Short Report: Bears bite into poultry producer Pilgrim’s Pride

Welcome to this week’s installment of “The Short Interest Report” – The Fly’s weekly recap of short interest trends among some of the most widely followed high-short-float stocks. Using the data from our partner Ortex.com, which utilizes the latest information from stock lenders to estimate short interest changes for thousands of publicly traded companies, this report will screen for some of biggest changes in short interest as a percentage of free float and days-to-cover ratios while also considering the short interest data on some of the more volatile and heavier-traded names of the week. Based on the availability of data from Ortex, the report tracks the trading period that covers prior Friday through Thursday of this week, excluding holidays. As a basis of comparison for stocks discussed below, the S&P 500 index was up 2.6%, the Nasdaq Composite was up 2.2%, the Russell 2000 index was up 2.8%, the Russell 2000 Growth ETF (IWO) was up 3.9%, and the Russell 2000 Value ETF (IWN) was up 3.7% in the five-day trading session range through March 20.

SHORT INTEREST GAINERS

• Estimated short interest in Pilgrim’s Pride (PPC) rose from 19% to 21%, within two percentage points of record highs, while days to cover on the name jumped from 6.5 to 8.1 – a two-month high. Shares had seen their best close on record just two weeks ago, though the stock has pulled back by 12% since hitting those highs, with a 5% downside day on Friday coming on strong volume. In the five-day period covered, Pilgrim’s Pride was still up about 3% and year-to-date, the shares are up 8%.
• Ortex-reported short interest on Quantum Computing (QUBT) saw its 2025 trough at about 11% in mid-January as bears booked profits on the way down in the stock price following a mid-December surge. Since then however, bearish positioning has steadily moved higher while the controversial stock – which had been spurned by short reports from Citron Research and Capybara Research – has remained volatile. This week, shorts as a percentage of free float on Quantum, rose from 19.3% to 22.2% and days to cover hit a four-month high of 1.4. The stock, meanwhile, had a 35% runup in the week leading up to its Thursday’s earnings but opened sharply lower on Friday before ending the day flat.
• Ortex-estimated short interest on Wolfspeed (WOLF) has been rising gradually since slipping to a four-month low of 25% in mid-January, and this week, shorts as a percentage of free float on Wolfspeed jumped from 28.8% to 32.1% – within a point of a multi-month high. Investors are reacting to the uncertainty regarding the funding it received from the CHIPS and Science Act of the prior U.S. administration along with slowing EV demand under the recalibrated priorities of the Trump cabinet. The stock has now shed over 5% year-to-date, though in the five day period covered, shares were up 12%.

SHORT INTEREST DECLINERS

• Ortex-reported short interest in Zynex (ZYXI) was down from 25.3% to 23.0% this week, a multi-year low, while days to cover on the stock fell over six points below 31 – the lowest level since April of last year. Shorts are booking profits with the stock having fallen 65% since reporting earnings on March 11th, when the company also disclosed that its largest payer, Tricare, has suspended payments to review prior claims. Following the results, analysts with RBC – which had also downgraded the stock – reflected on Zynex management’s lack of visibility into its operations and business outlook. In the five-day period covered through Thursday, Zynex was down 12%, and year-to-date, the stock is off by 69%.
• Ortex-reported short interest on Gogo (GOGO) had gradually climbed from 31% in mid-January to a high of 38% earlier this week before a bumpy landing to 27% – the lowest level since mid-November. Shorts are paring exposure as the stock finds itself in rally mode. Shares were up as much as 32% from post-earnings lows and also up 12% in the five-day period through Thursday prior to Friday’s 4% pullback as investors reacted positively to the company’s announcement of a confirmed Supplemental Type Certificate approval by the FAA for its Plane Simple Ka-band tail mount terminal for Gulfstream GV and Gulfstream G550 aircraft. Year-to-date, Gogo shares are still down over 8% however.