES INC
PCT US
26.08%
20.69%
20.32%
$192,990,295
OPKO HEALTH INC
OPK US
28.06%
21.91%
19.57%
$113,126,420
SIRIUS XM HLDGS
SIRI US
22.11%
18.11%
18.32%
$439,151,771
PROSPECT CAPITAL
PSEC US
7.62%
7.08%
18.32%
$125,673,708
NUSCALE POWER CORP
SMR US
21.19%
17.49%
17.82%
$58,776,413
SOUNDHOUND AI INC
SOUN US
19.96%
16.64%
17.07%
$205,708,524
PHATHOM PHARMACEUTICALS INC
PHAT US
39.36%
28.24%
16.32%
$109,195,474
ABCELLERA BIOLOGICS INC
ABCL US
11.48%
10.30%
14.07%
$98,433,892
SI % Float and stock borrow costs are just two of the variables in our multi-factor Crowded Score metric along with the overall size of the short, stock borrow liquidity and trading liquidity.
The most crowded U.S. & Canadian shorts are:
Most Crowded US-CAD Shorts
Ticker
Crowded Score
MEDICAL PROPERTIES TRUST INC
MPW US
100.00
ARBOR REALTY TRUST INC
ABR US
100.00
IMMUNITYBIO INC
IBRX US
100.00
LUCID GROUP INC
LCID US
97.50
TRUPANION INC
TRUP US
97.50
B. RILEY FINANCIAL INC
RILY US
97.50
BEYOND MEAT INC
BYND US
97.50
PHATHOM PHARMACEUTICALS INC
PHAT US
95.00
CASSAVA SCIENCES INC
SAVA US
92.50
PURECYCLE TECHNOLOGIES INC
PCT US
92.50
DESKTOP METAL INC
DM US
92.50
GAMESTOP CORP
GME US
90.00
ZIM INTEGRATED SHIPPING SVCS LTD
ZIM US
90.00
BIOMEA FUSION INC
BMEA US
90.00
MICROVISION INC
MVIS US
90.00
US-CAD Average Crowded Score
31.88
Short sellers have not been profitable in 2024, down -$14.8 billion or -1.37%. For the year it has been a coin flip as to which stocks were profitable shorts with 50% profitable and 43% percent unprofitable (7% are flat for the year). But the slight majority of all dollars shorted were unprofitable with 45% of every dollar shorted profitable and 53% unprofitable.
But we have seen a reversal of fortune over the last thirty days with short sellers up $26.0 billion in mark-to-market profits, +2.29%. 52% of all shorted stocks were profitable and just 38% were unprofitable (10% were flat over the thirty days). But even more importantly, short sellers placed bigger bets on their profitable trades with 66% of all dollars shorted being profitable and only 34% of every dollar shorted unprofitable.
The most profitable equity shorts, in dollar terms, over the last thirty days with $100 million of short interest were:
US-CAD 30D MTM P\L
Ticker
Avg Fee
Avg Short Int
30D MTM P\L
P\L %
MICROSTRATEGY INC
MSTR US
0.48%
$5,481,003,826
$1,527,499,400
27.87%
ADVANCED MICRO DEVICES
AMD US
0.30%
$6,212,720,005
$1,053,214,662
16.95%
SUPER MICRO COMPUTER INC
SMCI US
0.30%
$3,475,572,544
$705,051,250
20.29%
LULULEMON ATHLETICA INC
LULU US
0.30%
$1,527,481,450
$496,882,123
32.53%
INTEL CORP
INTC US
0.30%
$2,945,516,908
$456,789,982
15.51%
ACCENTURE PLC
ACN US
0.30%
$2,483,943,914
$443,659,751
17.86%
TC ENERGY CORP
TRP US
0.30%
$3,596,173,951
$431,011,188
11.99%
CHARTER COMMUNICATIONS INC
CHTR US
0.30%
$3,098,927,780
$386,800,717
12.48%
NVIDIA CORP
NVDA US
0.30%
$25,863,513,208
$385,873,888
1.49%
UNITEDHEALTH GRP
UNH US
0.30%
$3,842,171,926
$359,813,671
9.36%
The least profitable equity shorts, in dollar terms, over the last thirty days with $100 million of short interest were:
US-CAD 30D MTM P\L
Ticker
Avg Fee
Avg Short Int
30D MTM P\L
P\L %
EXXON MOBIL CORP
XOM US
0.30%
$12,374,593,443
($895,820,183)
-7.24%
ALPHABET INC A
GOOGL US
0.30%
$8,614,279,513
($790,694,742)
-9.18%
AMAZON.COM INC
AMZN US
0.30%
$12,773,652,216
($650,270,894)
-5.09%
MICRON TECHNOLOGY
MU US
0.30%
$2,641,761,534
($598,551,350)
-22.66%
CUMMINS INC
CMI US
0.30%
$3,190,998,536
($488,499,319)
-15.31%
ALPHABET INC C
GOOG US
0.30%
$5,241,626,933
($486,075,190)
-9.27%
META PLATFORMS INC
META US
0.30%
$13,750,224,938
($462,145,534)
-3.36%
BROADCOM INC
AVGO US
0.30%
$7,234,510,972
($415,510,553)
-5.74%
CANADIAN NATURAL RESOURCES
CNQ US
0.30%
$4,511,368,082
($332,309,430)
-7.37%
OCCIDENTAL PETROLEUM CORP
OXY US
0.30%
$3,211,531,927
($281,211,391)
-8.76%
Total US-CAD 30D MTM P\L
12873
0.63%
$1,133,537,231,216
$26,008,712,644
2.29%
The outright size of some equity shorts can skew the results when looking at Profit & Loss in dollar terms, looking at Profit & Loss in percentage terms tells us which shorted equities had the largest price moves over the last thirty days.
The most profitable equity shorts, in percentage terms, over the last thirty days with over $100 million in short interest were:
US-CAD 30D MTM P\L
Ticker
Avg Fee
Avg Short Int
30D MTM P\L
P\L %
SOUNDHOUND AI INC
SOUN US
19.15%
$288,560,808
$232,261,664
80.49%
GLOBE LIFE INC
GL US
0.30%
$284,325,344
$186,557,211
65.61%
VERVE THERAPEUTICS INC
VERV US
0.31%
$165,357,273
$98,662,399
59.67%
AMC ENTERTAINMENT HLDGS INC
AMC US
0.69%
$143,316,671
$80,890,287
56.44%
VIRGIN GALACTIC HOLDINGS
SPCE US
0.68%
$122,275,618
$57,427,333
46.97%
LESLIES INC
LESL US
0.30%
$115,743,313
$53,557,952
46.27%
89BIO INC
ETNB US
0.30%
$126,979,569
$45,238,731
35.63%
NIO INC ADR
NIO US
0.86%
$881,325,644
$310,749,413
35.26%
RECURSION PHARMACEUTICALS
RXRX US
0.44%
$398,027,772
$138,283,216
34.74%
GAMESTOP CORP
GME US
1.88%
$792,842,893
$268,955,992
33.92%
The least profitable equity shorts, in percentage terms, over the last thirty days with over $100 million in short interest were:
US-CAD 30D MTM P\L
Ticker
Avg Fee
Avg Short Int
30D MTM P\L
P\L %
FUSION PHARMACEUTICALS INC
FUSN US
0.51%
$117,455,813
($88,664,604)
-75.49%
ALPINE IMMUNE SCIENCES INC
ALPN US
0.33%
$230,469,557
($152,648,687)
-66.23%
CENTURY ALUMINUM CO
CENX US
0.30%
$108,827,237
($40,881,763)
-37.57%
SEMTECH CORP
SMTC US
0.30%
$320,356,268
($107,539,869)
-33.57%
OPKO HEALTH INC
OPK US
26.91%
$109,841,970
($35,225,848)
-32.07%
JANUX THERAPEUTICS INC
JANX US
3.36%
$142,876,794
($45,434,308)
-31.80%
ATMUS FILTRATION TECH
ATMU US
6.36%
$275,730,836
($82,943,510)
-30.08%
PAN AMERICAN SILVER
PAAS US
0.30%
$274,344,672
($77,081,774)
-28.10%
FIRST MAJESTIC SILVER CORP
AG US
0.40%
$133,323,696
($37,385,317)
-28.04%
AURORA INNOVATION INC
AUR US
0.32%
$148,794,568
($40,007,809)
-26.89%
Total US-CAD 30D MTM P\L
0.63%
$1,133,537,231,216
$26,008,712,644
2.29%
Our Blacklight SaaS platform and Black App provides an up-to-date view of short selling and short covering on an equity, sector, index, or country-wide basis allowing investors\traders to better manage their existing long and short positions. The Black MaP and Black App products provide a total view of long and short positioning in the market with a breakdown between Active\Passive long investors, 24 Fund type entities, over 50k securities globally across 108 countries and data from 58 regulatory exchanges.