Short Report: Hims and Hers bearish levels at record highs

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 1.9%, the Nasdaq Composite was up 0.9%, the Russell 2000 index was up 3.5%, the Russell 2000 Growth ETF (IWO) was up 3.0%, and the Russell 2000 Value ETF (IWN) was up 3.4% in the four-day trading session range through January 16.

SHORT INTEREST GAINERS

• Estimated short interest on Hims and Hers Health (HIMS) has been on a steady ascend since early September, with both Ortex data showing a breakout from its months-long range just over 10% as well as the official exchange data showing that shorts have been rising in eight out of ten past semi-monthly period. The former is showing a steeper acceleration this week however. Ortex-reported short interest as a percentage of free float jumped from 23.7% to 28.3% – the highest level on record. The jump in short positioning is coinciding with the runup in shares – this week, Hims and Hers were up about 10% in the four-session period through Thursday. The stock traded flat on Friday however despite the continued bullish sentiment in overall markets.
• Ortex-reported short interest on Intuitive Machines (LUNR) had tracked sideways in 19%-22% for about six weeks through the first week of January and then briefly caved in last week to a multi-month low of 16.4% before a significant jump in the four trading sessions this week all the way to 27.3% – the highest level in two months. Days to cover on the stock was up a marginal decimal point to 0.9 despite the slowdown in trading volumes. Bears may be positioning more aggressively at higher levels as the stock has had a more constructive week – Wednesday’s 14% advance was catalyzed by the announcement that the company is among awardees selected for NASA Near Space Network project. In the four-day period covered, Intuitive Machines was up 6.7%.
• Ortex-reported short interest in Luminar (LAZR) troughed two weeks ago following three weeks of decline at a multi-month low of 20.4%, though the past two weeks has seen a more pronounced bearish expression. Shorts as a percentage of free float rose to 25.5% last Thursday and then hit a high of 29.0% this week before settling at 28.8% – within two points of multi-month high. Days to cover has been following closely, rising from 4.1 to 4.4. Meanwhile, the stock has experienced some volatility at the start of 2025 – in the four-day period covered, Luminary slipped 6.8%, though that followed a jump of as much as 93% in the first four days of the year.
• Estimated short interest on Beyond Meat (BYND) has oscillated in the 43% to 50% range for much of December and through the first week of 2025, though just as the price action appears to have found some footing with a four-week long trading range, the bears are betting on more losses. This week, shorts as a percentage of free float in Beyond Meat rose from 47.2% to 53.0%, a record high, just as the stock advanced 16%. Recall however, that BYND lost 54% of its value in 2024, also falling as much as 57% from September high through December low.

SHORT INTEREST DECLINERS

• Ortex-reported short interest on D-Wave Quantum (QBTS) is collapsing as bears reap profits from the rip that the company – along with its quantum-compute peers – saw in the second half of December. The stock had tripled within the month of December before commentary from Nvidia CEO Jensen Huang last week doused the sector with a dose skeptical commentary at CES. Meanwhile, short positioning on D-Wave had run up from 12% to about 28% in the first week of the month. This week, as quantum space retreated, shorts as a percentage of free float for D-Wave were down from 27.4% all the way back to 12.2%. Shares of D-Wave Quantum were flat in the four-day period through Thursday but fell 9% on Friday.